Gold had its worst month since November 2016 in June, down 7% to $US1,779/oz.

Mining and exploration stocks have followed suit. This bearish trend creates a buying opportunity, experts say.

Boutique investment advisory firm head Frank Holmes says gold is the “ultimate contrarian investment” right now.

Contrarian investors purposefully go against prevailing market trends by selling when others are buying, and buying when other are selling.

The theory is that markets are subject to “herding behaviour” amplified by fear and greed, making markets regularly over-and under-priced.

Right now, gold is under-priced, Holmes says.

“Bloomberg reports that the S&P 500-to-gold ratio is nearing its highest level in over 15 years,” he says.

“As of this week, it takes close to two and a half ounces of gold to buy one ‘share’ of the S&P 500. That’s up significantly from September 2011 when two-thirds of an ounce of gold was enough to get you entry.

All of this points to the fact that gold is extremely undervalued right now, and no one seems to be paying much attention, he says.

“What I do know is that all of the traditional drivers of the gold price are firmly in place [record money printing and high inflation — making the yellow metal very attractive.”

USD gold price over the past 2 years.

Winners & Losers

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

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
EMU EMU NL 29 -23 -26 107 0.031 $ 13,695,434.52
LNY Laneway Res 25 0 -29 -17 0.005 $ 18,875,329.67
MHC Manhattan Corp 25 7 -40 -17 0.015 $ 21,367,901.70
AWJ Auric Mining 25 -9 0.15 $ 6,588,379.35
ARN Aldoro Resources 25 15 130 394 0.38 $ 30,193,576.13
NAG Nagambie Resources 23 21 115 65 0.086 $ 43,494,114.10
CEL Challenger Exp 22 -2 34 22 0.275 $ 212,404,431.90
TBA Tombola Gold 20 7 0 55 0.048 $ 24,943,310.06
AMI Aurelia Metals 20 3 2 -13 0.4375 $ 543,285,545.00
GTR Gti Resources 18 18 13 -24 0.026 $ 16,112,949.95
PNM Pacific Nickel Mines 18 18 23 195 0.059 $ 12,678,807.12
PGD Peregrine Gold 18 11 0.4 $ 11,039,809.40
DLC Delecta Limited 17 0 17 0 0.007 $ 6,556,037.83
SI6 SI6 Metals Limited 17 8 -50 133 0.014 $ 19,505,643.70
MVL Marvel Gold Limited 16 8 12 135 0.057 $ 27,975,423.19
GSN Great Southern 16 -4 -38 -66 0.05 $ 20,475,918.90
KTA Krakatoa Resources 15 6 -17 20 0.054 $ 15,063,300.00
CDT Castle Minerals 14 -6 78 45 0.016 $ 12,452,513.91
VMC Venus Metals Cor 14 -4 0 -37 0.2 $ 30,215,736.60
AYM Australia United Min 14 14 0 100 0.008 $ 14,740,619.88
OKU Oklo Resources 14 2 -39 -58 0.125 $ 63,003,726.50
AAU Antilles Gold 14 23 42 61 0.084 $ 20,695,864.22
EM2 Eagle Mountain 13 -8 103 517 0.925 $ 197,602,889.25
MDI Middle Island Res 13 18 -68 -74 0.13 $ 15,302,277.75
ARV Artemis Resources 13 2 -47 -5 0.061 $ 74,044,861.41
PUR Pursuit Minerals 13 -8 238 1424 0.071 $ 64,540,974.12
RVR Red River Resources 13 7 -20 174 0.225 $ 119,088,104.41
TSC Twenty Seven Co. 13 13 -25 -10 0.0045 $ 10,642,758.24
