Despite spot gold prices hitting record levels the general mood at the Denver Gold Forum was less buoyant than we had anticipated. Presentations from the global gold majors focused largely on delivering improved returns from key projects and maintaining balanced capital management. The Australian producers were more bullish, with the strong gold price driving an increased focus on exploration. Canadian listed exploration and development plays were in general bearish, largely due to the lack of market interest. We expect M&A to continue to be a strong thematic in the sector, with global majors buying and selling assets, mid-tier producers continuing to consolidate and smaller development plays looking for pathways to development. We provide summaries of the presentations of stocks within our coverage universe in this review.
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