The gold price may be taking a breather in the $US1,900/oz’s, but moves by legendary investor Warren Buffett indicate this could be a temporary blip.
Experts believe Berkshire Hathaway’s recent investment in Canadian gold miner Barrick shows Buffett is taking steps to protect his other investments from inflation.
“Berkshire Hathaway, in taking a stake in Barrick Gold, is an apparent about-face on his previous view on the commodity, and it implies he is positive on inflation expectations. Gold ultimately is an inflation hedge,” Ausbil global resources fund portfolio manager Luke Smith said.
In terms of the best bang for an investor’s buck, gold equities tend to do better than physical gold in a bullish gold environment.
“Gold equities perform better than direct investments in gold through bull cycles, and we are likely to see ongoing interest in gold equities,” Smith said.
And there’s more good news for explorers — major miners are running out of gold reserves, which could lead to increased merger and acquisition activity.
Are there stocks missing from our list? Email reuben@stockhead.com.au >>>
Winners & Losers
Here’s how ASX-listed gold stocks performed for the period August 31–September 04 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | NAME | 1 WEEK TOTAL RETURN | 1 YEAR TOTAL RETURN | PRICE [INTRADAY FRIDAY | MARKET CAP |
|---|---|---|---|---|---|
| GWR | GWR GROUP | 187 | 136 | 0.215 | $ 54,759,688.00 |
| ADV | ARDIDEN | 53 | 767 | 0.024 | $ 39,523,552.00 |
| MLL | MALI LITHIUM | 50 | 87 | 0.195 | $ 61,882,880.00 |
| SBR | SABRE RESOURCES | 50 | 80 | 0.009 | $ 8,754,524.00 |
| DRE | DREADNOUGHT RESOURCES | 36 | 114 | 0.013 | $ 29,341,864.00 |
| NVA | NOVA MINERALS | 35 | 15 | 0.068 | $ 95,422,672.00 |
| SMI | SANTANA MINERALS | 33 | 33 | 0.004 | $ 10,735,782.00 |
| CHZ | CHESSER RESOURCES | 29 | 233 | 0.205 | $ 73,895,744.00 |
| CDV | CARDINAL RESOURCES | 29 | 92 | 0.93 | $ 483,942,560.00 |
| DEG | DE GREY MINING | 28 | 2159 | 1.33 | $ 1,572,608,640.00 |
| SLZ | SULTAN RESOURCES | 25 | 310 | 0.23 | $ 14,656,325.00 |
| CXU | CAULDRON ENERGY | 25 | 106 | 0.035 | $ 13,170,144.00 |
| SKY | SKY METALS | 24 | 63 | 0.16 | $ 44,210,660.00 |
| STK | STRICKLAND METALS | 24 | 107 | 0.059 | $ 25,032,092.00 |
| WMX | WILUNA MINING | 19 | 14 | 1.41 | $ 152,714,496.00 |
| BBX | BBX MINERALS | 19 | 24 | 0.26 | $ 114,768,968.00 |
| GNM | GREAT NORTHERN MINERALS | 19 | 25 | 0.022 | $ 18,909,098.00 |
| RND | RAND MINING | 18 | -19 | 2.06 | $ 126,311,800.00 |
| VKA | VIKING MINES | 17 | 8 | 0.013 | $ 4,392,050.00 |
| AAJ | ARUMA RESOURCES | 17 | 17 | 0.006 | $ 7,975,897.50 |
| CGN | CRATER GOLD MINING | 17 | -7 | 0.014 | $ 17,184,942.00 |
| RXL | ROX RESOURCES | 15 | 110 | 0.061 | $ 134,694,672.00 |
| RMX | RED MOUNTAIN MINING | 14 | 60 | 0.008 | $ 7,091,257.50 |
| TLM | TALISMAN MINING | 14 | -4 | 0.115 | $ 22,395,406.00 |
