Gold… GOLD… GOLD!

Yep, that pretty much sums it up for a summary. And we’ll see you here this time next week.

Okay, a few more words, then…

  • Gold bullion hits record price highs again this week/today in US and Aussie dollar denoms
  • Sprott analysis suggests gold stocks are undervalued compared with the surging gold prices
  • ASX gold stocks faring particularly well this week include: NewPeak and Krakatoa

It seems there’s no stopping gold right now. Not US inflation, not cautious Federal Reserve governors. Not even the All Blacks. And that’d be because they’re not playing the Wallabies until September. Good times.

Gold investors have more times of goodness to look forward to in coming months, too – and this is according to analysts at Sprott – a prominent global assests management firm specialising in precious metals. We’ll get to that in a tick, but first…

The price of gold right today has been doing this:

That’s right – ingesting a cocktail of booze and amphetamines, letting loose on the set of what looks like a kids’ television show and probably setting its beard on fire with a sparkler.

But still, it’s having a bonza time, and has actually been hitting all-time highs again. A very happy habit of late, and it’s now up more than 15% YTD.

The current price in US dollars as we close out another working week: US$2,392. Which looks even more impressive in the Aussie variety: about a stonking AUD $3,665.

 

But hang on, didn’t Fed wowsers cause it to dip the other day?

Yeah, they did. On the back of hotter-than-expected US inflation-related data. But that’s yesterday’s news. This commodity du jour is robust as hell right now, and it has some banker analysts reaching for the red pen to make adjustments to prior forecasts.

For instance, Francisco Blanch, head of Commodities and Derivatives Research at Bank of America Securities, told Yahoo Finance this:

“In the case of gold, I think there’s a really big structural trend towards more gold purchases driven by the major geopolitical fracture that we have in the world today between the US and Europe on one side, and Russia China on the other. It’s really been central banks not trusting central banks that has been behind the buy-the-dip mentality in the gold market.”

He added that although the Bank of America still expects three rate cuts in 2024, gold prices could tumble if the Fed doesn’t deliver that outcome.

“We are still calling for a rate cut in June, and two more in the second half of the year, so based on that, we think prices continue to go higher, but there is definitely a challenge for the gold market if the Fed doesn’t cut rates this year, or as some people have claimed, if the Fed hikes rates.”

If that happens, it’ll be a “challenge” for most markets, one would’ve thought.

Other Bank of America bods also said this, this week:

“Gold remains one of our favorite metals and we expect prices to average US$2,500/oz by the fourth quarter, potentially hitting US$3,000/oz by 2025. Notably, demand from central banks and China’s retail buyers has been strong. If Western investors join the party on rate cuts, the yellow metal will move a leg higher; this may also be necessary, if sentiment in China improves, and less investment flows into gold.”

Here’s another take…

 

Junior gold stocks are waking up with gold price: Sprott

John Hathaway, managing partner with Sprott Asset Managment in the USA, has put together some analysis this week amid the surging gold prices.

Gold mining and exploration stock folks, particularly juniors, will probably be nodding heads sagely, as one of Hathaway’s chief takeaways pertains to them.

“Gold mining stocks, which have been lackluster, are beginning to respond but they remain historically inexpensive to the gold price,” wrote the Sprott man, referring to this Bloomberg chart among others, bearing in mind it has an American lens:

Source: Bloomberg

“In our view, gold mining stocks offer upside potential disproportionate to that of bullion,” added Hathaway.

“To be sure, persistent inflation might short-circuit consensus expectations for a 2024 rate cut,” he noted. “However, we believe it is only a matter of time before investors discover that the Federal Reserve is trapped between a weakening economy and its inflation-fighting mandate.

“While attention is focused on interest rate cuts, at Fed Chairman Powell’s last press conference, he stated that it could be ‘appropriate to slow the pace of asset runoff fairly soon…if there were a significant weakening of the labor market,’ a clear tilt toward QE (quantitative easing).”

In other words: Money. Printer. Goes. Brrrrrrrrr.

But wait, he said more. (It’s a good piece, btw – read it in full > here).

