Gold miners gained around +1.3% in the US overnight, underperforming local names after surrendering much of their initial gains. The overnight move provides a clue to local stocks this morning, although it doesn’t change our outlook through 2026:
- We don’t expect local gold miners to spring out of the blocks this morning with Newmont closing lower in US traded falling 3.5% from its initial bullish open.
- We continue to believe pullbacks should be bought until further notice, but we’re not inclined to chase strength.
MM is bullish towards gold miners medium term
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