The correlation between NCM and the underlying gold price is undeniable however we believe both have held up relatively well in the face of soaring bond yields and strength in the $US. If we are correct that bond yields are due a rest and tech can bounce the likelihood is gold and NCM will follow suit, just as we saw overnight, hence at this stage we remain comfortable with our long NCM position.
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Thursday 28th March – ASX200 +80pts, All Time High, Retail Sales
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Thursday 28th March – DOW up +477pts, SPI up +60pts
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MM is bullish NCM over the coming months
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