Gold is re-starting its bull rally as two major obstacles — higher US Treasury yields and Bitcoin — fizzle.

“Strong headwinds from parabolic Bitcoin and rising bond yields appear to have run their course,” Bloomberg Intelligence senior commodity strategist Mike McGlone said in a note.

“Weaker-than-consensus April and May U.S. unemployment reports [also] support our key takeaway that gold and silver are ripe to resume their bull markets.

“About $US2,000 is key gold resistance, which we expect to eventually be breached.”

Oil prices indicate gold is due a breakout

Gold and oil usually (not always) rise and fall in loose tandem.

The belief is that rising oil prices push up inflation, increasing demand for gold as an investment hedge.

Gold Prices (blue) vs Oil Prices (orange) since the 1970s. Pic: macrotrends.net/

Right now, gold is running at “an unsustainably steep discount” to crude oil which is booming, according to Bloomberg Intelligence.

“It’s the battle between the most significant commodity with low elasticity of supply, gold, vs. a highest, crude oil, and we expect trend resumption favouring the metal,” McGlone says.

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
TRN Torrens Mining 77 90 0.275 $ 18,418,033.26
STK Strickland Metals 32 78 -2 181 0.041 $ 27,204,343.76
XTC Xantippe Res 25 0 0 0 0.0025 $ 10,186,411.01
ADN Andromeda Metals 25 35 -14 310 0.25 $ 561,789,235.02
SPQ Superior Resources 18 13 -24 160 0.013 $ 16,576,029.49
FFX Firefinch 17 14 193 340 0.44 $ 333,642,100.30
MM8 Medallion Metals. 17 35 0.345 $ 25,659,005.12
THR Thor Mining PLC 17 40 17 250 0.021 $ 11,796,977.64
PUA Peak Minerals 15 5 -26 64 0.023 $ 13,523,458.34
RED Red 5 Limited 15 -5 -17 -32 0.195 $ 434,069,800.70
ADT Adriatic Metals 14 11 39 100 2.84 $ 517,169,492.76
PKO Peako Limited 14 11 68 246 0.042 $ 8,258,329.61
IPT Impact Minerals 13 0 -15 21 0.017 $ 32,380,718.70
ARL Ardea Resources 13 17 32 77 0.5825 $ 66,388,702.64
AAU Antilles Gold 13 11 24 53 0.071 $ 18,424,366.92
RDN Raiden Resources 11 15 -3 400 0.03 $ 37,581,398.61
CHZ Chesser Resources 10 10 -26 90 0.16 $ 72,400,340.00
REZ Resourc & En Grp 10 -16 -36 100 0.032 $ 13,813,785.25
VRC Volt Resources 9 40 218 67 0.035 $ 83,311,483.54
WWI West Wits Mining 9 16 62 755 0.094 $ 123,292,963.64
KTA Krakatoa Resources 9 -2 -13 67 0.06 $ 16,179,100.00
GML Gateway Mining 9 4 -23 85 0.024 $ 43,783,618.80
MSR Manas Res 9 71 100 140 0.012 $ 36,471,859.58
KCC Kincora Copper 8 -3 0.32 $ 22,587,486.68
SAU Southern Gold 8 -11 -27 -47 0.08 $ 16,426,314.21
