Gold Digger: Don't expect a rally soon but H2 could be golden, agree top analysts

The price of gold is in a holding pattern, threatening to dip in short term, according to Metals Focus analysis
Metals Focus, like Japan’s biggest bank MUFG, however, has a more positive outlook for gold later this year
Top-performing ASX goldies this week include: MKG, PNX, ARV

The price of gold has inched its way back to a fairly comfortable zone right now, after taking a bit of a beating post Fed chattering last week.

The US labor market pulled a bit of a swifty on us all last week, showing surprising strength and actual creation of real-life jobs of real-life importance for real-life people.

Nice for that lot and their families, perhaps not quite as nice for self-centred, portfolio-checking, world-turmoil-embracing, safe-haven gold investors across the globe. It’s all about us them, you see.

Here’s a World Gold Council chart, tracking the precious metal’s return of late. (It finished the month 1% lower.)

That said, the yellow metal appears more or less stable again this week, holding above the psychological $2k mark, even as its inversely correlated foe, the US dollar, also seems to be holding at a reasonably strong level for now.

At the time of writing, gold trading for US$2,037 and in Aussie dollars – $3,139, actually just a shade under its all-time-high $3,139.

Some analysis of round-the-traps analysis for you…

Metals Focus is meh on gold short term, bullish longer

In its latest Precious Metals Weekly update, London-based independent precious metals consultancy Metals Focus poses the question: “In the current climate, can gold re-test its all-time highs?”

Our bead on their answer appears to be… not any time soon, but play the long game.

“With the US economy maintaining a decent growth momentum and the labour market still broadly healthy, we believe that there is scope for a hawkish re-pricing of interest rate expectations, which in turn could prevent gold from attempting a new peak in the near term and also open up the possibility of a modest price correction,” said the analysts.

Regarding recent optimism in markets about Fed rate cuts, Metals Focus notes this has cooled off recently, tempered by strong economic data from the US, and the re-emergence of slightly more hawkish rhetoric from the Fed than was perhaps expected. Less rate cuts are now anticipated than the originally optimistic six.

“All of this has helped prevent gold from moving higher so far this year,” notes Metals Focus, “as the timing of the first rate cut has now been pushed back from March to May, effectively implying five rate cuts this year compared to market expectations of six at the beginning of 2024.”

In fact, at the January FOMC meeting, the Fed suggested they actually envision just three rate cuts in 2024. And, according to Metals Focus, that more hawkish stance from the Fed, a US recession now unlikely and aggressive loosening of monetary policy probably off the cards, too, could “push gold below the long held $2,000 level in the short term”.

Okay… ‘wen moon’?

The safe-haven gold schtick amid ongoing Middle Eastern and Eastern European concerns, conflicts and rising body counts and geopolitical temperatures elsewhere around the world… is still alive and kicking.

Gold investors tends to benefit, whether they feel middle-class safe-haven guilt about it or not.

There are other uncertainties, too, here are some takes from the excellent X account Gold Telegraph…

Janet Yellen is warning that high commercial real estate vacancies are expected to create stress for smaller banks.

Better late than ever?

What a movie playing out in real-time.

— Gold Telegraph ⚡ (@GoldTelegraph_) February 8, 2024

Legendary investor Paul Tudor Jones is now warning that a debt bomb could be on the verge of exploding.

When it rains, it pours.

Meanwhile,

Central banks are stockpiling gold.

— Gold Telegraph ⚡ (@GoldTelegraph_) February 8, 2024

And regarding such complexities – geopolitical, macroeconomic, which have tended to keep gold elevated in recent times, Metals Focus adds:

“On balance, we believe that even as uncertainties abound, gold may not be able to re-test its all-time highs in the near future. At best, the presence of uncertainties will underpin safe haven demand for gold and help ensure that any price corrections are modest.

“That said, notwithstanding the risk of a short-term price fall, as we outline in our latest 5-Year Gold Forecast, with the increasing likelihood of rate cuts later this year, this will set the stage for a more sustainable price rally.”

‘Gold is our most bullish call this year’, says MUFG

Scouting around for more takes, Japan’s largest bank MUFG is pretty darn positive on the most precious one this year, also caveating range-bound prices tied to Fed decision-making.

