Besides the odd sharp spike or dip, spot gold has bounced between $US1800 and $US1900/oz since August.

At ~$US1885/oz currently, gold is still up 27.85 per cent in US dollar terms over the year – a fantastic return by any measure.

But after such a wild rise for gold over much of 2020, the last few months have felt almost recessionary, and it’s beginning to show in company valuations.

“Gold company share prices are continuing to erode as the gold price weakens and fails to respond to the same events that were driving the price higher earlier in the year,” writes Fast East Capital earlier this week.

“The occasional rallies have so far just given us false hope.

“As good as some of the new discoveries have been for some companies, there is no forward movement when the wind is blowing against them.”

PSA: Commsex won’t recognize your face if you’re crying. Make sure to regain your composure before logging in to panic sell. from r/ASX_Bets

But Guy le Page’s glass is half full. This is a buying opportunity, he says.

“The gold index is off 20 per cent in the last couple of months, which is not unexpected,” he says.

“As we highlighted earlier, gold was either going up or valuations were going to come down, and we saw those values come down.

“I think it’s getting into a good buying range again.”

Many analysts like Guy and Peak Asset Management’s Niv Dagan remain hot for precious metals.

We feel that gold and silver will still be talking points – especially in the first quarter of the year as central banks remain stressed from quantitative easing,” Dagan says.

“We fell the USD will continue to fall, we feel that inflation will start to be a talking point and on the back of that we can see another run towards the US$2,200-US$2,500 level in the first quarter of next year based on those themes.”

$US gold price over the past year.

Winners & Losers

Here’s how ASX-listed gold stocks performed December 14 – December 18 [intraday].