 

Gold’s price is ‘no fluke’

The Sprott exec also suggested that, regarding gold’s continued surge, there has been more “widespread recognition that gold bullion’s strength is not a fluke and that the current level is either sustainable at current levels or that significant upside potential remains.”

Searching for a reason for that, or indeed another catalyst for continued up/right price action, he speculated that there’s a growing loss of trust in the US dollar as a store of value, and indeed US Treasury bonds as a safe place to park money.

Like the Bank of America analysis further above, he cites the record bank-hoarding from global central banks, which continue to gobble up the precious metal (1,037 tonnes in 2023 – an unprecedented level).

All the while, the US government debt just continues to spiral and spiral into a further abyss of dollar decay.

“Loss of trust in the US dollar as a safe and useful asset is no longer a hypothetical concern,” writes Hathaway. “Abandonment of the US dollar is a reality, and the pace is picking up steam. Repercussions for the financial markets and real economy are unlikely to be negligible. There are numerous potential catalysts for the general rush into gold by the investment mainstream.”

In short, those catalysts consist of: geopolitical tension (wars/conflict), inflation and rising oil prices, potential recession, “an impotent and mistake-prone” Federal Reserve, and more.

“The investment public remains asleep to the risks. Yet the breakout in gold bullion could signal the possibility of a significant reset of world financial markets.”

 

ASX Winners & Losers

Here’s how ASX-listed precious metals stocks are performing, circa 3pm April 12:

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

Stocks missing from this list? Please email [email protected]Notable weekly gainers