MBK Metal Bank 13 -10 -25 4 0.009 $ 10,701,614.74
SBR Sabre Resources 13 -25 -50 80 0.0045 $ 7,573,786.42
TAR Taruga Minerals 12 -41 6 38 0.055 $ 27,801,207.83
HWK Hawkstone Mng 12 -3 211 115 0.028 $ 44,712,934.23
MEU Marmota Limited 12 4 2 -27 0.047 $ 43,584,016.05
AAR Anglo Australian 12 -7 -32 -45 0.085 $ 50,654,721.02
TRM Truscott Mining Corp 12 15 111 124 0.038 $ 5,340,720.22
PKO Peako Limited 12 9 65 307 0.038 $ 9,161,541.44
AGC AGC 12 -12 0.145 $ 9,820,456.18
NUS Nusantara Resources 11 3 19 1 0.34 $ 77,952,822.38
AGS Alliance Resources 11 0 -14 -11 0.15 $ 31,202,570.10
PUA Peak Minerals 11 -5 -31 -9 0.02 $ 12,294,053.04
TSO Tesoro Resources 11 -12 -48 92 0.15 $ 77,426,222.33
NES Nelson Resources. 11 -7 -38 29 0.062 $ 8,582,918.33
ASO Aston Minerals 10 -27 300 290 0.16 $ 162,213,562.93
STK Strickland Metals 10 39 25 93 0.043 $ 32,351,111.50
CLA Celsius Resource 9 -19 -24 150 0.035 $ 36,652,982.84
RXLDB Rox Resources 9 6 -38 -63 0.475 $ 69,347,349.28
GBZ GBM Rsources 9 -4 -11 56 0.125 $ 54,155,772.75
LCL Los Cerros Limited 9 9 52 342 0.19 $ 89,958,975.79
HRZ Horizon 8 0 18 4 0.13 $ 73,836,776.00
WCN White Cliff Min 8 -24 -48 0 0.013 $ 6,723,553.19
AQX Alice Queen 8 -7 -54 -59 0.013 $ 14,839,039.74
PRU Perseus Mining 8 6 16 15 1.5125 $ 1,858,082,158.05
TRY Troy Resources 8 -9 -59 -52 0.041 $ 35,050,268.97
KAU Kaiser Reef 8 -7 -33 -7 0.275 $ 25,654,213.81
GED Golden Deeps 8 17 40 56 0.014 $ 10,847,920.16
FAU First Au 8 -22 -26 -13 0.014 $ 7,375,545.05
NSM Northstaw 7 -6 -37 0.3 $ 12,000,000.00
LCY Legacy Iron Ore 7 -9 -67 650 0.015 $ 96,071,077.76
CWX Carawine Resources 7 -6 7 26 0.24 $ 27,766,925.01
AAJ Aruma Resources 7 0 -28 -13 0.065 $ 6,993,421.18
BRV Big River Gold 6 12 9 69 0.42 $ 92,118,895.26
ADV Ardiden 6 -15 -53 42 0.0085 $ 17,194,833.73
MOH Moho Resources 6 -11 -22 -36 0.07 $ 7,229,278.14
CAZ Cazaly Resources 6 -16 15 51 0.053 $ 18,478,163.35
BNZ Benzmining 6 -17 -30 0.8 $ 30,343,512.80
CGN Crater Gold Min 6 0 6 100 0.018 $ 22,094,925.61
TBR Tribune Res 6 1 -16 -27 5.06 $ 253,420,811.91
MZZ Matador Mining 6 -6 26 45 0.465 $ 96,497,696.46
MAT Matsa Resources 6 -9 -25 -52 0.075 $ 23,065,280.39
M2R Miramar 6 -3 -32 0.19 $ 8,970,853.80
CAI Calidus Resources 5 5 -3 -16 0.49 $ 195,964,890.03
GML Gateway Mining 5 -13 -33 -5 0.02 $ 36,169,076.40
CYL Catalyst Metals 5 3 -2 -25 2.08 $ 204,455,103.84
ANX Anax Metals 5 -11 93 283 0.085 $ 29,765,630.65
TIE Tietto Minerals 5 -10 -13 -39 0.325 $ 150,541,200.48
SBM St Barbara Limited 5 -3 -22 -44 1.845 $ 1,274,442,820.20
AUC Ausgold Limited 5 -13 -4 0 0.045 $ 71,340,729.35
PDI Predictive Disc 4 -4 52 8 0.093 $ 114,164,257.95
ARL Ardea Resources 4 9 38 104 0.56 $ 72,772,231.74
SPQ Superior Resources 4 14 14 150 0.0125 $ 16,576,029.49
MRZ Mont Royal Resources 4 -23 -6 38 0.255 $ 9,658,562.33
RED Red 5 Limited 4 10 -24 -14 0.1925 $ 457,533,033.17
S2R S2 Resources 4 -10 0 33 0.13 $ 40,935,853.27
AQI Alicanto Min 4 0 35 118 0.135 $ 44,262,107.24
