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Thoughts on the 2nd tier gold shares please

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Thoughts on the 2nd tier gold shares please

Thanks a lot for taking this question. I have been looking at Gold Shares for sometime and I think that I may have missed the boat on the first tier gold shares such as NST, EVN….etc. I am now more interested in the second tier gold shares such as GOR, DEG, BGL, RMS and RRL. Would like to know what do you think of these 2nd tier gold shares. Thanks again for taking this question.


Hi Peter,

The 2nd tier gold stocks tend to have a higher cost of production making them higher beta plays on the gold price i.e. they’re more volatile, so far in 2023 we’ve seen gold rally hard and then fall hence ytd the moves look fairly muted:

  • Ramelius (RMS) +48%, Newcrest Mining (NCM) +34%, Evolution Mining (EVN) +27%, Gold Road Resources (GOR) +8%, Regis Resources (RRL) +1%.

At MM we are bullish towards the gold sector medium & long term hence we like the “2nd tier” gold stocks into pullbacks with RMS & GOR our preferred 2 at current levels – we already hold St Barbara (SBM) in our Emerging Companies Portfolio, which has been a challenge!

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Gold Road Resources (GOR)
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