Gold Digger: ASX stocks perform strongly in a volatile week for gold
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War gossip/news remains the main driver of gold prices.
The precious metal is having one of those volatile weeks where unless they timed their entry and exit perfectly, investors probably had a tough time whether long or short, says OANDA senior market analyst Jeffrey Halley.
For example, gold traded in a largish $US40/oz range overnight but finished only slightly higher. Silver demonstrated similar price action.
“With that in mind, I expect gold to range into the end of the week, supported by investor risk-hedging into the weekend,” Halley says.
“Support/resistance comes in at $US1970.00 and $US2010.00 an ounce which should cover it for the day.
“Obviously, a major headline hitting the wires will change that outlook.”
A strong week for ASX gold stocks, especially the large cap miners.
Overall, 124 stocks on our list went up this week, 100 went down, and 43 didn’t move.
The S&P/ASX All Ordinaries Gold (XGD) index — a benchmark for Australian gold companies – gained almost 8%.
It is currently up 19.2% over the past month, and 26% from recent lows on January 31.
Here’s how ASX-listed gold & silver stocks are performing:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop
>> Stocks missing from this list? Email [email protected]
Former high-flying gold producer Kingsgate Consolidated (ASX:KCN) will receive $20m in funding to help restart the 3.2Moz gold, 30Moz silver ‘Chatree’ mine in Thailand, with the company aiming for first pour by the end of this year.
Monster mine finder De Grey (ASX:DEG) has been added to the S&P/ASX 200 Index in the latest rebalance, effective prior to the open on March 21. African producer Firefinch (ASX:FFX) will be added to the S&P/ASX 300 Index from March 22.
Stavely Minerals (ASX:SVY) hit up to 19.65% copper, 8.29g/t gold and 202g/t silver at the ‘Cayley Lode’ discovery, part of the ‘Stavely’ project in Victoria.
Another interval returned a speccy silver grade of more than 1.2kg (1,200g) per tonne.
Independent global fund manager L1 Capital increased its stake in Aussie miner St Barbara (ASX:SBM) from 10.35% to 12.18%.
SBM produced 65,523oz at $1587/oz in the December quarter, selling its gold bounty at an average margin of $836/oz with realised prices of $2423/oz. Prices have only gone up since then.
Red 5 (ASX:RED) remains on track for first gold production at its 2.4Moz, 16-year life-of-mine King of the Hills (KOTH) gold project in WA next quarter.
The $880m market cap stock is up 132% over the past 12 months.
And last – but certainly not least – comes this absolute howler from tiddler Tombola Gold (ASX:TBA):
— TwinTurboCelica (@TwinTurboCe1ica) March 9, 2022
…which was hastily corrected to 89.8 grams per tonne.