Code Company Price % Week % Month % Year Market Cap
MRR Minrex Resources Ltd 0.014 8% 8% -13% $14,103,278
NPM Newpeak Metals 0.025 127% 127% -75% $1,099,469
ASO Aston Minerals Ltd 0.012 -14% -25% -90% $15,540,771
MTC Metalstech Ltd 0.185 9% 6% -47% $34,956,599
FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315
GED Golden Deeps 0.044 -2% 7% -45% $5,082,983
G88 Golden Mile Res Ltd 0.013 8% 8% -54% $5,345,897
DCX Discovex Res Ltd 0.002 0% 0% -50% $6,605,136
NMR Native Mineral Res 0.028 40% 12% -18% $5,875,814
AQX Alice Queen Ltd 0.007 40% 40% -59% $4,836,930
SLZ Sultan Resources Ltd 0.011 -15% -59% -73% $2,173,451
MKG Mako Gold 0.0145 -3% 4% -63% $14,640,123
KSN Kingston Resources 0.072 -10% -7% -35% $44,992,293
AMI Aurelia Metals Ltd 0.1925 20% 33% 35% $321,055,807
PNX PNX Metals Limited 0.005 11% -9% 67% $26,903,124
GIB Gibb River Diamonds 0.032 14% 14% -32% $6,768,302
KCN Kingsgate Consolid. 1.52 3% 11% -5% $371,162,436
TMX Terrain Minerals 0.0035 -13% -30% -36% $5,726,683
BNR Bulletin Res Ltd 0.05 -23% -30% -44% $14,387,053
NXM Nexus Minerals Ltd 0.072 20% 100% -56% $28,401,389
SKY SKY Metals Ltd 0.04 29% -5% -11% $22,716,037
LM8 Lunnonmetalslimited 0.265 2% 15% -76% $54,459,059
CST Castile Resources 0.089 24% 24% -4% $21,045,511
YRL Yandal Resources 0.17 55% 55% 85% $40,171,142
FAU First Au Ltd 0.002 0% -33% -67% $3,323,987
ARL Ardea Resources Ltd 0.715 7% 29% 64% $137,911,841
GWR GWR Group Ltd 0.1 0% 6% 41% $30,515,582
IVR Investigator Res Ltd 0.055 10% 31% -4% $90,281,136
GTR Gti Energy Ltd 0.0065 -7% -19% -28% $14,349,630
IPT Impact Minerals 0.016 7% 10% 45% $45,835,262
BNZ Benzmining 0.15 15% 20% -63% $16,691,696
MOH Moho Resources 0.006 0% 0% -60% $3,235,069
BCM Brazilian Critical 0.021 -5% -9% -78% $15,539,093
PUA Peak Minerals Ltd 0.0035 17% 17% -13% $3,124,130
MRZ Mont Royal Resources 0.067 18% -1% -36% $6,547,294
SMS Starmineralslimited 0.04 14% 18% -44% $3,036,912
MVL Marvel Gold Limited 0.009 -10% -10% -47% $7,774,116
PRX Prodigy Gold NL 0.003 20% -40% -75% $6,041,322
AAU Antilles Gold Ltd 0.02 0% -5% -43% $17,990,700
CWX Carawine Resources 0.11 0% 5% 18% $25,973,799
RND Rand Mining Ltd 1.57 6% 20% 18% $88,442,119
CAZ Cazaly Resources 0.023 15% 0% -12% $10,001,999
BMR Ballymore Resources 0.13 0% 4% -19% $23,416,803
DRE Dreadnought Resources Ltd 0.018 0% 0% -74% $63,235,313
ZNC Zenith Minerals Ltd 0.098 9% 0% -32% $34,533,327
REZ Resourc & En Grp Ltd 0.013 18% 44% 0% $6,497,475
LEX Lefroy Exploration 0.15 43% 36% -39% $28,064,187
ERM Emmerson Resources 0.049 0% -6% -35% $26,690,780
AM7 Arcadia Minerals 0.099 16% 41% -46% $10,468,810
ADT Adriatic Metals 4.24 6% 20% 18% $1,058,716,091
AS1 Asara Resources Ltd 0.009 0% 0% -74% $7,939,578
CYL Catalyst Metals 0.82 19% 16% -18% $166,218,946
CHN Chalice Mining Ltd 1.5225 30% 24% -80% $540,658,993
KAL Kalgoorliegoldmining 0.035 25% 52% -30% $5,072,023
MLS Metals Australia 0.021 -13% -18% -48% $16,269,499
ADN Andromeda Metals Ltd 0.019 -5% -32% -61% $59,095,148
MEI Meteoric Resources 0.2525 10% 20% 120% $497,529,961
SRN Surefire Rescs NL 0.01 0% -17% -60% $19,863,078
SIH Sihayo Gold Limited 0.0015 50% 50% -25% $18,306,384
WA8 Warriedarresourltd 0.047 7% -2% -68% $29,508,727
HMX Hammer Metals Ltd 0.046 -4% 28% -54% $42,547,553
WCN White Cliff Min Ltd 0.019 19% 27% 171% $29,238,973
AVM Advance Metals Ltd 0.027 -29% -25% -83% $1,082,294
WRM White Rock Min Ltd 0 -100% -100% -100% $17,508,200
ASR Asra Minerals Ltd 0.007 17% 40% -42% $11,647,970
MCT Metalicity Limited 0.002 0% 0% -20% $8,970,108
