Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and M&M, Newmont (NEM) is currenlty at $109.03 and is almost reaching its 52-week high of $110.66. You have stated in your report that, Gold: We can see the precious metal making new highs this year, but most local names are likely to fail to make new 2025 highs. Do you see any more upside to Newmont this year or will it fail to make new 2025 highs? Thank you, love your work.
Hi Tony,
An interesting one with NEM indeed pushing to new highs on Wednesday but we note it’s a US gold producer which also trades on the ASX since its takeover of Newcrest Mining. At this stage NEM is accelerating to the upside with its gain in August well ~25% and we see no reason to believe it cannot continue – the trend is your friend. If gold does indeed push towards $US3,600 we can see NEM testing/breaking above $120.
As we’ve said over recent months we may look to fade/sell our exposure into such a move in gold, lightening our exposure. In the case of NEM we would get interested in buying the stock on a ~$15-20 pullback from current levels.
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