Gold stocks & ETfs

Hi Roslyn,

We provide General Advice, so the comments relate to our general view of each stock.

Over recent weeks we have discussed gold approaching our long term target of ~$US3,000/oz where we are considering reducing our exposure to the sector, however, we stress at the moment there are no definitive sell signs in play, e.g. our preferred local gold stock, Evolution Mining (EVN) is only trade mildly below it’s all-time high.

Of the stocks/positions you mentioned our snapshot thoughts are below but they are largely expected to track the gold price in similar fashion to the Gold Miners ETF (GDX) shown below:

• BetaShares Gold ETF (QAU) – this ETF will track the gold price closely in $A terms, a market we believe is losing upside momentum.
• Ramelius (RMS) – we like RMS on relative basis and can see it testing $3 if gold indeed can test $US3,000/oz.
• Northern Star (NST) – they delivered an uninspiring quarterly report in January and the stock looks tired above $18. It’s also on the expensive side relative to peers.
• Newmont (NEM) – this serial underperformer delivered its fourth quarter and full year 2024 results last week, the stock got smacked, we don’t really like NEM.
• Felix Gold (FXG) – this junior $43mn isn’t closely correlated to the precious metal, we’re neutral ~13c.

chart

Gold Spot ($US/oz) v VanEck Gold Miners ETF (GDX)

LAST UPDATED 27/02/2025 13:55

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chart

Gold Spot ($US/oz) v VanEck Gold Miners ETF (GDX)

LAST UPDATED 27/02/2025 13:55