AME Alto Metals Limited 0.043 8% 39% -39% $30,303,973
CTO Citigold Corp Ltd 0.005 0% 25% -17% $12,000,000
TIE Tietto Minerals 0.655 7% 8% -13% $723,129,889
SMI Santana Minerals Ltd 1.35 2% 1% 70% $231,465,597
M2R Miramar 0.012 -14% -20% -71% $2,233,043
MHC Manhattan Corp Ltd 0.002 -33% -20% -60% $8,810,939
GRL Godolphin Resources 0.033 -8% 6% -49% $5,584,987
SVG Savannah Goldfields 0.03 7% -9% -81% $7,027,123
EMC Everest Metals Corp 0.105 17% 33% 50% $18,892,558
GUL Gullewa Limited 0.056 2% 2% 2% $11,467,294
CY5 Cygnus Metals Ltd 0.074 35% 35% -70% $18,659,785
G50 Gold50Limited 0.175 17% 75% -17% $19,125,750
ADV Ardiden Ltd 0.165 10% 10% -52% $9,690,213
AAR Astral Resources NL 0.069 10% 17% -17% $60,651,340
VMC Venus Metals Cor Ltd 0.1 3% 10% -14% $18,972,868
NAE New Age Exploration 0.0045 0% 13% -25% $7,175,596
VKA Viking Mines Ltd 0.009 -10% -18% -18% $9,227,326
LCL LCL Resources Ltd 0.011 0% -8% -63% $10,507,481
MTH Mithril Resources 0.002 0% 0% 0% $6,737,609
ADG Adelong Gold Limited 0.004 0% 0% -69% $3,521,956
RMX Red Mount Min Ltd 0.001 -43% -43% -67% $2,673,576
PRS Prospech Limited 0.039 -3% 22% -26% $10,805,949
TTM Titan Minerals 0.033 10% 10% -42% $54,280,410
NML Navarre Minerals Ltd 0.019 0% 0% -44% $28,555,654
MZZ Matador Mining Ltd 0.063 19% 47% -19% $30,955,004
KZR Kalamazoo Resources 0.105 5% 6% -36% $17,130,747
BCN Beacon Minerals 0.03 7% 30% -9% $108,946,277
MAU Magnetic Resources 0.995 3% -5% 46% $252,840,581
BC8 Black Cat Syndicate 0.265 -2% 18% -44% $78,443,975
EM2 Eagle Mountain 0.066 14% -11% -56% $23,602,012
EMR Emerald Res NL 3.555 9% 17% 106% $2,254,074,790
BYH Bryah Resources Ltd 0.01 0% 25% -56% $4,354,535
HCH Hot Chili Ltd 1.21 -6% 22% 16% $145,723,151
WAF West African Res Ltd 1.415 7% 42% 39% $1,402,010,179
MEU Marmota Limited 0.045 0% -8% 18% $45,528,425
NVA Nova Minerals Ltd 0.275 10% 0% -15% $55,885,866
SVL Silver Mines Limited 0.195 3% 30% -19% $301,607,251
PGD Peregrine Gold 0.215 -9% -9% -44% $14,933,253
ICL Iceni Gold 0.024 4% 4% -66% $5,917,465
FG1 Flynngold 0.041 -8% 12% -51% $7,386,341
WWI West Wits Mining Ltd 0.019 12% 27% 12% $46,177,441
RML Resolution Minerals 0.003 20% 0% -50% $4,829,990
AAJ Aruma Resources Ltd 0.021 11% 17% -70% $4,134,722
AL8 Alderan Resource Ltd 0.006 20% 20% -25% $6,641,168
GMN Gold Mountain Ltd 0.0045 13% 13% 29% $11,902,023
MEG Megado Minerals Ltd 0.01 -9% -9% -77% $2,799,011
HMG Hamelingoldlimited 0.08 7% 4% -16% $12,600,000
TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243
BM8 Battery Age Minerals 0.12 24% -14% -68% $10,093,635
TBR Tribune Res Ltd 4.41 5% 36% 13% $215,119,116
FML Focus Minerals Ltd 0.18 -3% 0% -3% $51,580,556
GSR Greenstone Resources 0.0095 19% 36% -57% $12,359,315
VRC Volt Resources Ltd 0.0055 10% -8% -54% $24,780,640
ARV Artemis Resources 0.017 -6% -6% 21% $27,059,138
HRN Horizon Gold Ltd 0.3 7% 11% -11% $43,451,977
CLA Celsius Resource Ltd 0.014 -7% 8% -7% $29,198,672
QML Qmines Limited 0.076 6% 27% -49% $16,472,469
RDN Raiden Resources Ltd 0.037 48% 54% 874% $82,354,138
TCG Turaco Gold Limited 0.18 3% 16% 161% $111,228,056
KCC Kincora Copper 0.035 -10% 17% -49% $7,993,810
GBZ GBM Rsources Ltd 0.013 18% 30% -54% $12,446,681
DTM Dart Mining NL 0.04 -13% 186% -44% $9,103,185
MKR Manuka Resources. 0.09 27% 0% 5% $58,463,960
AUC Ausgold Limited 0.034 -3% 3% -33% $82,661,083
ANX Anax Metals Ltd 0.029 12% 53% -60% $14,103,647
EMU EMU NL 0.001 0% 0% -50% $2,024,771
SFM Santa Fe Minerals 0.047 0% 4% -23% $3,422,483
SSR SSR Mining Inc. 8.19 14% 24% -65% $38,137,264