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE [intraday Friday] MARKET CAP
LCY Legacy Iron Ore 386 325 1600 1600 0.034 $ 249,889,540.68
HAW Hawthorn Resources 25 0 -2 107 0.115 $ 40,021,873.56
RGL Riversgold 21 13 11 410 0.051 $ 19,787,382.05
AAJ Aruma Resources 17 17 75 75 0.007 $ 11,125,897.33
PRU Perseus Mining 15 8 16 34 1.31 $ 1,587,743,646.65
RSG Resolute Mining 14 5 -18 -26 0.84 $ 921,750,409.51
HRN Horizon Gold 14 23 105 154 0.5 $ 43,021,386.03
RML Resolution Minerals 13 -4 -37 -10 0.043 $ 11,737,843.24
AMG Ausmex Mining 13 21 68 -19 0.052 $ 25,188,142.26
WAF West African Resources 13 5 20 165 1.04 $ 896,256,298.92
GWR GWR Group 12 72 366 216 0.275 $ 83,537,054.52
KRM Kingsrose Mining 12 3 3 54 0.037 $ 26,280,264.67
DCN Dacian Gold 12 17 -14 -56 0.385 $ 205,908,164.98
WCN White Cliff Minerals 12 -12 222 480 0.029 $ 14,996,910.62
MEG Megado 11 -3 0 0 0.195 $ 7,604,246.31
AMI Aurelia Metals 11 5 3 16 0.455 $ 506,760,405.53
SVL Silver Mines 10 0 129 137 0.22 $ 223,126,424.23
GUL Gullewa 10 -4 10 311 0.115 $ 17,861,041.00
CHZ Chesser Resources 9 -4 213 251 0.235 $ 102,276,226.78
GOR Gold Road Resources 9 -1 -11 19 1.31 $ 1,130,703,301.18
MAT Matsa Resources 9 0 -14 0 0.125 $ 31,181,871.54
TMX Terrain Minerals 8 -7 117 225 0.013 $ 9,564,893.12
MEI Meteoric Resources 8 17 172 127 0.068 $ 84,334,575.53
AQX Alice Queen 7 -9 4 16 0.029 $ 29,466,816.36
RED Red 5 7 -1 -21 -11 0.26 $ 522,290,714.61
TMZ Thomson Resources 7 -13 320 325 0.105 $ 31,498,829.40
SLR Silver Lake Resources 7 -2 0 69 1.89 $ 1,666,177,345.35
AL8 Alderan Resource 6 1 -38 230 0.099 $ 29,413,668.14
FAU First Au 6 -22 50 100 0.018 $ 9,147,438.81
HMX Hammer Metals 6 -12 6 76 0.037 $ 26,134,302.95
MDI Middle Island Resources 6 -19 -19 143 0.28 $ 31,520,764.34
SBR Sabre Resources 6 -14 217 217 0.0095 $ 15,147,572.84
SIH Sihayo Gold 6 -14 -6 31 0.019 $ 65,883,249.78
RMS Ramelius Resources 6 -6 -4 80 1.72 $ 1,387,464,611.19
WGX Westgold Resources 5 12 32 36 2.7 $ 1,182,556,203.30
OBM Ora Banda Mining 5 -11 11 83 0.29 $ 235,822,147.96
RRL Regis Resources 5 0 -25 -7 3.87 $ 1,920,101,546.25
EMR Emerald Resources 5 12 42 74 0.68 $ 353,047,086.80
SAR Saracen 5 -10 5 63 4.83 $ 5,183,740,776.24
CMM Capricorn Metals 5 2 7 45 1.72 $ 570,998,179.62
NST Northern Star 5 -11 -3 33 12.87 $ 9,313,894,514.61
SSR SSR Mining 5 -1 0 0 26.09 $ 441,008,366.40
PNR Pantoro 5 21 15 59 0.23 $ 323,931,592.44
KCN Kingsgate Consolidated 4 12 119 106 0.845 $ 193,423,178.70
EVN Evolution Mining 4 -11 -5 44 5.08 $ 8,389,555,387.35
AWV Anova Metals 4 -4 17 156 0.027 $ 35,827,355.00
MVL Marvel Gold 4 -11 127 -41 0.055 $ 27,975,423.19
AGG AngloGold Ashanti 3 -6 -15 1 6.1 $ 533,462,434.70
FFR Firefly Resources 3 -23 382 282 0.165 $ 47,966,325.12
KWR Kingwest Resources 3 -11 25 -13 0.165 $ 24,591,017.28
AGS Alliance Resources 3 -7 22 80 0.175 $ 29,419,513.20
GSN Great Southern 3 -18 -26 1 0.07 $ 31,847,929.40
GIB Gibb River Diamonds 3 9 350 567 0.18 $ 35,956,605.65
BDC Bardoc Gold 3 -1 -7 1 0.075 $ 122,912,173.70
