After switching from Newcrest Mining (NCM) to Northern Star (NST), we find ourselves overweight the gold sector when we add our Evolution Mining (EVN) position to the mix, in hindsight, we should have been more active on the sell side when we called a top for gold in Q2 of 2023 i.e. the pullback has been deeper than we anticipated as bond yields have surged ever higher, but at the time we didn’t want to reduce our bullish exposure to precious metals, a core view through 2024. If we are correct and bond yields are experiencing a blow-off top-style move, then gold stocks are presenting an excellent entry opportunity.
- We like EVN’s gold and copper exposure from current levels and are considering increasing our 3% to position in our Flagship Growth Portfolio.
MM is long and bullish toward EVN
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