OZM Ozaurum Resources 4 -18 0.135 $ 6,502,500.00
FML Focus Minerals 4 -7 -19 17 0.275 $ 46,600,884.08
DCN Dacian Gold 4 -5 -32 -39 0.28 $ 245,868,904.44
AUT Auteco Minerals 4 -11 -15 -41 0.085 $ 138,375,851.69
SVY Stavely Minerals 4 -23 -45 -30 0.435 $ 112,213,424.36
CHN Chalice Mining 4 -18 89 654 7.39 $ 2,421,064,603.14
RRL Regis Resources 3 -5 -30 -52 2.535 $ 1,923,058,563.15
WGX Westgold Resources. 3 -13 -26 -11 1.9625 $ 837,114,158.25
BTR Brightstar Resources 3 -18 -45 725 0.033 $ 13,632,273.68
OBM Ora Banda Mining 3 -21 -46 -35 0.165 $ 159,356,539.49
TAM Tanami Gold NL 3 -8 -20 14 0.067 $ 82,256,793.22
PF1 Pathfinder Resources 3 1 45 0.34 $ 16,906,224.60
ERM Emmerson Resources 3 -16 -14 -35 0.068 $ 33,880,217.25
WRM White Rock Min 3 -7 -13 -45 0.52 $ 46,554,532.96
XAM Xanadu Mines 3 -15 3 -13 0.039 $ 52,735,945.50
CXU Cauldron Energy 3 0 -5 144 0.039 $ 17,783,980.97
MRR Minrex Resources 3 -18 3 58 0.0205 $ 11,298,309.63
GUL Gullewa Limited 3 -6 -37 -9 0.082 $ 14,954,594.20
AGG AngloGold Ashanti 2 -22 -16 -40 5.1 $ 447,822,980.30
HRN Horizon Gold 2 -5 -6 11 0.44 $ 46,944,487.04
SFM Santa Fe Minerals 2 -10 -4 45 0.09 $ 6,553,691.01
HMX Hammer Metals 2 -8 188 104 0.092 $ 72,598,726.71
CST Castile Resources 2 -8 -14 41 0.24 $ 45,933,327.83
WAF West African Res 2 -8 -3 11 1.01 $ 900,830,841.84
AZS Azure Minerals 2 -7 -51 168 0.255 $ 75,481,001.65
MAU Magnetic Resources 2 6 35 24 1.585 $ 331,623,704.80
SVL Silver Mines Limited 2 -18 15 141 0.265 $ 311,140,025.56
KRM Kingsrose Mining 2 -7 54 29 0.054 $ 38,690,389.66
MEI Meteoric Resources 2 -2 -25 47 0.056 $ 70,998,743.11
BDC Bardoc Gold 2 -12 -18 -25 0.067 $ 116,262,244.19
BNR Bulletin Res 1 -1 -14 -15 0.068 $ 12,191,929.03
BCN Beacon Minerals 1 -1 0 -4 0.0345 $ 125,423,415.08
RND Rand Mining 1 -1 -18 -29 1.48 $ 84,176,422.28
KZR Kalamazoo Resources 1 -12 -34 -52 0.39 $ 50,797,452.09
GBR Greatbould Resources 1 -14 83 234 0.086 $ 31,061,004.57
MKG Mako Gold 1 -8 -18 -25 0.086 $ 22,122,777.77
AME Alto Metals Limited 1 -6 -2 25 0.091 $ 40,973,635.98
NST Northern Star 1 -13 -21 -30 10.04 $ 11,799,781,302.66
SSR SSR Mining Inc. 1 -12 -21 20.73 $ 394,724,001.00
WMX Wiluna Mining Corp 1 -10 -32 -33 0.95 $ 147,198,988.26
VRC Volt Resources 0 9 250 75 0.035 $ 85,389,555.48
ICG Inca Minerals 0 -23 122 525 0.12 $ 47,837,317.28
MSR Manas Res 0 10 83 83 0.011 $ 36,471,859.58
DRE Drednought Resources 0 8 27 271 0.026 $ 66,643,877.55
ALK Alkane Resources 0 20 20 -8 1.145 $ 666,835,456.00
TMZ Thomson Res 0 -10 18 465 0.13 $ 57,909,688.75
EMR Emerald Res NL 0 -19 6 61 0.9 $ 474,165,430.44
MLS Metals Australia 0 0 0 0 0.002 $ 8,454,376.09
KGM Kalnorth Gold 0 0 0 86 0.013 $ 11,625,120.78
THR Thor Mining PLC 0 0 0 183 0.017 $ 9,269,053.86
TNR Torian Resources 0 -10 0 54 0.028 $ 24,342,840.26
ANL Amani Gold 0 -33 0 -33 0.001 $ 12,386,996.75
PNR Pantoro Limited 0 -9 -2 -23 0.215 $ 302,805,619.02
KAI Kairos Minerals 0 -9 -6 -42 0.032 $ 53,647,026.37