| RED | RED 5 | 14 | -4 | 0.3225 | $ 627,068,736.00 |
| MHC | MANHATTAN CORP | 14 | 925 | 0.039 | $ 54,377,428.00 |
| DGO | DGO GOLD | 14 | 397 | 3.61 | $ 224,603,840.00 |
| KCN | KINGSGATE CONSOLIDATED | 14 | 89 | 0.665 | $ 135,735,568.00 |
| MTH | MITHRIL RESOURCES | 13 | 767 | 0.048 | $ 110,614,984.00 |
| NAE | NEW AGE EXPLORATION | 13 | 200 | 0.008 | $ 8,887,804.00 |
| CLA | CELSIUS RESOURCES | 12 | 6 | 0.019 | $ 14,043,925.00 |
| ADN | ANDROMEDA METALS | 11 | 2 | 0.048 | $ 76,067,040.00 |
| AAR | ANGLO AUSTRALIAN RESOURCES | 11 | 208 | 0.2 | $ 88,906,512.00 |
| RDS | REDSTONE RESOURCES | 10 | 156 | 0.02 | $ 10,402,600.00 |
| GBR | GREAT BOULDER RESOURCES | 9 | -7 | 0.049 | $ 9,308,745.00 |
| RMS | RAMELIUS RESOURCES | 8 | 64 | 2.15 | $ 1,722,061,312.00 |
| RML | RESOLUTION MINERALS | 8 | 35 | 0.069 | $ 18,445,072.00 |
| WAF | WEST AFRICAN RESOURCES | 8 | 111 | 1.035 | $ 884,613,312.00 |
| CWX | CARAWINE RESOURCES | 7 | 41 | 0.22 | $ 16,226,463.00 |
| MAR | MALACHITE RESOURCES | 7 | -53 | 0.045 | $ 4,900,062.00 |
| PUR | PURSUIT MINERALS | 7 | 60 | 0.016 | $ 7,016,483.50 |
| VMC | VENUS METALS | 7 | 29 | 0.245 | $ 37,014,276.00 |
| WGX | WESTGOLD RESOURCES | 6 | -9 | 2.21 | $ 920,304,320.00 |
| AMG | AUSMEX MINING GROUP | 6 | -48 | 0.048 | $ 27,925,984.00 |
| ALK | ALKANE RESOURCES | 6 | 208 | 1.13 | $ 675,607,488.00 |
| MKR | MANUKA RESOURCES | 5 | 0.6 | $ 159,045,904.00 | |
| KZR | KALAMAZOO RESOURCES | 5 | 213 | 0.695 | $ 92,968,416.00 |
| WWI | WEST WITS MINING | 5 | 175 | 0.02 | $ 23,701,336.00 |
| TAR | TARUGA MINERALS | 5 | 240 | 0.067 | $ 26,946,904.00 |
| CEL | CHALLENGER EXPLORATION | 4 | 621 | 0.24 | $ 162,181,152.00 |
| BNR | BULLETIN RESOURCES | 4 | 174 | 0.075 | $ 13,267,687.00 |
| MKG | MAKO GOLD | 4 | 60 | 0.12 | $ 28,375,808.00 |
| SLR | SILVER LAKE RESOURCES | 4 | 116 | 2.27 | $ 1,991,446,656.00 |
| HRZ | HORIZON MINERALS | 4 | -7 | 0.14 | $ 71,466,528.00 |
| NWM | NORWEST MINERALS | 4 | -43 | 0.135 | $ 11,318,424.00 |
| MCT | METALICITY | 4 | 419 | 0.027 | $ 39,689,224.00 |
| SAU | SOUTHERN GOLD | 4 | -30 | 0.145 | $ 17,324,382.00 |
| NUS | NUSANTARA RESOURCES | 4 | 26 | 0.28 | $ 62,710,892.00 |
| ARL | ARDEA RESOURCES | 4 | 23 | 0.57 | $ 68,034,256.00 |
| KWR | KINGWEST RESOURCES | 3 | -45 | 0.145 | $ 18,651,522.00 |
| GSM | GOLDEN STATE MINING | 3 | 265 | 0.295 | $ 17,840,404.00 |
| TAM | TANAMI GOLD | 3 | 22 | 0.065 | $ 78,731,504.00 |
| MTC | METALSTECH | 3 | 872 | 0.175 | $ 22,149,336.00 |
| AMI | AURELIA METALS | 3 | 4 | 0.525 | $ 463,211,424.00 |
| TBR | TRIBUNE RESOURCES | 3 | 4 | 8.12 | $ 421,318,656.00 |
| BDC | BARDOC GOLD | 3 | -29 | 0.0775 | $ 134,698,768.00 |
| BC8 | BLACK CAT SYNDICATE | 3 | 58 | 0.77 | $ 90,225,888.00 |
| GRL | GODOLPHIN RESOURCES | 2 | 0.2 | $ 13,959,654.00 | |
| AGS | ALLIANCE RESOURCES | 2 | 79 | 0.205 | $ 41,009,020.00 |