PNR Pantoro Limited 0.0835 11% 64% 14% $421,526,472
CMM Capricorn Metals 5.33 -3% 7% 12% $1,985,271,443
X64 Ten Sixty Four Ltd 0.57 0% 0% 0% $130,184,182
SI6 SI6 Metals Limited 0.003 0% -25% -40% $7,106,578
HAW Hawthorn Resources 0.074 -8% -4% -4% $23,786,109
BGD Bartongoldholdings 0.285 10% 10% 25% $57,497,543
SVY Stavely Minerals Ltd 0.03 0% -14% -83% $11,840,143
AGC AGC Ltd 0.079 7% 3% 44% $16,888,889
RGL Riversgold 0.007 -13% -13% -59% $6,773,630
TSO Tesoro Gold Ltd 0.03 7% -3% 11% $39,346,583
GUE Global Uranium 0.105 -5% 5% -22% $27,668,899
CPM Coopermetalslimited 0.105 -5% -64% -68% $8,227,343
MM8 Medallion Metals. 0.066 3% 18% -50% $19,997,357
FFM Firefly Metals Ltd 0.8125 7% 53% 13% $367,184,281
CBY Canterbury Resources 0.025 -32% -11% -29% $4,465,263
LYN Lycaonresources 0.17 10% 0% 0% $7,930,125
SFR Sandfire Resources 9.04 0% 19% 35% $4,076,372,244
TMZ Thomson Res Ltd 0.005 0% 0% 0% $4,881,018
TAM Tanami Gold NL 0.04 3% 38% 5% $45,828,785
WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031
NWM Norwest Minerals 0.045 50% 55% 5% $20,570,334
ALK Alkane Resources Ltd 0.695 8% 17% -17% $392,234,256
BMO Bastion Minerals 0.0085 6% -6% -67% $3,659,963
IDA Indiana Resources 0.08 7% -2% 74% $50,004,302
GSM Golden State Mining 0.011 0% 10% -67% $3,073,077
NSM Northstaw 0.04 -11% 18% -67% $5,595,031
GSN Great Southern 0.021 -5% 0% 5% $15,847,339
RED Red 5 Limited 0.4275 11% 24% 144% $1,402,839,222
DEG De Grey Mining 1.37 5% 8% -13% $2,471,439,476
THR Thor Energy PLC 0.022 0% -12% -45% $4,038,185
CDR Codrus Minerals Ltd 0.042 2% -5% -51% $3,880,275
MDI Middle Island Res 0.017 6% 13% -50% $3,917,772
WTM Waratah Minerals Ltd 0.12 50% 69% -20% $16,430,095
POL Polymetals Resources 0.27 2% 0% 50% $40,980,630
RDS Redstone Resources 0.004 0% -20% -56% $3,701,514
NAG Nagambie Resources 0.012 -14% -25% -74% $9,559,628
BGL Bellevue Gold Ltd 2.01 5% 38% 41% $2,319,363,446
GBR Greatbould Resources 0.064 7% 7% -32% $38,434,678
KAI Kairos Minerals Ltd 0.013 8% 0% -29% $34,071,858
KAU Kaiser Reef 0.15 0% 11% -17% $25,656,584
HRZ Horizon 0.036 -5% 6% -39% $25,936,396
CAI Calidus Resources 0.1275 -12% -18% -48% $98,924,051
CDT Castle Minerals 0.006 -8% 0% -68% $7,346,958
RSG Resolute Mining 0.49 8% 29% 7% $1,011,298,756
MXR Maximus Resources 0.039 22% 26% -7% $10,912,156
EVN Evolution Mining Ltd 3.97 4% 23% 13% $7,864,075,922
CXU Cauldron Energy Ltd 0.048 12% 26% 596% $60,749,201
DLI Delta Lithium 0.28 -3% -14% -28% $214,022,143
ALY Alchemy Resource Ltd 0.008 0% 14% -43% $8,246,534
HXG Hexagon Energy 0.019 -17% 19% 58% $10,258,318
OBM Ora Banda Mining Ltd 0.34 15% 24% 152% $593,442,097
SLR Silver Lake Resource 1.3675 8% 16% 10% $1,243,209,963
AVW Avira Resources Ltd 0.001 0% 0% -50% $2,133,790
LCY Legacy Iron Ore 0.014 -7% -7% -18% $107,989,676
PDI Predictive Disc Ltd 0.25 14% 11% 39% $487,917,361
MAT Matsa Resources 0.035 17% 21% -22% $17,716,489
ZAG Zuleika Gold Ltd 0.018 -5% 6% 38% $13,985,625
GML Gateway Mining 0.022 -4% -21% -63% $7,600,107
SBM St Barbara Limited 0.3 58% 82% 7% $233,121,558
SBR Sabre Resources 0.019 0% 6% -14% $7,110,977
STK Strickland Metals 0.12 0% 33% 200% $199,534,010
ION Iondrive Limited 0.01 11% 0% -57% $4,862,853
CEL Challenger Gold Ltd 0.093 1% 13% -44% $121,142,478
LRL Labyrinth Resources 0.006 20% 50% -59% $7,125,262
NST Northern Star 15.29 3% 10% 14% $17,656,124,052
OZM Ozaurum Resources 0.042 0% -42% -21% $6,508,750
TG1 Techgen Metals Ltd 0.042 45% 20% -32% $4,703,905
XAM Xanadu Mines Ltd 0.078 10% 95% 86% $132,132,463
