EVN has been our preferred vehicle for playing the gold space with a copper twist over the last few years, and it has looked after us nicely, although in hindsight, we took profit too early in April. However, we’re not afraid to admit we’re wrong and repurchase a stock at a higher price than we previously exited, which is precisely what we did this week with EVN. In line with our current view towards gold, we will reassess this position at ~$9.20; taking a quick and cheeky profit in line with our view that remaining active in the space is the best approach as volatility increases.
- We are initially targeting a break above $9 by EVN in the coming weeks, or over 4% higher.
MM is long and bullish on EVN into the EOFY
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