Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi guys, Thanks again for your great work. Vault came out with its quarterly recently with costs a little higher than expected but with a largely unhedged book and huge resource, I’m wondering why you think it’s been underperforming RMS and some of the other major gold miners and if you expect it to play catch up?
Hi Alan,
To a degree when you look at performance it can depend on where you draw the line in the sand from a time perspective, see the comparative performance at 10.30am on Friday morning:
We think VAU has been a net outperformer but like the sector is likely to be at the mercy of the gold price through 2026 with this week’s quarterly leading to downgrades from a number of analysts likely to see some profit taking/switching after its stellar 6-month move. We have turned more neutral Gold right now after a huge run, and we’d be reticent to put new money in the sector unless we see a decent pullback.
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