Newmont Corp (NEM) $187.22

We’ve highlighted Newmont (NEM), the world’s largest gold producer, today as it’s a holding in the MM Active Growth Portfolio, but we could have overlayed most of the ASX gold sector similarly. NEM delivered an “ok” 1H in February when many of its peers hit the ball out of the park as gold surged ever higher; the disappointment was the commentary around softer production for the full year. With NEM no longer our preferred gold play on the ASX, we are considering taking profit and stepping aside to see if our roadmap for gold (lower from here) plays out.

• We can see NEM testing its February low around $150 in the coming months.