NML Navarre Minerals 3 -22 48 90 0.2 $ 103,577,008.69
SKY SKY Metals 3 -9 -23 133 0.205 $ 50,563,214.74
OKR Okapi Resources 2 5 31 56 0.21 $ 7,569,001.86
CEL Challenger Exploration 2 5 -6 175 0.22 $ 116,009,707.59
CLA Celsius Resources 2 22 275 309 0.045 $ 35,890,031.73
NSM North Stawell 2 2 0 0 0.465 $ 18,800,000.00
G88 Golden Mile Resources 2 -7 28 14 0.05 $ 6,150,916.40
RXL Rox Resources 2 -6 13 168 0.051 $ 104,541,251.61
RVR Red River Resources 2 -7 247 93 0.26 $ 129,443,591.75
BRV Big River Gold 2 2 83 253 0.053 $ 82,932,185.99
BBX BBX Minerals 2 -15 155 75 0.28 $ 119,514,274.04
PDI Predictive Discovery 2 -16 -27 622 0.057 $ 55,258,500.72
DGO DGO Gold 2 -4 8 236 2.94 $ 205,950,669.12
BYH Bryah Resources 2 -10 35 65 0.066 $ 10,133,673.53
DEG De Grey Mining 1 -7 84 2286 1.05 $ 1,355,119,964.66
MML Medusa Mining 1 -4 18 14 0.78 $ 163,118,526.29
MAU Magnetic Resources 1 5 3 135 1.2 $ 259,405,652.40
BNR Bulletin Resources 1 12 -6 219 0.083 $ 14,881,325.14
NCM Newcrest Mining 1 -5 -10 -3 27.41 $ 22,112,350,940.72
AUT Auteco Minerals 1 -10 74 1138 0.099 $ 152,016,356.79
SBM St Barbara 1 -5 -18 1 2.49 $ 1,749,288,122.72
SVY Stavely Minerals 1 -2 28 -3 0.86 $ 227,036,463.24
DDD 3D Resources 0 -25 80 200 0.0045 $ 14,461,488.37
AQI Alicanto Minerals 0 -17 100 179 0.12 $ 37,595,508.02
ALK Alkane Resources 0 -2 11 82 0.99 $ 583,481,024.00
ANL Amani Gold 0 -33 0 -50 0.001 $ 9,386,996.75
AUC Ausgold Limited 0 -25 137 275 0.045 $ 55,915,030.26
AYM Australia United Mining 0 0 350 125 0.009 $ 16,583,197.37
BRB Breaker Resources 0 5 -25 -30 0.195 $ 63,538,981.16
CBY Canterbury Resources 0 0 0 -48 0.105 $ 9,681,649.45
CDV Cardinal Resources 0 5 123 263 1.07 $ 595,410,904.68
CDT Castle Minerals 0 -31 0 0 0.009 $ 6,592,507.36
CTO Citigold Corp 0 -13 160 225 0.013 $ 32,108,078.51
CY5 Cygnus Gold 0 -5 131 350 0.18 $ 19,452,617.64
DTR Dateline Resources 0 0 0 0 0.002 $ 16,420,156.15
DCX Discovex Resources 0 17 27 17 0.007 $ 8,373,148.53
DRE Dreadnought Resources 0 -15 340 214 0.022 $ 49,760,643.70
GMR Golden Rim Resources 0 -23 43 0 0.01 $ 17,913,418.71
HWK Hawkstone Mining 0 -9 43 67 0.01 $ 15,115,735.42
KAU Kaiser Reef 0 0 55 0 0.41 $ 10,957,250.41
KGM Kalnorth Gold 0 0 86 225 0.013 $ 11,625,120.78
LNY Laneway Resources 0 -13 56 0 0.007 $ 26,425,461.53
MSR Manas Resources 0 -14 20 200 0.006 $ 16,561,641.59
MHC Manhattan Corp 0 -15 115 460 0.028 $ 37,135,803.40
MCT Metalicity 0 -10 50 493 0.018 $ 29,615,765.47
MLS Metals Australia 0 -25 -25 50 0.0015 $ 6,286,355.36
MTC Metalstech 0 14 50 500 0.21 $ 30,046,365.79
MTH Mithril Resources 0 -27 27 138 0.019 $ 37,567,352.63
MRZ Mont Royal Resources 0 -9 76 9 0.3 $ 9,907,329.00
NPM Newpeak Metals 0 0 50 0 0.003 $ 14,004,487.53
PKO Peako Limited 0 -11 106 12 0.025 $ 4,609,300.25
RMX Red Mountain Mining 0 -14 200 140 0.012 $ 13,575,869.87
SFM Santa Fe Minerals 0 -22 57 34 0.094 $ 6,844,966.17
SAU Southern Gold 0 0 -19 -35 0.11 $ 21,332,875.60
TAR Taruga Minerals 0 2 144 238 0.044 $ 19,202,463.25
TRM Truscott Mining 0 -18 29 125 0.018 $ 2,302,947.79