AL8 Alderan Resource 8 -20 -40 -55 0.056 $ 17,578,524.43
MVL Marvel Gold Limited 8 4 8 135 0.057 $ 30,009,999.42
AQX Alice Queen 7 -11 -41 -30 0.016 $ 19,785,386.32
VAN Vango Mining 6 -6 -14 -33 0.067 $ 69,231,622.67
MTC Metalstech 6 104 21 65 0.255 $ 39,223,497.69
BBX BBX Minerals 6 -4 0 150 0.275 $ 115,907,252.64
GSM Golden State Mining 6 48 -8 -29 0.185 $ 13,239,737.28
GWR GWR Group 6 -15 16 332 0.285 $ 86,294,136.26
EM2 Eagle Mountain 5 -2 189 590 1.07 $ 210,695,355.15
ADV Ardiden 5 -5 -38 163 0.0105 $ 21,493,542.16
ALK Alkane Resources 5 16 7 11 1.05 $ 595,388,800.00
NML Navarre Minerals 5 -16 -46 -30 0.105 $ 64,624,215.10
E2M E2 Metals 5 2 -50 144 0.33 $ 49,552,273.98
LEX Lefroy Exploration 4 50 574 558 1.315 $ 151,212,180.42
BNR Bulletin Res 4 6 -11 -14 0.073 $ 12,550,515.18
GTR Gti Resources 4 4 4 -38 0.025 $ 14,823,913.95
DRE Drednought Resources 4 -7 14 317 0.025 $ 56,770,710.50
HRZ Horizon 4 17 17 29 0.135 $ 70,996,900.00
HWK Hawkstone Mng 3 -14 210 288 0.031 $ 49,076,799.21
AGC AGC 3 11 0.155 $ 10,497,729.02
AGC AGC 3 11 0.155 $ 10,497,729.02
RXL Rox Resources 3 -11 -38 29 0.031 $ 73,287,539.49
TIN Tnt Mines Limited 3 -9 -47 -11 0.155 $ 14,945,596.00
PF1 Pathfinder Resources 3 47 17 0.315 $ 15,663,119.85
WGX Westgold Resources. 3 5 -11 10 2.27 $ 940,958,699.40
HCH Hot Chili 3 9 -12 90 0.038 $ 117,958,442.18
BMO Bastion Minerals 3 5 0.2 $ 11,490,852.00
RND Rand Mining 3 1 -23 -29 1.435 $ 81,617,004.04
MAT Matsa Resources 2 0 -28 -33 0.083 $ 24,329,131.37
PRU Perseus Mining 2 13 28 28 1.46 $ 1,704,775,049.30
CBY Canterbury Resources 2 -3 -8 3 0.097 $ 10,850,924.11
CWX Carawine Resources 2 -16 -2 36 0.245 $ 26,133,576.48
AXE Archer Materials 2 -4 35 25 0.75 $ 165,006,678.58
KRM Kingsrose Mining 2 -5 82 46 0.06 $ 43,800,441.12
KCN Kingsgate Consolid. 2 6 11 114 0.9 $ 196,816,567.80
RRL Regis Resources 1 -2 -25 -46 2.65 $ 1,930,293,532.16
AME Alto Metals Limited 1 -9 -4 28 0.091 $ 40,523,376.15
DCN Dacian Gold 1 -18 -18 -41 0.2825 $ 254,975,160.16
MAU Magnetic Resources 1 8 27 32 1.51 $ 329,215,469.90
MML Medusa Mining 1 15 21 40 0.935 $ 193,322,169.93
RGL Riversgold 0 -8 5 2 0.044 $ 17,777,856.62
MDI Middle Island Res 0 -23 -62 -71 0.1 $ 12,119,403.98
KWR Kingwest Resources 0 -8 -43 -35 0.092 $ 18,182,447.19
MRZ Mont Royal Resources 0 -17 0 71 0.3 $ 11,363,014.50
TMX Terrain Minerals 0 0 -17 100 0.01 $ 6,621,849.08
SBR Sabre Resources 0 -17 -44 25 0.005 $ 8,415,318.25
BTR Brightstar Resources 0 0 -35 600 0.035 $ 15,391,276.74
SI6 SI6 Metals Limited 0 0 -72 200 0.012 $ 15,325,862.90
DLC Delecta Limited 0 0 0 20 0.006 $ 6,051,727.23
