Gold and copper miner EVN advanced 3% on Monday, taking the stock to fresh all-time highs and up +90% year-to-date. Considering our bullish outlook on copper and gold, MM is again not considering taking a profit from our EVN position in the short term. However, we remain conscious that “long gold” is a very crowded space at present, and another ~15% correction, from some level, feels likely before Christmas. Stocks like EVN are ideal investment vehicles for Active Investors like MM, as they regularly experience decent corrections, allowing us to achieve attractive risk-reward entry into themes we like. For example, we are bullish on copper and gold over the coming years, but they are cyclical that often rotate within the trend.
- We expect EVN to trade 5-10% higher in the coming weeks: MM is long EVN in our Active Growth Portfolio.
- Note that we could have covered several other ASX gold names, but the stories are essentially the same.
MM is long and bullish EVN
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