AQI Alicanto Min Ltd 0.027 -4% -21% -36% $15,998,757
KTA Krakatoa Resources 0.015 88% 36% -48% $8,497,930
ARN Aldoro Resources 0.081 14% 4% -55% $10,096,781
WGX Westgold Resources. 2.135 -13% -14% 41% $994,607,733
MBK Metal Bank Ltd 0.021 0% -5% -36% $7,809,186
A8G Australasian Metals 0.064 0% -10% -63% $3,283,591
TAR Taruga Minerals 0.006 -14% -14% -63% $4,236,161
DTR Dateline Resources 0.014 8% 17% -22% $18,886,206
GOR Gold Road Res Ltd 1.82 11% 17% 3% $1,928,353,322
S2R S2 Resources 0.1375 -5% -8% -5% $65,664,409
NES Nelson Resources. 0.004 33% 0% -11% $2,454,377
TLM Talisman Mining 0.26 -2% 44% 73% $47,080,087
BEZ Besragoldinc 0.105 -5% -25% -43% $48,081,604
PRU Perseus Mining Ltd 2.35 5% 18% -2% $3,132,243,970
SPQ Superior Resources 0.011 10% -15% -79% $24,014,645
PUR Pursuit Minerals 0.0045 -10% -10% -75% $13,247,871
RMS Ramelius Resources 1.9875 1% 33% 37% $2,216,152,171
PKO Peako Limited 0.005 25% 25% -44% $2,635,424
ICG Inca Minerals Ltd 0.005 0% -17% -71% $4,023,694
A1G African Gold Ltd. 0.04 14% 8% -52% $6,433,826
OAU Ora Gold Limited 0.005 -29% -17% 100% $34,836,005
GNM Great Northern 0.013 -4% -24% -71% $2,010,178
KRM Kingsrose Mining Ltd 0.038 9% 15% -42% $26,338,428
BTR Brightstar Resources 0.0195 3% 18% 30% $55,215,770
RRL Regis Resources 2.19 10% 14% 0% $1,563,551,333
M24 Mamba Exploration 0.028 12% 12% -78% $4,970,221
TRM Truscott Mining Corp 0.066 20% 35% 40% $10,402,024
TNC True North Copper 0.105 0% 30% 98% $41,770,955
MOM Moab Minerals Ltd 0.006 0% -14% -14% $4,271,778
KNB Koonenberrygold 0.023 35% 5% -49% $3,167,363
AWJ Auric Mining 0.22 10% 22% 267% $29,670,674
AZS Azure Minerals 3.475 -4% -4% 672% $1,573,270,942
ENR Encounter Resources 0.31 19% 19% 114% $121,494,075
SNG Siren Gold 0.065 20% 20% -35% $12,267,492
STN Saturn Metals 0.2 3% 29% 0% $43,636,608
USL Unico Silver Limited 0.175 3% 75% 0% $50,328,770
PNM Pacific Nickel Mines 0.037 -3% -10% -56% $15,475,365
AYM Australia United Min 0.003 -25% 0% -25% $5,527,732
ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441
HAV Havilah Resources 0.23 24% 53% -25% $74,410,214
SPR Spartan Resources 0.61 -10% -3% 388% $579,702,634
PNT Panthermetalsltd 0.033 10% -13% -69% $2,876,483
MEK Meeka Metals Limited 0.036 0% -8% -28% $45,684,230
GMD Genesis Minerals 1.9775 4% 6% 80% $2,148,502,338
PGO Pacgold 0.19 23% 23% -55% $15,566,906
FEG Far East Gold 0.135 -10% -13% -53% $41,213,894
MI6 Minerals260Limited 0.15 -6% 0% -66% $33,930,000
IGO IGO Limited 7.49 3% -1% -40% $5,694,653,954
GAL Galileo Mining Ltd 0.25 -4% 2% -68% $50,394,356
RXL Rox Resources 0.235 24% 47% -42% $73,870,852
KIN KIN Min NL 0.085 15% 27% 89% $100,142,797
CLZ Classic Min Ltd 0.01 -9% -80% -80% $2,578,122
TGM Theta Gold Mines Ltd 0.18 13% 50% 165% $128,077,171
FAL Falconmetalsltd 0.14 12% 0% -60% $23,010,000
SXG Southern Cross Gold 2.34 25% 37% 212% $205,084,596
SPD Southernpalladium 0.455 38% 32% -13% $19,600,639
ORN Orion Minerals Ltd 0.014 0% 8% -13% $81,847,986
TMB Tambourahmetals 0.072 0% -11% -15% $5,805,825
TMS Tennant Minerals Ltd 0.028 0% 0% -18% $20,641,858
AZY Antipa Minerals Ltd 0.012 -8% -8% -40% $49,617,695
PXX Polarx Limited 0.014 8% 17% 31% $28,693,289
TRE Toubani Res Ltd 0.125 -7% 9% -32% $16,063,880
AUN Aurumin 0.048 9% 26% 60% $19,236,276
GPR Geopacific Resources 0.028 17% 65% 27% $23,829,804
FXG Felix Gold Limited 0.047 -15% 34% -51% $10,360,756
ILT Iltani Resources Lim 0.155 3% 11% 0% $5,781,786
ARD Argent Minerals 0.018 13% 80% 20% $21,959,903
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Notable weekly gainers

