Hi Michael,
A few questions on gold stocks today which is not surprising with the precious metal close to trading up to $US2700 for the first time. As you say EVN is our preferred gold play at this stage but note we have trimmed our position, on two occasions, down from 5% to 3% which is one of the main reasons we are unlikely to trim further at this stage.
In terms of the 3 stocks you’ve mentioned we’ve highlighted their respective resistance levels which could slow there ascent over the coming months:
- Newmont (NEM) $83.50 – we remain bullish NEM which is dual listed after Newmont bought Newcrest (NCM) late last year. We would be keen buyers into the next $5-6 pullback, and see initial resistance ~$90, still around 10% higher.
- Regis Resources (RRL) $2.50 – RRL broke out to fresh multi-year highs on Wednesday with resistance now ~$3, or 20% higher.
- Northern Star Resources (NST) $16.75 – NST was trading just shy of its $17.03 all-time high on Wednesday, similar to NEM we like the stock int $1 dips and can see a “pop” towards $18-19 in the short-term.