TSC Twenty Seven Co. 0 -14 20 50 0.006 $ 10,598,271.07
VRC Volt Resources 0 22 -42 10 0.011 $ 23,791,109.11
WSR Westar Resources 0 -6 -6 -6 0 $ 11,840,000.00
BC8 Black Cat Syndicate -1 -10 6 125 0.675 $ 70,064,418.55
E2M E2 Metals -1 -24 371 267 0.66 $ 98,774,547.96
AME Alto Metals -1 -15 27 185 0.094 $ 38,194,449.02
ERM Emmerson Resources -1 -7 -27 -38 0.077 $ 36,696,894.42
FML Focus Minerals -1 -13 40 47 0.33 $ 60,307,026.45
GRL Godolphin Resources -2 2 46 0 0.255 $ 19,940,913.50
REZ Resource & Energy -2 -26 206 88 0.049 $ 19,857,316.29
ARL Ardea Resources -2 -10 56 -28 0.43 $ 54,898,350.26
OKU Oklo Resources -2 -7 -20 54 0.215 $ 103,326,111.46
GMN Gold Mountain -2 -7 -18 -45 0.04 $ 29,871,432.07
LEX Lefroy Exploration -3 -17 -5 -5 0.19 $ 23,263,759.94
BCN Beacon Minerals -3 0 0 0 0.037 $ 106,071,861.81
CXU Cauldron Energy -3 -18 54 106 0.037 $ 16,127,982.43
ENR Encounter Resources -3 -5 17 30 0.175 $ 51,807,484.58
TBR Tribune Resources -3 -12 -10 -5 5.82 $ 304,314,846.60
WMX Wiluna Mining Corp -3 -14 16 29 1.48 $ 172,046,643.36
RND Rand Mining -3 -15 -10 -23 1.8 $ 108,267,255.00
MZZ Matador Mining -3 -15 23 33 0.32 $ 57,023,284.27
NVA Nova Minerals -3 -11 181 332 0.16 $ 258,841,730.29
CYL Catalyst Metals -3 -12 -11 -13 2.48 $ 206,831,251.04
NWM Norwest Minerals -3 -13 -39 -45 0.091 $ 9,904,456.29
GML Gateway Mining -3 67 131 100 0.03 $ 53,374,749.01
RDN Raiden Resources -3 -9 500 329 0.03 $ 24,729,552.25
TRY Troy Resources -3 -11 3 -19 0.089 $ 66,621,611.58
WWI West Wits Mining -3 -33 460 600 0.056 $ 66,888,504.10
ARN Aldoro Resources -4 -4 88 -7 0.135 $ 8,961,408.41
AAR Anglo Australian -4 -13 4 59 0.135 $ 78,043,610.88
NXM Nexus Minerals -4 -18 181 193 0.135 $ 30,518,958.88
ZNC Zenith Minerals -4 0 17 165 0.135 $ 38,266,803.90
CWX Carawine Resources -4 -21 41 14 0.24 $ 26,133,576.48
LCL Los Cerros -4 -26 174 10 0.096 $ 45,915,893.16
PRX Prodigy Gold -4 -13 2 -33 0.046 $ 26,128,242.27
TTM Titan Minerals -4 0 83 -36 0.115 $ 128,245,345.57
SLZ Sultan Resources -4 -6 73 241 0.225 $ 15,992,909.47
KTA Krakatoa Resources -4 -8 83 65 0.066 $ 18,410,700.00
STN Saturn Metals -4 -12 29 115 0.645 $ 69,417,286.40
OAU Ora Gold -5 -19 50 -5 0.021 $ 17,657,749.66
PAK Pacific American -5 -13 110 -21 0.021 $ 7,550,037.60
AZS Azure Minerals -5 -13 893 496 0.715 $ 210,419,221.16
PUR Pursuit Minerals -5 43 329 258 0.02 $ 13,975,898.84
NUS Nusantara Resources -5 0 -12 -8 0.295 $ 67,635,537.07
FFX Firefinch -5 -5 44 110 0.14 $ 109,467,015.14
TLM Talisman Mining -5 -21 -34 4 0.095 $ 18,289,581.73
KAI Kairos Minerals -5 -16 47 296 0.037 $ 60,322,511.41
ADN Andromeda Metals -5 0 429 511 0.275 $ 538,181,956.75
AAU Antilles Gold -5 -15 28 83 0.055 $ 11,123,073.99
CAI Calidus Resources -5 -15 17 123 0.5 $ 166,162,379.63
KZR Kalamazoo Resources -5 -15 10 100 0.53 $ 69,398,960.02
AXE Archer Materials -5 -5 -12 289 0.525 $ 118,196,686.65
SMI Santana Minerals -6 -15 21 -39 0.17 $ 22,236,364.02
M2R Miramar -6 -10 0 0 0.31 $ 13,090,531.20
VKA Viking Mines -6 70 411 198 0.031 $ 10,823,266.02