| CST | CASTILE RESOURCES | 2 | 0.27 | $ 51,924,632.00 | |
| HXG | HEXAGON ENERGY MATERIALS | 2 | -19 | 0.055 | $ 16,961,138.00 |
| BRV | BIG RIVER GOLD | 2 | 242 | 0.065 | $ 81,618,056.00 |
| DGR | DGR GLOBAL | 1 | -11 | 0.065 | $ 51,354,000.00 |
| MZZ | MATADOR MINING | 1 | 71 | 0.425 | $ 79,993,680.00 |
| RSG | RESOLUTE MINING | 1 | -33 | 1.125 | $ 1,252,918,272.00 |
| EVN | EVOLUTION MINING | 1 | 12 | 5.7 | $ 9,686,817,792.00 |
| BGL | BELLEVUE GOLD | 1 | 75 | 1.01 | $ 852,495,936.00 |
| FML | FOCUS MINERALS | 0 | 23 | 0.43 | $ 80,409,368.00 |
| ALY | ALCHEMY RESOURCES | 0 | 42 | 0.019 | $ 11,274,596.00 |
| DCX | DISCOVEX RESOURCES | 0 | -27 | 0.008 | $ 9,569,313.00 |
| GSN | GREAT SOUTHERN MINING | 0 | 111 | 0.11 | $ 47,046,012.00 |
| XTC | XANTIPPE RESOURCES | 0 | 0 | 0.003 | $ 12,223,693.00 |
| CDT | CASTLE MINERALS | 0 | 33 | 0.012 | $ 6,325,008.00 |
| ANL | AMANI GOLD | 0 | -33 | 0.002 | $ 15,676,393.00 |
| KRM | KINGSROSE MINING | 0 | -21 | 0.037 | $ 27,010,272.00 |
| CTO | CITIGOLD CORP | 0 | 140 | 0.011 | $ 31,214,078.00 |
| EMR | EMERALD RESOURCES | 0 | 67 | 0.645 | $ 324,304,768.00 |
| HAW | HAWTHORN RESOURCES | 0 | 164 | 0.145 | $ 50,027,340.00 |
| BCN | BEACON MINERALS | 0 | -26 | 0.035 | $ 103,115,184.00 |
| TNR | TORIAN RESOURCES | 0 | 33 | 0.014 | $ 10,239,456.00 |
| BRB | BREAKER RESOURCES | 0 | -26 | 0.235 | $ 61,189,552.00 |
| DHR | DARK HORSE RESOURCES | 0 | -50 | 0.0025 | $ 8,072,737.00 |
| SVL | SILVER MINES | 0 | 85 | 0.235 | $ 265,352,432.00 |
| PDI | PREDICTIVE DISCOVERY | 0 | 446 | 0.069 | $ 59,319,812.00 |
| SBM | ST BARBARA | 0 | 8 | 3.45 | $ 2,441,259,264.00 |
| GMR | GOLDEN RIM RESOURCES | 0 | -13 | 0.014 | $ 23,169,310.00 |
| DTR | DATELINE RESOURCES | 0 | -33 | 0.002 | $ 16,420,156.00 |
| PGI | PANTERRA GOLD | 0 | 48 | 0.04 | $ 8,000,807.50 |
| MSR | MANAS RESOUCES | 0 | 67 | 0.005 | $ 13,215,812.00 |
| TMX | TERRAIN MINERALS | 0 | 275 | 0.015 | $ 10,847,415.00 |
| PUA | PEAK MINERALS | 0 | 18 | 0.028 | $ 12,483,823.00 |
| SFM | SANTA FE MINERALS | 0 | -21 | 0.072 | $ 5,242,953.00 |
| AVW | AVIRA RESOURCES | 0 | 248 | 0.006 | $ 8,250,000.00 |
| KGM | KALNORTH GOLD MINES | 0 | 117 | 0.013 | $ 11,625,121.00 |
| OKR | OKAPI RESOURCES | 0 | -9 | 0.2 | $ 7,749,216.00 |
| KTA | KRAKATOA RESOURCES | 0 | 281 | 0.08 | $ 18,821,250.00 |
| DCN | DACIAN GOLD | 0 | -55 | 0.33 | $ 186,430,368.00 |
| AME | ALTO METALS | 0 | 144 | 0.083 | $ 25,593,106.00 |
| E2M | E2 METALS | 0 | -9 | 0.19 | $ 26,240,038.00 |
| ARS | ALT RESOURCES | 0 | 104 | 0.05 | $ 31,978,522.00 |
| CYL | CATALYST METALS | 0 | 3 | 2.45 | $ 201,055,264.00 |
| SAR | SARACEN MINERAL HOLDINGS | -1 | 41 | 5.17 | $ 5,781,818,880.00 |
| PRU | PERSEUS MINING | -1 | 88 | 1.415 | $ 1,719,668,992.00 |
| CMM | CAPRICORN METALS | -1 | 64 | 1.99 | $ 673,955,392.00 |
