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.
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