“We believe downside to the price will be limited by robust support from the other two channels, namely, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort,” the bank noted this week.

“Gold is our most bullish call this year. Bullion is set to hit record levels on a trifecta of Fed cuts, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort.”

And here’s a further opinion this week from gold market analyst Christopher Lewis over at FXEmpire, who is also “bullish longer term”, suggesting gold, at a reasonably sized position, can make up a strong part of portfolios.

“Gold is something that I do not want to sell right now due to the fact that we have so much in the way of geopolitical concerns,” he said. “And of course, central banks around the world will be cutting rates this year.

“It’s a bit of a perfect storm for gold given enough time, but do keep in mind that this is a contract that tends to be very noisy and therefore don’t be surprised at all to see a lot of volatility.”

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing, circa midday Feb 9:

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

Stocks missing from this list? Email [email protected]

Code	Company	Price	% Week	% Month	% Year	Market Cap
MRR	Minrex Resources Ltd	0.012	-8%	-14%	-68%	$13,018,410
NPM	Newpeak Metals	0.014	8%	-22%	-86%	$1,499,276
ASO	Aston Minerals Ltd	0.017	6%	-26%	-81%	$22,016,093
MTC	Metalstech Ltd	0.17	-23%	-26%	-66%	$32,122,280
FFX	Firefinch Ltd	0.2	0%	0%	0%	$236,569,315
GED	Golden Deeps	0.043	10%	-4%	-57%	$4,620,894
G88	Golden Mile Res Ltd	0.013	0%	-32%	-39%	$4,282,064
DCX	Discovex Res Ltd	0.002	0%	0%	-50%	$6,605,136
NMR	Native Mineral Res	0.021	-22%	5%	-74%	$4,404,761
AQX	Alice Queen Ltd	0.005	-9%	0%	-85%	$3,454,921
SLZ	Sultan Resources Ltd	0.014749	15%	-21%	-77%	$2,185,729
MKG	Mako Gold	0.024	71%	140%	-43%	$14,573,007
KSN	Kingston Resources	0.081	1%	4%	-16%	$39,338,985
AMI	Aurelia Metals Ltd	0.11	-4%	-4%	-11%	$194,323,251
PNX	PNX Metals Limited	0.006	50%	100%	100%	$32,283,748
GIB	Gibb River Diamonds	0.033	-6%	14%	-48%	$6,979,812
KCN	Kingsgate Consolid.	1.195	-11%	-6%	-25%	$305,435,755
TMX	Terrain Minerals	0.005	0%	25%	-23%	$7,158,353
BNR	Bulletin Res Ltd	0.085	5%	-39%	-29%	$23,489,066
NXM	Nexus Minerals Ltd	0.04	18%	-5%	-80%	$14,395,225
SKY	SKY Metals Ltd	0.032	7%	-11%	-37%	$14,764,739
LM8	Lunnonmetalslimited	0.245	-16%	-58%	-74%	$55,548,240
CST	Castile Resources	0.09	0%	13%	-7%	$21,529,316
YRL	Yandal Resources	0.13	44%	13%	40%	$32,861,662
FAU	First Au Ltd	0.003	20%	0%	-33%	$4,985,980