| NST | NORTHERN STAR RESOURCES | -1 | 16 | 13.61 | $ 10,007,744,512.00 |
| AOP | APOLLO CONSOLIDATED | -2 | 25 | 0.32 | $ 88,801,544.00 |
| CAI | CALIDUS RESOURCES | -2 | 70 | 0.545 | $ 146,703,952.00 |
| TIE | TIETTO MINERALS | -2 | 147 | 0.525 | $ 210,841,920.00 |
| HRN | HORIZON GOLD | -2 | 46 | 0.49 | $ 45,712,904.00 |
| ARN | ALDORO RESOURCES | -2 | -33 | 0.091 | $ 6,210,528.00 |
| GUL | GULLEWA | -2 | 183 | 0.085 | $ 14,288,833.00 |
| NCM | NEWCREST MINING | -3 | -15 | 31.47 | $ 25,747,068,928.00 |
| NES | NELSON RESOURCES | -3 | 66 | 0.068 | $ 8,495,359.00 |
| AQI | ALICANTO MINERALS | -3 | 162 | 0.155 | $ 44,922,180.00 |
| AZS | AZURE MINERALS | -3 | 3 | 0.165 | $ 41,172,744.00 |
| RRL | REGIS RESOURCES | -3 | 2 | 5.3 | $ 2,699,363,584.00 |
| GOR | GOLD ROAD RESOURCES | -3 | 18 | 1.55 | $ 1,385,881,472.00 |
| BYH | BRYAH RESOURCES | -4 | -31 | 0.05 | $ 6,857,439.50 |
| ERM | EMMERSON RESOURCES | -4 | -37 | 0.095 | $ 46,353,972.00 |
| MGV | MUSGRAVE MINERALS | -4 | 611 | 0.58 | $ 286,825,824.00 |
| MEU | MARMOTA | -4 | 81 | 0.047 | $ 46,465,616.00 |
| AXE | ARCHER MATERIALS | -4 | 250 | 0.44 | $ 100,959,672.00 |
| MML | MEDUSA MINING | -4 | 1 | 0.85 | $ 181,820,016.00 |
| ERX | EXORE RESOURCES | -5 | 39 | 0.105 | $ 61,882,392.00 |
| MDI | MIDDLE ISLAND RESOURCES | -5 | 157 | 0.018 | $ 51,764,844.00 |
| DAU | DAMPIER GOLD | -5 | 46 | 0.036 | $ 10,258,579.00 |
| OAU | ORA GOLD | -6 | 70 | 0.019 | $ 15,135,214.00 |
| VRC | VOLT RESOURCES | -6 | 34 | 0.016 | $ 32,328,886.00 |
| TSO | TESORO RESOURCES | -6 | 294 | 0.18 | $ 76,207,024.00 |
| ARV | ARTEMIS RESOURCES | -6 | 189 | 0.077 | $ 88,467,464.00 |
| MAT | MATSA RESOURCES | -6 | -17 | 0.15 | $ 36,330,780.00 |
| HMX | HAMMER METALS | -6 | 26 | 0.039 | $ 26,778,122.00 |
| GED | GOLDEN DEEPS | -7 | -46 | 0.014 | $ 8,615,051.00 |
| CY5 | CYGNUS GOLD | -7 | 273 | 0.2 | $ 18,716,738.00 |
| FFL | FOUNDERS FIRST | -7 | 0.4 | $ 49,436,432.00 | |
| SI6 | SIX SIGMA METALS | -7 | 160 | 0.011 | $ 13,660,622.00 |
| NAG | NAGAMBIE RESOURCES | -7 | -17 | 0.05 | $ 24,996,618.00 |
| OKU | OKLO RESOURCES | -7 | 127 | 0.245 | $ 133,444,232.00 |
| AUC | AUSGOLD | -8 | 76 | 0.037 | $ 49,413,284.00 |
| BAR | BARRA RESOURCES | -8 | 14 | 0.024 | $ 14,316,378.00 |
| PRX | PRODIGY GOLD | -8 | -41 | 0.066 | $ 42,385,816.00 |
| STN | SATURN METALS | -8 | 81 | 0.78 | $ 69,482,616.00 |
| G88 | GOLDEN MILE RESOURCES | -8 | -19 | 0.055 | $ 4,905,046.50 |
| LEX | LEFROY EXPLORATION | -9 | 36 | 0.24 | $ 25,121,686.00 |
| DTM | DART MINING | -10 | 91 | 0.185 | $ 13,492,639.00 |
| RGL | RIVERSGOLD | -10 | 299 | 0.051 | $ 21,006,408.00 |
| AUT | AUTECO MINERALS | -11 | 2733 | 0.165 | $ 266,420,416.00 |
| VAN | VANGO MINING | -12 | -55 | 0.095 | $ 104,327,240.00 |
| CHN | CHALICE GOLD MINES | -12 | 661 | 1.375 | $ 453,569,088.00 |
| ONX | ORMINEX | -12 | -69 | 0.035 | $ 22,103,188.00 |