HAW Hawthorn Resources 0 4 -43 -49 0.052 $ 17,342,811.88
AWV Anova Metals 0 0 -19 -9 0.021 $ 30,094,978.20
GED Golden Deeps 0 9 -14 50 0.012 $ 9,298,217.28
GBZ GBM Rsources 0 12 0 109 0.14 $ 60,654,465.48
OKU Oklo Resources 0 -4 -43 -55 0.125 $ 60,483,577.44
RML Resolution Minerals 0 -11 -37 -67 0.024 $ 10,744,310.74
ENR Encounter Resources 0 21 -3 35 0.175 $ 56,836,174.14
AWJ Auric Mining 0 -9 0.155 $ 6,276,389.89
AUC Ausgold Limited 0 16 13 183 0.051 $ 77,682,127.51
NVA Nova Minerals 0 0 -12 142 0.145 $ 257,756,730.29
ARN Aldoro Resources 0 5 139 353 0.335 $ 28,110,671.05
BRV Big River Gold 0 10 -4 52 0.4 $ 87,732,281.20
MCT Metalicity Limited 0 -8 -33 -14 0.012 $ 21,492,768.85
AYM Australia United Min 0 -22 -22 250 0.007 $ 12,898,042.40
CTO Citigold Corp 0 0 -15 120 0.011 $ 30,580,000.00
NPM Newpeak Metals 0 -20 -33 -33 0.002 $ 11,408,322.60
MLS Metals Australia 0 -33 33 100 0.002 $ 8,454,376.09
LNY Laneway Res 0 0 -29 25 0.005 $ 18,875,329.67
KGM Kalnorth Gold 0 0 0 63 0.013 $ 11,625,120.78
DDD 3D Resources Limited 0 0 34 102 0.005 $ 19,401,860.46
FML Focus Minerals 0 -3 -13 26 0.29 $ 52,083,341.03
MBK Metal Bank 0 -9 -17 16 0.01 $ 10,701,614.74
A8G Australasian Gold 0 0.17 $ 5,463,965.27
GOR Gold Road Res 0 7 25 1 1.505 $ 1,272,872,521.91
HMX Hammer Metals 0 16 214 224 0.11 $ 84,698,514.50
TMZ Thomson Res 0 21 48 529 0.145 $ 67,160,738.95
TNR Torian Resources 0 -42 14 23 0.033 $ 27,820,388.86
AVW Avira Resources 0 -14 -25 100 0.006 $ 8,250,240.00
DCX Discovex Res 0 8 -7 18 0.0065 $ 16,696,316.49
NST Northern Star 0 1 -7 -12 11.45 $ 12,809,502,134.19
NCM Newcrest Mining -1 -1 3 -2 27.885 $ 22,467,293,633.08
TBR Tribune Res -1 -2 -17 -23 4.96 $ 270,210,596.55
WRM White Rock Min -1 34 14 21 0.605 $ 52,373,849.58
CYL Catalyst Metals -1 -5 -23 -27 1.98 $ 194,134,052.93
BNZ Benzmining -1 11 0.9 $ 34,136,451.90
HXG Hexagon Energy -1 -22 28 48 0.086 $ 37,911,175.30
GUL Gullewa Limited -1 0 -18 32 0.086 $ 15,684,086.60
LCL Los Cerros Limited -1 -7 73 342 0.1725 $ 80,494,580.44
OZM Ozaurum Resources -2 5 0.1575 $ 8,193,150.00
AAJ Aruma Resources -2 -3 -30 5 0.063 $ 6,675,538.40
G88 Golden Mile Res -2 -32 22 50 0.06 $ 8,401,099.68
M24 Mamba Exploration -2 13 0.255 $ 9,250,000.00
ZNC Zenith Minerals -2 -14 75 188 0.245 $ 70,646,407.20
PNM Pacific Nickel Mines -2 -2 -16 29 0.049 $ 10,529,856.76
CST Castile Resources -2 -10 -15 74 0.235 $ 46,931,878.44
SBM St Barbara Limited -2 -11 -25 -39 1.84 $ 1,277,982,939.15
KSN Kingston Resources -2 12 -23 48 0.23 $ 65,259,497.58
MKG Mako Gold -2 -14 -25 22 0.09 $ 23,666,227.38