CTO Citigold Corp 0 0 -8 120 0.011 $ 30,580,000.00
TTM Titan Minerals 0 -12 -8 38 0.11 $ 131,037,029.91
BAT Battery Minerals 0 -19 -15 70 0.017 $ 35,748,068.06
KSN Kingston Resources 0 -4 -15 16 0.22 $ 62,422,128.12
RMX Red Mount Min 0 11 -17 67 0.01 $ 12,568,224.89
GMR Golden Rim Resources 0 -20 -20 -38 0.008 $ 21,362,797.43
XTC Xantippe Res 0 0 -20 0 0.002 $ 8,149,128.80
NVA Nova Minerals 0 -11 -22 116 0.125 $ 210,118,330.88
GSM Golden State Mining 0 -9 -23 -78 0.15 $ 11,998,511.91
DCX Discovex Res 0 0 -25 -33 0.006 $ 15,411,984.46
BAR Barra Resources 0 -10 -27 19 0.019 $ 12,874,553.92
GMN Gold Mountain 0 -20 -27 -54 0.032 $ 24,567,197.57
IPT Impact Minerals 0 -13 -28 0 0.014 $ 28,333,128.87
VKA Viking Mines 0 -33 -29 230 0.02 $ 19,403,910.19
GRL Godolphin Resources 0 -9 -36 -23 0.15 $ 12,616,563.30
AVW Avira Resources 0 -17 -38 67 0.005 $ 6,875,200.00
SIH Sihayo Gold Limited 0 -8 -39 -58 0.011 $ 40,540,075.54
RML Resolution Minerals 0 -4 -42 -74 0.022 $ 9,848,951.51
NPM Newpeak Metals 0 0 -43 0 0.002 $ 11,408,322.60
SAU Southern Gold 0 -5 -44 -50 0.07 $ 14,933,012.92
MCT Metalicity Limited 0 -23 -44 -72 0.01 $ 21,247,770.33
A8G Australasian Gold 0 -15 0.145 $ 4,801,666.45
RMS Ramelius Resources 0 -11 3 -13 1.735 $ 1,436,740,474.49
BGL Bellevue Gold -1 9 -16 -8 0.945 $ 820,141,962.23
SLR Silver Lake Resource -1 -12 -5 -23 1.705 $ 1,533,941,048.10
MML Medusa Mining -1 -3 10 15 0.845 $ 176,692,305.85
MGV Musgrave Minerals -1 -16 -1 -27 0.3675 $ 191,960,261.64
NCM Newcrest Mining -1 -10 -1 -22 25.46 $ 21,086,074,053.60
NML Navarre Minerals -1 -14 -53 -21 0.095 $ 66,736,526.50
GWR GWR Group -2 27 -26 400 0.325 $ 99,919,526.19
BC8 Black Cat Syndicate -2 -14 -11 -32 0.62 $ 88,708,920.93
G88 Golden Mile Res -2 -10 -2 -8 0.055 $ 7,701,008.04
CMM Capricorn Metals -2 -1 6 4 1.895 $ 661,536,815.31
SNG Siren Gold -2 -19 -61 0.27 $ 16,211,171.00
RSG Resolute Mining -2 -13 -34 -57 0.525 $ 596,102,061.24
MM8 Medallion Metals -2 -9 0.255 $ 21,052,222.36
EVN Evolution Mining -2 -14 -9 -24 4.56 $ 7,859,868,591.00
PRX Prodigy Gold NL -2 -26 -9 -16 0.042 $ 24,386,359.45
M24 Mamba Exploration -2 -16 0.21 $ 7,770,000.00
SLZ Sultan Resources -2 -31 -7 41 0.205 $ 14,602,221.69
OKR Okapi Resources -2 -13 3 25 0.2 $ 10,669,726.20
IDA Indiana Resources -3 3 22 160 0.073 $ 23,264,832.53
BMO Bastion Minerals -3 -10 0.18 $ 10,341,766.80
VAN Vango Mining -3 -1 8 -38 0.068 $ 74,533,238.11
BRB Breaker Res NL -3 -11 -18 -45 0.165 $ 52,134,548.64
LEX Lefroy Exploration -3 -24 317 380 0.96 $ 115,415,680.32
TIN Tnt Mines Limited -3 7 -45 7 0.16 $ 16,391,944.00
STN Saturn Metals -3 -13 -35 -44 0.425 $ 47,797,416.75
PRS Prospech Limited -3 -20 -30 0 0.14 $ 9,102,882.46
RDN Raiden Resources -4 13 -10 286 0.027 $ 31,216,037.40
NMR Native Mineral Res -4 -12 -39 0.26 $ 7,491,510.00
TRN Torrens Mining -4 79 0.26 $ 17,735,883.88
ONX Orminex -4 -4 85 33 0.048 $ 26,298,937.15
KCC Kincora Copper -4 -19 0.24 $ 16,679,990.16