| SIH | SIHAYO GOLD | -12 | 75 | 0.022 | $ 68,695,928.00 |
| GBZ | GBM RESOURCES | -13 | 277 | 0.13 | $ 46,083,444.00 |
| A1G | AFRICAN GOLD | -13 | -22 | 0.14 | $ 9,573,647.00 |
| MOH | MOHO RESOURCES | -13 | 42 | 0.105 | $ 7,634,279.00 |
| LNY | LANEWAY RESOURCES | -13 | -22 | 0.008 | $ 30,200,528.00 |
| NXM | NEXUS MINERALS | -14 | 50 | 0.074 | $ 14,308,024.00 |
| MAU | MAGNETIC RESOURCES | -14 | 240 | 1.46 | $ 352,249,280.00 |
| GMN | GOLD MOUNTAIN | -15 | -20 | 0.041 | $ 27,186,496.00 |
| TTM | TITAN MINERALS | -15 | -41 | 0.105 | $ 126,830,312.00 |
| GML | GATEWAY MINING | -15 | 0 | 0.022 | $ 45,650,784.00 |
| AWV | ANOVA METALS | -15 | 88 | 0.032 | $ 40,042,472.00 |
| TSC | TWENTY SEVEN CO | -17 | 0 | 0.005 | $ 8,174,765.00 |
| TRY | TROY RESOURCES | -18 | -11 | 0.096 | $ 66,366,696.00 |
| MLS | METALS AUSTRALIA | -20 | -33 | 0.002 | $ 7,296,705.50 |
| MEI | METEORIC RESOURCES | -22 | -17 | 0.039 | $ 51,921,004.00 |
Small Cap Standouts
Strong news flow is still being rewarded by investors.
Ardiden (ASX:ADV) has hit visible gold in its very first drillhole at the Kasagiminnis deposit, part of the Pickle Lake project in Ontario.
Here’s what that looks like:
A landmark acquisition deal could instantly transform Mali Lithium (ASX:MLL) into a cash-generating gold producer. The acquisition of 80 per cent of the Morila gold mine in southwest Mali for $US22-27m saw shares jump +50 per cent for the week.
Sabre Resources (ASX:SBR) reckons the quality of early stage aeromagnetic survey data at its Bonanza gold project is “better than expected”. “Significantly, it has indicated the presence of west-northwest trending structures that may represent fault splays off the Youanmi Fault Zone that hosts the Penny West Mine,” Sabre says.
With ~$15m in the bank, Nova Minerals (ASX:NVA) is now fully funded to add ounces and fast-track development of the 2.5 million ounce Estelle gold project in Alaska.
The bidding war for 5.1moz gold project developer Cardinal Resources (ASX:CDV) continues to heat up, with Russian suitor Nordgold now increasing its offer price from 66c to 90c per share. This is a substantial step up from the most recent 70c per share all-cash offer from major Chinese gold producer Shandong Gold Mining, and an even bigger step up from Nordgold’s initial ~45c offer, first announced in March.
High flying gold explorer De Grey Mining (ASX:DEG) has made a new discovery at the mammoth Hemi project in the Pilbara. Initial drill results for the ‘Falcon’ deposit include 21m at 3.4 grams per tonne for gold from 40m, and 19m at 2.1 g/t gold from 68m.
And Cauldron Energy (ASX:CXU) has dusted off a “forest of data” from the historic Blackwood project joint venture in Victoria which reveals high-grade gold zones outside the historic mining areas. Blackwood could host multiple high-grade gold systems, Cauldron says.