Just before Christmas, we wrote a report titled “When should we rotate between gold, coal, and lithium”, this morning we followed this up as gold stocks start to rally while both coal and lithium names languish. A quick glance at some of the best-known names tells the story of the tape through 2023:
Coal: Whitehaven Coal (WHC) -30.6% and New Hope Corp (NHC) -12.9%.
Lithium/ESG: IGO Ltd (IGO) -12%, Pilbara Minerals (PLS) -8.5%, Allkem (AKE) -11.1%.
Gold: Newcrest (NCM) +26.1%, Evolution Mining (EVN) -3.7%, and Northern Star (NST) +4.9%.
- The chart below is the same as the one we looked at in December which suggests all 3 sectors are struggling but as we can see above the picture for NCM and NST is far more positive with regard to gold.
No change, MM is looking for another exciting & volatile year for gold, lithium, and coal names.
chart
Evolution Mining (EVN), Whitehaven Cola (WHC) & Pilbara Minerals (PLS)
chart
Evolution Mining (EVN), Whitehaven Cola (WHC) & Pilbara Minerals (PLS)
