Gold prices fell by -2.4% in AUD terms and -4% in USD terms in the Sept Q. The ASX Small Resources (XSR) index has fallen by -9% FY19 YTD and the ASX Gold Index (XGD) is down by -2.6% FY19YTD. Funds flow has focused largely on the bigger miners with investors pulling away from small explorers and emerging developers. This shouldn’t come as a surprise given increased short positions in gold, increased demand for US dollars and a rise in US bond yields. Despite the weak macro, Aussie miners still outperformed their US counterparts by ~20% on costs. We pull apart the Sept Q production reports and identify new ideas in the gold sector.
To access our Argonaut Limited report please log in under the Client Area Log In at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
+61 8 9224 6888
+852 3557 4888