Gold company EMR replaced InvoCare (IVC) on the 31st of October; it’s no great surprise that we have another gold stock entering the ASX200 as the precious metal flirts with fresh all-time highs, although EMR’s +140% surge in 2023 has it head & shoulders above its peers. The performance of its Okvau gold mine has given the stock a huge boost in 2023; its commercial gold operation in Cambodia is one of the world’s highest-margin gold mines, a good thing when the precious metal is flirting with the psychological $US2,100 area. We like EMR but believe its relative outperformance is maturing fast.
- We have been a large supporter of gold stocks over the last year and believe the trend will extend well into 2024. Hence, we’re looking for EMR to break above $3 in due course.
MM is bullish towards EMR around $2.85
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