ARL	Ardea Resources Ltd	0.385	0%	-19%	-45%	$79,791,851
GWR	GWR Group Ltd	0.089	-6%	-3%	51%	$28,588,282
IVR	Investigator Res Ltd	0.0365	-1%	1%	-9%	$58,603,544
GTR	Gti Energy Ltd	0.011	5%	22%	2%	$24,599,365
IPT	Impact Minerals	0.011	-8%	-8%	5%	$31,511,743
BNZ	Benzmining	0.165	-15%	-27%	-69%	$18,365,486
MOH	Moho Resources	0.006	-25%	-40%	-71%	$3,215,647
BCM	Brazilian Critical	0.026	0%	8%	-81%	$19,238,877
PUA	Peak Minerals Ltd	0.003	50%	0%	-40%	$3,124,130
MRZ	Mont Royal Resources	0.1	-9%	-23%	-59%	$8,502,979
SMS	Starmineralslimited	0.043	23%	8%	-41%	$3,264,680
MVL	Marvel Gold Limited	0.009	-10%	-18%	-61%	$7,774,116
PRX	Prodigy Gold NL	0.004	0%	-33%	-67%	$7,004,431
AAU	Antilles Gold Ltd	0.021	0%	0%	-43%	$19,742,843
CWX	Carawine Resources	0.095	-21%	-10%	-12%	$23,612,545
RND	Rand Mining Ltd	1.305	-3%	-5%	-7%	$74,223,129
CAZ	Cazaly Resources	0.022	16%	-24%	-33%	$10,001,999
BMR	Ballymore Resources	0.125	-4%	-7%	-22%	$22,041,323
DRE	Dreadnought Resources Ltd	0.018	-5%	-33%	-84%	$69,581,459
ZNC	Zenith Minerals Ltd	0.115	-15%	-15%	-49%	$42,285,706
REZ	Resourc & En Grp Ltd	0.012	20%	0%	-14%	$5,997,669
LEX	Lefroy Exploration	0.135	-7%	-21%	-44%	$26,964,535
ERM	Emmerson Resources	0.051	-4%	-6%	-34%	$27,780,199
AM7	Arcadia Minerals	0.066	20%	-4%	-71%	$7,197,307
ADT	Adriatic Metals	3.41	-5%	-5%	-1%	$860,630,504
AS1	Asara Resources Ltd	0.012	0%	9%	-64%	$9,512,771
CYL	Catalyst Metals	0.53	-5%	-18%	-59%	$114,481,923
CHN	Chalice Mining Ltd	0.985	-3%	-25%	-85%	$392,852,937
KAL	Kalgoorliegoldmining	0.024	9%	-11%	-64%	$3,487,016
MLS	Metals Australia	0.0305	-5%	-10%	-46%	$19,033,104
ADN	Andromeda Metals Ltd	0.023	-4%	-4%	-50%	$71,536,231
MEI	Meteoric Resources	0.185	6%	-36%	61%	$378,122,771
SRN	Surefire Rescs NL	0.012	9%	33%	-14%	$21,594,736
SIH	Sihayo Gold Limited	0.0015	0%	0%	-25%	$18,306,384
WA8	Warriedarresourltd	0.04	-9%	-23%	-80%	$20,416,876
HMX	Hammer Metals Ltd	0.035	0%	-22%	-53%	$32,797,072
WCN	White Cliff Min Ltd	0.018	13%	100%	64%	$24,045,468
AVM	Advance Metals Ltd	0.036	-3%	0%	-83%	$1,443,058
WRM	White Rock Min Ltd	0.063	0%	0%	-3%	$17,508,200
ASR	Asra Minerals Ltd	0.0055	-8%	-21%	-61%	$9,818,974
MCT	Metalicity Limited	0.0025	25%	25%	-17%	$11,212,634
AME	Alto Metals Limited	0.028	-7%	-33%	-62%	$20,202,649
CTO	Citigold Corp Ltd	0.005	0%	0%	-17%	$15,000,000
TIE	Tietto Minerals	0.6175	0%	2%	-20%	$689,233,175
SMI	Santana Minerals Ltd	1.41	-1%	42%	72%	$256,077,372
M2R	Miramar	0.02	-13%	-13%	-73%	$3,126,260
MHC	Manhattan Corp Ltd	0.0035	-13%	-13%	-50%	$10,279,429
GRL	Godolphin Resources	0.038	-3%	-5%	-56%	$6,431,197
