The MNRS is a locally traded gold miners ETF that holds over 8% exposure to Wheaton Precious Metals, Barrick Gold, Agnico Eagle Mines and Newmont Corp which provides some healthy diversification to the Australian miners – the positions are FX hedged negating any currency risks although that’s been a shame over recent months. Gold looks good to us and we can see it trading ~$US1800/oz into Christmas as its starts to noticeably shrug off ongoing strength in the $US and bond yields – if we were starting with a blank canvas today this would be one of our top picks.
- We believe the next 20-25% move for this ETF is on the upside which would recoup most of our paper losses.
MM is very keen on the MNRS ETF around the $4.50 area
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