AOP Apollo Consolidated -6 -9 9 30 0.3 $ 80,728,677.00
GBR Great Boulder Resources -6 -10 80 23 0.045 $ 8,462,689.65
PRS Prospech -6 0 0 0 0.22 $ 13,654,323.69
PUA Peak Minerals -6 16 53 103 0.029 $ 16,431,011.88
TNR Torian Resources -7 -18 -9 181 0.027 $ 21,598,911.80
NAG Nagambie Resources -7 -15 -26 -11 0.04 $ 19,997,293.84
TIE Tietto Minerals -7 -5 3 51 0.4 $ 178,662,630.12
GBZ GBM Resources -7 -26 103 279 0.13 $ 50,331,314.25
GSM Golden State Mining -8 -20 -38 153 0.185 $ 9,911,335.00
RDS Redstone Resources -8 -8 71 33 0.012 $ 6,271,560.19
TAM Tanami Gold -8 -6 22 100 0.072 $ 84,606,987.31
CGN Crater Gold Mining -8 -30 75 25 0.0175 $ 20,867,429.74
ONX Orminex -8 -4 -43 -69 0.023 $ 12,399,349.86
GTR GTI Resources -8 10 -19 175 0.022 $ 14,179,395.96
KSN Kingston Resources -8 10 90 72 0.275 $ 60,072,799.02
MKG Mako Gold -8 5 49 57 0.11 $ 28,296,576.22
NAE New Age Exploration -8 -21 100 175 0.011 $ 13,057,334.51
MEU Marmota -9 -7 -28 95 0.043 $ 42,615,482.36
HRZ Horizon -9 -9 5 19 0.105 $ 56,797,520.00
VMC Venus Metals -9 -9 -7 11 0.21 $ 31,726,523.43
ERW Errawarra Resources -9 -14 -14 -14 0 $ 8,000,000.00
A1G African Gold -9 37 108 22 0.205 $ 8,275,201.79
TSO Tesoro Resources -9 -24 275 527 0.255 $ 121,686,559.50
BGL Bellevue Gold -9 -9 29 137 1.22 $ 1,115,068,689.63
BAT Battery Minerals -10 -21 217 192 0.019 $ 40,149,107.98
CAZ Cazaly Resources -10 -2 59 119 0.046 $ 16,952,583.55
MOH Moho Resources -10 -22 27 80 0.09 $ 7,119,920.92
DTM Dart Mining -10 -5 64 81 0.175 $ 16,990,730.92
PNM Pacific Nickel Mines -10 -10 73 -48 0.052 $ 7,205,878.58
HXG Hexagon Energy -10 7 -6 -12 0.06 $ 17,546,003.82
CHN Chalice Mining -11 13 327 1640 3.74 $ 1,270,218,792.72
NES Nelson Resources -11 -3 67 36 0.07 $ 7,462,139.23
ALY Alchemy Resources -12 -17 -15 18 0.015 $ 10,083,651.80
ADV Ardiden -12 -40 275 400 0.015 $ 29,722,866.38
AVW Avira Resources -13 -22 133 250 0.007 $ 9,625,280.00
SNG Siren Gold -13 31 0 0 0.71 $ 42,548,173.20
EMU EMU NL -13 -30 122 -18 0.04 $ 12,726,195.70
GNM Great Northern -13 -24 8 30 0.013 $ 11,802,954.85
MGV Musgrave Minerals -14 -17 -17 318 0.37 $ 181,485,068.30
GED Golden Deeps -14 -20 71 -52 0.012 $ 9,295,360.14
DAU Dampier Gold -15 -21 73 271 0.052 $ 17,786,197.78
ARV Artemis Resources -15 -15 195 379 0.115 $ 125,044,074.87
MKR Manuka Resources -15 -21 0 0 0.37 $ 27,898,017.07
CST Castile Resources -16 -19 84 0 0.23 $ 46,931,878.44
SPQ Superior Resources -18 -13 180 199 0.014 $ 16,672,657.15
YRL Yandal Resources -18 -25 23 63 0.37 $ 33,905,047.47
VAN Vango Mining -19 -18 -40 -61 0.063 $ 63,919,201.32
XTC Xantippe Resources -20 0 -20 0 0.002 $ 10,186,411.01
STK Strickland Metals -20 -61 160 95 0.039 $ 16,846,060.84
BAR Barra Resources -21 -43 35 0 0.023 $ 15,584,986.32
THR Thor Mining -22 -33 115 75 0.014 $ 6,220,078.70
S2R S2 Resources -28 -54 33 30 0.13 $ 39,361,397.38
ANX Anax Metals -28 -8 118 360 0.046 $ 12,765,295.60
SRN Surefire Resources -34 -9 625 867 0.029 $ 26,677,979.05
SI6 SI6 Metals -42 127 733 525 0.025 $ 30,887,942.10