DTR Dateline Resources -4 19 52 153 0.095 $ 35,888,739.00
KCN Kingsgate Consolid. -4 -8 -9 100 0.83 $ 193,423,178.70
MTC Metalstech -4 0 15 62 0.235 $ 36,147,144.93
NXM Nexus Minerals -4 -14 -47 17 0.069 $ 17,334,768.64
FFR Firefly Resources -4 0 -25 100 0.11 $ 33,807,348.30
SKY SKY Metals -4 -35 -42 -56 0.11 $ 27,791,481.08
AL8 Alderan Resource -4 -24 -63 -65 0.044 $ 13,109,408.05
MKR Manuka Resources. -4 -22 -14 0.32 $ 30,848,786.24
E2M E2 Metals -5 2 -48 69 0.305 $ 45,047,521.80
TLM Talisman Mining -5 -7 106 14 0.2 $ 37,325,677.00
AWV Anova Metals -5 -9 -23 -26 0.02 $ 28,661,884.00
KWR Kingwest Resources -5 -14 -54 -46 0.079 $ 15,960,148.09
DGO DGO Gold Limited -5 -18 5 -25 2.93 $ 226,539,383.84
OAU Ora Gold Limited -5 -17 -17 19 0.019 $ 16,841,904.44
CBY Canterbury Resources -5 -5 -12 -34 0.092 $ 10,291,598.12
HCH Hot Chili -6 -11 -19 70 0.034 $ 105,541,764.05
WWI West Wits Mining -6 -14 17 232 0.083 $ 116,287,681.62
YRL Yandal Resources -6 -16 14 81 0.49 $ 55,378,630.94
PNX PNX Metals Limited -6 -11 14 -20 0.008 $ 32,869,741.60
ZAG Zuleika Gold -6 -18 -40 11 0.031 $ 12,302,801.19
A1G African Gold . -6 -16 0 89 0.23 $ 21,937,882.56
HXG Hexagon Energy -6 -13 36 74 0.075 $ 31,220,967.89
MTH Mithril Resources -6 -6 -32 -35 0.015 $ 37,603,728.66
REZ Resourc & En Grp -6 3 -36 76 0.03 $ 12,950,423.67
AOP Apollo Consolidated -6 -5 -6 -17 0.29 $ 87,486,177.00
GOR Gold Road Res -6 -15 -2 -23 1.3 $ 1,153,953,635.78
ALY Alchemy Resource -7 -18 -22 -38 0.014 $ 9,411,408.34
SRN Surefire Rescs NL -7 -46 -44 250 0.014 $ 15,311,945.74
CHZ Chesser Resources -7 -13 -46 40 0.13 $ 58,825,276.25
ZNC Zenith Minerals -7 -2 92 108 0.25 $ 73,590,007.50
NWM Norwest Minerals -8 -9 -14 -43 0.086 $ 9,360,255.39
NAE New Age Exploration -8 -29 20 100 0.012 $ 15,712,388.01
GNM Great Northern -8 -20 0 -45 0.012 $ 14,508,611.71
RDS Redstone Resources -8 -37 -8 33 0.012 $ 8,627,988.76
BYH Bryah Resources -8 -28 -19 7 0.059 $ 12,009,304.30
DEX Duke Exploration -8 -23 0 0.34 $ 27,327,847.44
ADN Andromeda Metals -8 -20 -40 206 0.165 $ 345,716,452.32
HAW Hawthorn Resources -8 -20 -67 -60 0.044 $ 14,674,686.97
CY5 Cygnus Gold Limited -9 -30 -42 -32 0.105 $ 11,384,110.29
ADT Adriatic Metals -9 -5 3 68 2.4 $ 467,676,035.00
DTM Dart Mining NL -10 -16 -32 0 0.13 $ 12,992,911.88
DEG De Grey Mining -11 -26 17 19 1.19 $ 1,589,672,985.03
FFX Firefinch -11 13 122 281 0.4 $ 352,080,450.15
BBX BBX Minerals -11 -13 -14 60 0.24 $ 104,972,606.16
ENR Encounter Resources -12 -17 -17 3 0.15 $ 47,438,478.45
GIB Gibb River Diamonds -12 -23 -30 51 0.059 $ 13,113,585.59
IVR Investigator Res -12 -30 8 344 0.08 $ 107,239,675.17
PAK Pacific American Hld -14 -10 -18 80 0.018 $ 5,734,528.20
MEG Megado -15 -9 -29 0.145 $ 6,242,075.71
RGL Riversgold -17 -15 -29 -52 0.035 $ 14,545,519.06
SMI Santana Minerals -18 -29 -52 -41 0.082 $ 9,350,676.15
TMX Terrain Minerals -18 -18 13 29 0.009 $ 6,621,849.08
DDD 3D Resources Limited -20 -20 21 61 0.004 $ 19,401,860.46

