NEM is the world’s largest gold producer, yet with the precious metals trading above $US2,000 for most of 2024, it has been a shocking two years for the miner. Like most of the sector, we can see NEM turning higher when bond yields turn lower, but after the production downgrade last October, we prefer the sidelines until the company improves operationally. The company has numerous tier-one assets spread across stable jurisdictions in the US and Australia; at this stage, it needs to bed down the Newcrest (NCM) acquisition, and the stock will look interesting after its significant pullback.
- We believe NEM can test the $US40 area again in 2024, but from where is the big question – they report on Thursday the 22nd.
MM is neutral towards Newmont
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