Small Cap Standouts

LEGACY IRON ORE (+414%) and HAWTHORN RESOURCES (+25%)

Legacy Iron Ore (ASX:LCY) and Mt Bevan joint venture project partner Hawthorn Resources (ASX:HAW) have been on a tear this week (except for Friday, when some investors booked gains).

Mt Bevan is an iron ore project which has been languishing in the basement of their respective portfolios for years.

Both juniors are now ostensibly gold-focused,  but with iron ore prices hitting record highs punters may be speculating that the explorers will dust off the WA project, which – besides a large, low grade magnetite resource – includes a decent chunk of Jupiter Mines’ (ASX:JMS) neighbouring high grade Mt Bevan deposit.

 

Legacy (ASX:LCY) and Hawthorn (ASX:HAW) share price chart:

 

RIVERSGOLD (+21%)

The Tolga Kumova backed junior is drilling the Cutler prospect where there appears to be two, high grade gold shoots “not closed off by previous drilling”.

Holes will be punched in to chase extensions to previous drill intercepts like 10m at 11g/t gold.

Riversgold (ASX:RGL) exec director Xavier Braud say this campaign was a bit ‘spur of the moment’.

“We have been very reactive when we heard of availability of a rig at short notice,” he says.

“We had all we needed — targets, drill permits, a team ready to go and a rig became available.

“This is the first drilling program in over 18 months for RGL and we are very excited to finally have the company back on track exploring it’s amazing Kurnalpi project.”

 

Riversgold (ASX:RGL) share price chart:

 

PERSEUS MINING (+15%)

Despite COVID, Perseus Mining (ASX:PRU) has successfully poured first gold at its $US265m Yaouré gold mine in Côte d’Ivoire five weeks ahead of schedule.

What an effort.

Perseus expects to achieve commercial production in the March 2021 quarter, when the first gold shipment from Yaouré is also expected to occur.

Perseus – which now owns and operate three gold mines in two West African countries – is on track to produce more than 500,000 ounces of gold per year.

 

Perseus (ASX:PRU) share price chart: