Gold

7

More gold miner profiles

From Credit Suisse comes Regis Resources: Depletion more than offset in updated reserve ■ RRL’s updated RSV and RSC statement shows mining depletion has been fully replaced for a net 6% increase in RSVs to 2.13Moz at 31 March. Results support the modelled mine life assumptions which underpin our valuation and target price, noting we

17

Some veteran experience on gold investment

Three quarters ago, MB turned constructive on gold for Aussie investors for a number of reasons: the falling Aussie dollar; the growing likelihood of an end of cycle shock triggering renewed US easing, and the spreading phenomenon of “quantitative failure”. Since then the returns have been wildly positive, much better than I anticipated. But that

22

Gold breaks out, hits all time highs in Aussie

Hope you’re all enjoying this. Gold just broke out to new recovery highs in Asia: What is most impressive about this is that it is happening despite a strong US dollar: That gives you an idea of how strong is the market pulse against monetary instability generally, not just in the US. I have no intelligence

4

Macquarie on Evolution Mining

From Macquarie: Site visits and investor day insights Event  We attended EVN’s investor day in Sydney and site visits to its Cowal and Mt Carlton mines. The company also released preliminary FY16 results, production guidance for the next three years an increased dividend payout equivalent to 4% of revenue. Impact  Strong finish to

2

Dirt buying panic triggers gold, FMG moonshots

Big iron continues its lunatic run higher today with BHP up 2.3%, RIO 3.9% and FMG 3.9%: Dalian is struggling to hold its Friday evening gains owing to the rising port stocks but BHP is even ignoring its Samarco deal accident so there’s no stopping this runaway truck. FMG is screaming higher after its breakout

10

Macquarie: Stars aligning for gold

From Macquarie: The stars are (still) aligning  Our global precious metals team covering 36 producers and 5 royalties/streaming stocks in Canada, Australia, South Africa and the UK have updated targets and valuations following our commodity team’s increased gold price forecast (LINK), after the UK’s “Leave” referendum result (LINK).  Despite the potential for near

6

Evolution Mining sees major gold bull market

From Bloomie: Well, of course they do. So let’s not listen to them. But they have been on a tear: Morgan Stanley likes ’em: As part of its investor day, EVN provided guidance for its FY16 results, as well as FY17 expectations, and medium-term production and costs. We’ll delve into the detail in due course,

12

ASX lifts because Australia IS different

Some days equities really are amusing. The AFR today explains why Australia is different: Tony Brennan, head of investment strategy at Citi suggests local stocks may be seen as fairly attractive. …”For Australia, the direct economic and earnings consequences of Brexit appear minor, and seem to leave Australian markets relatively attractive in a global context,” writes Mr Brennan in a note

19

Gold breaking out

Gold is breaking out to record highs in Australian dollars: Macquarie sees near term weakness: Gold is surging higher again, and the reason is familiar – bad US economic data stymieing the Fed’s desire to tighten monetary policy. We see gold’s gains as temporary as we don’t believe the US economy is going into a

2

Big gas, gold balk at own good fortune

Big iron is trying to rally today but largely failing after weakish overnight action in Dalian (which seems closed today). BHP and RIO are both up 0.4% and FMG a more delusional 2.7%: Nobody seems to have noticed that FMG is dumping iron ore at a record discount… Meanwhile, big gas can’t believe it’s own

17

Soros goes long doom

From the WSJ: After a long hiatus, George Soros has returned to trading, lured by opportunities to profit from what he sees as coming economic troubles. …Soros Fund Management LLC, which manages $30 billion for Mr. Soros and his family, sold stocks and bought gold and shares of gold miners, anticipating weakness in various markets.

29

Gold, gold, gold for Australia!

For the past six moths or so I’ve suggested that buying Australian gold miners on any dips was a good idea. The rationale for this is the usual one for gold. Given gold is priced almost exclusively relative to the stability and value of the US dollar, the Fed tightening cycle was going to sooner rather

12

Macquarie upgrades gold miners

For the past year or so, MB has been positive on gold as the business cycle heads into turbulence on the Fed tightening cycle: That means that at some point when the Fed goes too far it will be forced to retreat into QE4, the dollar will come under renewed pressure and gold soar. While

16

Soros gets long gold

From Zero Hedge: As shown in his 13F, Soros slashed his overall long equity holdings by over 25% to just $4.5 billion as of March 31, which was the lowest such position since 2013. As previously discussed, Soros has warned of risks stemming from China’s economy, arguing its debt-fueled economy resembles the U.S. in 2007-08,