 

WEEKLY SMALL CAP STANDOUTS

EMU (ASX:EMU)

Earlier this week the Venture Minerals (ASX:VMS)Chalice Mines (ASX:CHN) JV announced a ‘Julimar lookalike’ target at the South West Nickel-Copper-PGE Project in WA.

Emu’s ‘Sunfire’ project happens to be right next door:

Right next door to EMU Sunfire’s 1 km long nickel-copper geochem anomaly, Chalice announces new EM anomalies at Venture’s South West Nickel-Copper-PGE Project.

Nearology for the win.

MANHATTAN CORP (ASX:MHC)

Early stage aircore drilling has pulled “exceptional” hits like 12m at 2.78g/t gold from surface, including 4m at 7.63 g/t at ‘New Bendigo Main Zone’, part of the Tibooburra project in NSW.

“MHC has always believed that there is sufficient material at the New Bendigo Main Zone to cornerstone a near surface resource; for us it was about lifting the grade and accessing similar mineralisation to that historically mined,” chief exec Kell Nielsen says.

RC drilling has now been planned to target the higher grades at Main Zone.

NAGAMBIE RESOURCES (ASX:NAG)

Last week the explorer applied for a planning permit to construct and operate a 180,000 tonnes per annum gold toll treatment plant – to treat ore from third party mines — at its mothballed namesake project site in Victoria.

Nagambie says the plant would “re-invigorate the Victorian gold mining industry with processing capability, creating and supporting ongoing employment in the region”.

CHALLENGER EXPLORATION (ASX:CEL)

More bonanza gold grades from Challenger’s flagship ‘Hualilan’ project in Argentina.

Highlights include 15.6m at 71.7 g/t gold equivalent, or 70.9 g/t gold, 59.1 g/t silver and 0.2% zinc. This includes a 4m section grading over 200g/t.

Impressive.

“These are the best results we have seen at our Flagship Hualilan gold project – 4m at 201.6 g/t gold is outstanding,” managing director Kris Knauer says.

“The results confirm our view that the strongest mineralisation is likely to be in the Hualilan Hills which are yet to be drilled.”