SVG	Savannah Goldfields	0.037	-14%	-16%	-79%	$8,322,883
EMC	Everest Metals Corp	0.08	5%	-1%	-11%	$13,306,932
GUL	Gullewa Limited	0.055	0%	0%	8%	$11,262,521
CY5	Cygnus Metals Ltd	0.077	12%	-38%	-84%	$22,450,054
G50	Gold50Limited	0.1	-5%	-23%	-47%	$10,929,000
ADV	Ardiden Ltd	0.18	0%	-3%	-44%	$11,253,151
AAR	Astral Resources NL	0.07	8%	-1%	-4%	$53,930,632
VMC	Venus Metals Cor Ltd	0.1	-5%	0%	27%	$18,972,868
NAE	New Age Exploration	0.004	0%	-20%	-43%	$7,175,596
VKA	Viking Mines Ltd	0.014	17%	-13%	8%	$14,353,618
LCL	LCL Resources Ltd	0.011	-12%	-31%	-72%	$11,413,759
MTH	Mithril Resources	0.002	0%	0%	-43%	$6,737,609
ADG	Adelong Gold Limited	0.0045	-10%	-10%	-55%	$2,798,623
RMX	Red Mount Min Ltd	0.003	20%	0%	-50%	$8,020,728
PRS	Prospech Limited	0.03	-17%	-9%	16%	$8,104,462
TTM	Titan Minerals	0.018	-5%	-28%	-74%	$32,134,118
NML	Navarre Minerals Ltd	0.019	0%	0%	-54%	$28,555,654
MZZ	Matador Mining Ltd	0.037	3%	-8%	-63%	$19,412,460
KZR	Kalamazoo Resources	0.115	24%	-4%	-41%	$21,627,228
BCN	Beacon Minerals	0.022	-12%	-14%	-29%	$90,162,436
MAU	Magnetic Resources	1	1%	2%	26%	$244,667,260
BC8	Black Cat Syndicate	0.215	-14%	-9%	-48%	$62,726,234
EM2	Eagle Mountain	0.061	-6%	-23%	-72%	$18,602,979
EMR	Emerald Res NL	3.055	0%	1%	104%	$1,913,852,453
BYH	Bryah Resources Ltd	0.011	-8%	-27%	-54%	$4,336,073
HCH	Hot Chili Ltd	1.11	8%	11%	19%	$132,584,179
WAF	West African Res Ltd	0.85	-12%	-8%	-17%	$867,255,675
MEU	Marmota Limited	0.051	19%	24%	13%	$55,057,630
NVA	Nova Minerals Ltd	0.27	-18%	-24%	-57%	$56,940,309
SVL	Silver Mines Limited	0.135	-21%	-16%	-31%	$189,584,839
PGD	Peregrine Gold	0.27	-14%	-7%	-45%	$18,089,050
ICL	Iceni Gold	0.041	-9%	-37%	-61%	$9,862,442
FG1	Flynngold	0.053	-7%	0%	-43%	$8,699,468
WWI	West Wits Mining Ltd	0.012	9%	-8%	-25%	$29,164,700
RML	Resolution Minerals	0.003	0%	-14%	-57%	$3,779,990
AAJ	Aruma Resources Ltd	0.019	-10%	-27%	-75%	$3,740,939
AL8	Alderan Resource Ltd	0.004	14%	-20%	-50%	$4,427,445
GMN	Gold Mountain Ltd	0.003	0%	-33%	-45%	$7,941,775
MEG	Megado Minerals Ltd	0.015	-17%	-40%	-63%	$3,816,833
HMG	Hamelingoldlimited	0.071	-3%	-5%	-43%	$11,182,500
TBA	Tombola Gold Ltd	0.026	0%	0%	0%	$33,129,243
BM8	Battery Age Minerals	0.14	-7%	-32%	-78%	$13,764,048
TBR	Tribune Res Ltd	2.95	0%	3%	-20%	$154,780,827
FML	Focus Minerals Ltd	0.17	0%	-3%	-11%	$48,714,970
GSR	Greenstone Resources	0.0055	-21%	-45%	-80%	$8,208,681
VRC	Volt Resources Ltd	0.005	-9%	-17%	-62%	$20,650,533
ARV	Artemis Resources	0.019	46%	6%	-21%	$27,059,138
HRN	Horizon Gold Ltd	0.275	0%	10%	-18%	$39,830,979
CLA	Celsius Resource Ltd	0.012	9%	0%	-29%	$24,706,568
