BGL rallied +6.5% on Thursday, making it the best-performing ASX200 stock. The Gold Sector enjoyed a solid move following a strong $US30 rally by the underlying precious metal into the Independence Day break, e.g. Evolution Mining (EVN) +4.1%, Newmont (NEM) +3.2%, and Gold Road (GOR) +2.6%. Weakness in the $US and bond yields helped push gold back towards its $US2,450 all-time high, now only 3% away. While the Fed remains on track to commence cutting interest rates into Christmas, we believe gold will remain bullish with our initial target in the $US2,550 area, if we’re correct the related stocks should enjoy a solid start to FY25.
- We are bullish towards gold and its related stocks, initially targeting new 2024 highs for BGL, over 10% higher.
- Evolution is our preferred stock for gold exposure – MM is long EVN in our Active Growth Portfolio.
MM is bullish towards BGL
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