US heavyweight gold miner Newmont surged 9.9% in US trade, suggesting an open around $170 for its ASX-listed shares this morning. While not all gold stocks will move as one, we still see 15-20% upside for NEM after the likely strong open this morning, suggesting most precious metal stocks should run strongly into Christmas.
- We continue to target a test of the $200 area for Newmont, well above yesterday’s close.
MM is bullish towards NEM around $155
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