QML	Qmines Limited	0.076	-12%	-6%	-58%	$16,371,136
RDN	Raiden Resources Ltd	0.024	0%	-37%	359%	$61,101,457
TCG	Turaco Gold Limited	0.115	-2%	-12%	95%	$67,630,222
KCC	Kincora Copper	0.036	3%	-12%	-57%	$6,936,177
GBZ	GBM Rsources Ltd	0.009	-10%	13%	-81%	$7,195,052
DTM	Dart Mining NL	0.0135	-4%	-16%	-72%	$3,186,115
MKR	Manuka Resources.	0.073	-13%	-3%	-17%	$45,173,640
AUC	Ausgold Limited	0.027	0%	-7%	-48%	$61,995,813
ANX	Anax Metals Ltd	0.02	-13%	-33%	-71%	$11,391,407
EMU	EMU NL	0.001	-33%	0%	-76%	$2,024,771
SFM	Santa Fe Minerals	0.043	0%	0%	-39%	$3,131,208
SSR	SSR Mining Inc.	14.5	1%	-7%	-36%	$79,627,634
PNR	Pantoro Limited	0.041	0%	-16%	-54%	$223,773,312
CMM	Capricorn Metals	4.355	-3%	0%	-1%	$1,648,888,452
X64	Ten Sixty Four Ltd	0.57	0%	0%	-5%	$130,184,182
SI6	SI6 Metals Limited	0.0045	0%	0%	-10%	$8,972,367
HAW	Hawthorn Resources	0.083	-14%	-21%	-14%	$27,806,296
BGD	Bartongoldholdings	0.245	7%	-6%	0%	$49,145,494
SVY	Stavely Minerals Ltd	0.033	10%	-27%	-89%	$12,604,023
AGC	AGC Ltd	0.072	7%	3%	18%	$15,555,556
RGL	Riversgold	0.009	-18%	-25%	-67%	$8,708,953
TSO	Tesoro Gold Ltd	0.026	8%	0%	-16%	$34,428,260
GUE	Global Uranium	0.135	8%	29%	-23%	$30,770,301
CPM	Coopermetalslimited	0.295	-8%	-17%	0%	$20,272,030
MM8	Medallion Metals.	0.06	11%	0%	-58%	$18,459,099
FFM	Firefly Metals Ltd	0.465	-11%	-19%	-33%	$172,279,764
CBY	Canterbury Resources	0.027	0%	8%	-33%	$4,637,004
LYN	Lycaonresources	0.2	-2%	-2%	-29%	$8,811,250
SFR	Sandfire Resources	7.05	-2%	4%	10%	$3,262,925,765
TMZ	Thomson Res Ltd	0.005	0%	0%	-71%	$4,881,018
TAM	Tanami Gold NL	0.033	0%	-6%	-20%	$38,778,203
WMC	Wiluna Mining Corp	0.205	0%	0%	0%	$74,238,031
NWM	Norwest Minerals	0.026	8%	-19%	-60%	$7,476,807
ALK	Alkane Resources Ltd	0.5475	-5%	-16%	-23%	$325,856,151
BMO	Bastion Minerals	0.0115	5%	-28%	-75%	$3,581,607
IDA	Indiana Resources	0.084	2%	-1%	47%	$51,679,913
GSM	Golden State Mining	0.012	-8%	-8%	-73%	$3,352,448
NSM	Northstaw	0.048	0%	-2%	-70%	$6,714,038
GSN	Great Southern	0.019	-5%	-5%	-27%	$15,092,704
RED	Red 5 Limited	0.32	-3%	10%	60%	$1,143,054,181
DEG	De Grey Mining	1.2	0%	-3%	-15%	$2,212,262,302
THR	Thor Energy PLC	0.031	-6%	7%	-38%	$5,944,708
CDR	Codrus Minerals Ltd	0.05	-2%	-21%	-57%	$4,619,375
MDI	Middle Island Res	0.017	0%	6%	-67%	$3,917,772
WTM	Waratah Minerals Ltd	0.1	6%	-13%	-17%	$15,683,272
POL	Polymetals Resources	0.26	-2%	-4%	37%	$40,980,630
RDS	Redstone Resources	0.004	-20%	-20%	-60%	$3,701,514
NAG	Nagambie Resources	0.025	0%	-11%	-53%	$18,322,621
BGL	Bellevue Gold Ltd	1.3275	3%	-12%	13%	$1,554,091,243