NewPeak Metals (ASX:NPM) +127%

Krakatoa Resources (ASX:KTA) +88%

St Barbara (ASX:SBM) +58%

Norwest Minerals (ASX:NWM) +50%

Raiden Resources (ASX:RDN) +48%

Native Mineral Resources (ASX:NMR) +40%

 

Meanwhile, larger gold stocks surged alongside a new record high spot price, led by RED 5 (ASX:RED), Regis (ASX:RRL), Resolute (ASX:RSG), and Bellevue (ASX:BGL).

 

In Case You Missed It

This, re big-box retail chain Costco, which has (per Eddy’s Market Highlights this morning) started selling gold bars to its members last October.

Wells Fargo analysts believe that the product is now bringing in US$200 million a month for the retailer.

Costco doesn’t reveal the price of the 1-ounce bullion to non-members online, but it’s estimated to be ~2% above the prevailing spot price.

And that price has since soared since Costco got into the gold game.

Reddit threads have cropped up where people give one another advice on how to purchase the bars before they sell out.

Costco has also been selling silver coins, advertised as 99.9% pure silver, since January this year.

So how much is Costco profiting from this?

“Given its pricing and shipping costs, it’s likely a very low-profit business at best,” said Wells Fargo analysts.

The Costco stock price, listed on Nasdaq, has risen by 12% in 2024.

One final thing to note…

 

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