Gold equities often lead the underlying gold price as traders get positioned ahead of a likely move in the underlying commodity – MM has taken this view by increasing our Newcrest (NCM) position to a fairly aggressive 7% weighting in the Flagship Growth Portfolio and adding Gold positions across portfolios more broadly. It’s clear we’re pre-empting a gold rally and while signs of a bottoming process are there, we’re not yet seeing gold equities rally in any meaningful way, just yet.
MM is bullish Newcrest (NCM) & gold equities more broadly
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