GBR	Greatbould Resources	0.055	-10%	-18%	-37%	$32,927,796
KAI	Kairos Minerals Ltd	0.014	-7%	0%	-27%	$36,692,771
KAU	Kaiser Reef	0.13	24%	-10%	-26%	$21,380,487
HRZ	Horizon	0.034	-3%	-8%	-42%	$25,235,412
CAI	Calidus Resources	0.165	-8%	-21%	-35%	$101,062,948
CDT	Castle Minerals	0.007	0%	-13%	-70%	$8,571,451
RSG	Resolute Mining	0.36	-11%	-13%	36%	$777,103,255
MXR	Maximus Resources	0.033	-6%	-3%	-18%	$10,591,210
EVN	Evolution Mining Ltd	3.08	-3%	-19%	-5%	$6,116,320,540
CXU	Cauldron Energy Ltd	0.049	26%	58%	610%	$63,438,430
DLI	Delta Lithium	0.29	0%	-17%	-37%	$213,545,893
ALY	Alchemy Resource Ltd	0.009	13%	-10%	-47%	$10,602,686
HXG	Hexagon Energy	0.013	18%	8%	-28%	$6,667,907
OBM	Ora Banda Mining Ltd	0.235	7%	-2%	147%	$401,147,815
SLR	Silver Lake Resource	1.09	-9%	-6%	-9%	$1,046,913,653
AVW	Avira Resources Ltd	0.002	0%	0%	-33%	$4,267,580
LCY	Legacy Iron Ore	0.017	0%	0%	0%	$102,509,219
PDI	Predictive Disc Ltd	0.2	-5%	-5%	11%	$415,248,818
MAT	Matsa Resources	0.029	4%	-17%	-19%	$14,364,721
ZAG	Zuleika Gold Ltd	0.017	-15%	-11%	-11%	$12,513,454
GML	Gateway Mining	0.022	-15%	10%	-62%	$7,489,149
SBM	St Barbara Limited	0.1625	-4%	-17%	-47%	$130,875,261
SBR	Sabre Resources	0.023	-8%	-23%	-43%	$8,608,024
STK	Strickland Metals	0.09	-7%	-25%	143%	$149,427,251
ION	Iondrive Limited	0.009	0%	-25%	-63%	$4,376,568
CEL	Challenger Gold Ltd	0.077	8%	7%	-52%	$97,109,965
LRL	Labyrinth Resources	0.006	0%	-14%	-63%	$7,125,262
NST	Northern Star	13.125	-2%	2%	4%	$15,296,133,054
OZM	Ozaurum Resources	0.065	-7%	-43%	-12%	$10,318,750
TG1	Techgen Metals Ltd	0.033	-20%	-57%	-63%	$3,941,110
XAM	Xanadu Mines Ltd	0.05	0%	-4%	67%	$86,741,855
AQI	Alicanto Min Ltd	0.025	-17%	-26%	-47%	$15,383,420
KTA	Krakatoa Resources	0.017	-15%	-53%	-61%	$8,025,823
ARN	Aldoro Resources	0.115	-4%	15%	-50%	$15,481,730
WGX	Westgold Resources.	1.9775	-12%	3%	77%	$951,981,687
MBK	Metal Bank Ltd	0.022	-4%	-19%	-32%	$7,418,727
A8G	Australasian Metals	0.12	20%	-20%	-35%	$5,159,929
TAR	Taruga Minerals	0.009	13%	-25%	-55%	$6,354,241
DTR	Dateline Resources	0.01	-23%	0%	-68%	$13,295,562
GOR	Gold Road Res Ltd	1.4275	-3%	-16%	-9%	$1,567,981,048
S2R	S2 Resources	0.14	0%	-10%	-7%	$63,400,119
NES	Nelson Resources.	0.004	33%	-20%	-50%	$2,454,377
TLM	Talisman Mining	0.18	-8%	-38%	9%	$33,897,663
BEZ	Besragoldinc	0.16	-3%	19%	214%	$64,805,640
PRU	Perseus Mining Ltd	1.685	-5%	-3%	-20%	$2,341,926,545
SPQ	Superior Resources	0.011	10%	-21%	-83%	$22,013,425
PUR	Pursuit Minerals	0.005	0%	-41%	-78%	$14,719,857
RMS	Ramelius Resources	1.4975	-5%	-8%	61%	$1,721,113,742
PKO	Peako Limited	0.003	0%	-40%	-79%	$1,581,254
ICG	Inca Minerals Ltd	0.008	-6%	-16%	-62%	$4,702,611
A1G	African Gold Ltd.	0.039	-3%	5%	-57%	$6,603,137
OAU	Ora Gold Limited	0.006	0%	-25%	20%	$34,440,005
GNM	Great Northern	0.017	-11%	-11%	-68%	$2,628,694
KRM	Kingsrose Mining Ltd	0.034	3%	-15%	-51%	$24,833,375
BTR	Brightstar Resources	0.012	0%	-20%	-40%	$28,444,546
RRL	Regis Resources	1.9475	-1%	-9%	-6%	$1,461,580,593
M24	Mamba Exploration	0.035	-34%	-44%	-82%	$8,099,620
TRM	Truscott Mining Corp	0.05	0%	-9%	-57%	$8,668,353
TNC	True North Copper	0.083	-8%	-17%	57%	$32,787,683
MOM	Moab Minerals Ltd	0.007	0%	0%	-22%	$4,983,744
KNB	Koonenberrygold	0.041	-7%	-25%	-18%	$4,909,713
AWJ	Auric Mining	0.115	0%	0%	80%	$14,394,555
AZS	Azure Minerals	3.64	0%	-1%	1074%	$1,669,593,653
ENR	Encounter Resources	0.26	4%	-16%	58%	$104,585,203
SNG	Siren Gold	0.058	-5%	-17%	-64%	$9,331,338
STN	Saturn Metals	0.165	22%	-18%	-4%	$35,753,441
USL	Unico Silver Limited	0.097	-8%	-12%	-25%	$29,013,056
PNM	Pacific Nickel Mines	0.042	-16%	-46%	-44%	$17,148,377
AYM	Australia United Min	0.003	0%	-25%	-25%	$5,527,732
ANL	Amani Gold Ltd	0.001	0%	0%	0%	$25,143,441
HAV	Havilah Resources	0.16	7%	-14%	-53%	$49,079,078
SPR	Spartan Resources	0.4375	-7%	-11%	162%	$429,564,350
PNT	Panthermetalsltd	0.049	-2%	-18%	-73%	$4,271,142
MEK	Meeka Metals Limited	0.036	-3%	-3%	-36%	$46,918,939
GMD	Genesis Minerals	1.58	-2%	-3%	26%	$1,770,778,725
PGO	Pacgold	0.16	-6%	-20%	-56%	$14,304,725
FEG	Far East Gold	0.145	12%	7%	-64%	$26,187,900
MI6	Minerals260Limited	0.165	-6%	-47%	-49%	$39,780,000
IGO	IGO Limited	7.11	-2%	-17%	-52%	$5,459,900,932
GAL	Galileo Mining Ltd	0.21	0%	-18%	-76%	$42,489,359
RXL	Rox Resources	0.16	-11%	-11%	-14%	$64,636,996
KIN	KIN Min NL	0.062	3%	-9%	17%	$73,045,334
CLZ	Classic Min Ltd	0.001	0%	0%	-86%	$12,357,085
TGM	Theta Gold Mines Ltd	0.13	18%	8%	91%	$64,750,125
FAL	Falconmetalsltd	0.125	0%	4%	-43%	$22,125,000
SXG	Southern Cross Gold	1.1425	-5%	1%	69%	$103,113,688
SPD	Southernpalladium	0.385	17%	10%	-47%	$17,877,506
ORN	Orion Minerals Ltd	0.014	0%	-7%	-18%	$81,847,986
TMB	Tambourahmetals	0.082	3%	-25%	-22%	$6,801,109
TMS	Tennant Minerals Ltd	0.028	-10%	-13%	-30%	$22,170,884
AZY	Antipa Minerals Ltd	0.012	-20%	-25%	-47%	$49,617,695
PXX	Polarx Limited	0.013	18%	86%	-43%	$21,315,018
TRE	Toubani Res Ltd	0.12	-4%	-8%	-40%	$14,725,223
AUN	Aurumin	0.038	27%	31%	-41%	$15,054,609
GPR	Geopacific Resources	0.016	7%	-6%	-13%	$12,325,761
FXG	Felix Gold Limited	0.041	3%	-5%	-66%	$8,495,820
ILT	Iltani Resources Lim	0.18	0%	3%	0%	$6,121,891
ARD	Argent Minerals	0.009	13%	-5%	-47%	$11,625,831