TBA Tombola Gold -2 -8 -4 38 0.044 $ 24,389,014.28
MEU Marmota Limited -2 -2 -6 -20 0.044 $ 43,584,016.05
AMI Aurelia Metals -2 -5 0 -9 0.41 $ 506,243,348.75
RMS Ramelius Resources -3 2 17 15 1.9 $ 1,485,581,510.45
IDA Indiana Resources -3 -13 31 212 0.077 $ 23,769,617.87
ZAG Zuleika Gold -3 3 -38 41 0.038 $ 15,173,454.80
PGD Peregrine Gold -3 0 0.36 $ 9,876,647.76
KAI Kairos Minerals -3 29 -8 48 0.036 $ 58,676,435.09
AZS Azure Minerals -3 -18 -64 222 0.2675 $ 81,642,716.07
BCN Beacon Minerals -3 3 5 5 0.035 $ 129,006,941.22
GRL Godolphin Resources -3 -8 -35 -6 0.17 $ 14,298,771.74
CAI Calidus Resources -3 25 -7 3 0.495 $ 193,965,248.30
LCY Legacy Iron Ore -3 3 121 417 0.0155 $ 96,071,077.76
SVL Silver Mines Limited -3 7 55 213 0.31 $ 347,040,797.74
CMM Capricorn Metals -3 4 22 20 1.995 $ 693,038,568.42
KAU Kaiser Reef -3 3 -27 15 0.3 $ 28,558,464.43
EMR Emerald Res NL -3 5 60 110 1.03 $ 530,859,123.21
AGS Alliance Resources -3 -9 -15 1 0.145 $ 30,162,484.43
KZR Kalamazoo Resources -3 -4 -23 -30 0.43 $ 57,394,523.79
CAZ Cazaly Resources -3 0 12 90 0.057 $ 19,586,853.15
STN Saturn Metals -3 1 -37 -18 0.425 $ 47,797,416.75
EVN Evolution Mining -3 0 4 -4 5.08 $ 8,440,815,399.90
YRL Yandal Resources -3 -7 24 96 0.56 $ 54,398,478.18
SKY SKY Metals -4 -13 -33 -56 0.135 $ 34,530,975.92
BGL Bellevue Gold -4 -17 -40 -8 0.805 $ 659,334,801.51
SSR SSR Mining Inc. -4 4 -8 22.86 $ 421,790,789.64
AQI Alicanto Min -4 0 8 91 0.13 $ 42,622,769.93
BDC Bardoc Gold -4 -7 -4 -20 0.07 $ 119,732,758.94
MRR Minrex Resources -4 -8 5 120 0.022 $ 12,125,015.21
WMX Wiluna Mining Corp -4 1 -35 -40 0.99 $ 154,321,519.95
PNR Pantoro Limited -4 0 0 5 0.22 $ 309,847,610.16
TTM Titan Minerals -4 0 -8 69 0.11 $ 131,037,029.91
AAR Anglo Australian -4 -13 -39 -31 0.086 $ 50,654,721.02
BAR Barra Resources -5 -13 -28 24 0.021 $ 14,907,378.22
IVR Investigator Res -5 8 94 518 0.105 $ 131,070,714.09
NUS Nusantara Resources -5 19 2 -2 0.315 $ 72,220,997.21
TLM Talisman Mining -5 5 110 83 0.21 $ 41,058,244.70
FFR Firefly Resources -5 -5 -28 201 0.1 $ 30,733,953.00
BAT Battery Minerals -5 0 -5 233 0.02 $ 40,825,470.82
AOP Apollo Consolidated -5 -11 -11 -2 0.285 $ 82,541,868.15
NWM Norwest Minerals -5 18 0 -49 0.094 $ 9,795,616.11
CEL Challenger Exp -5 -22 30 12 0.28 $ 198,244,136.44
GMN Gold Mountain -5 -8 -10 -26 0.037 $ 28,405,822.19
RSG Resolute Mining -5 0 -26 -49 0.545 $ 574,024,207.12
BRB Breaker Res NL -5 -8 -10 -24 0.175 $ 55,392,957.93
TAM Tanami Gold NL -5 -19 -12 30 0.069 $ 84,606,987.31
CGN Crater Gold Min -6 -6 -11 89 0.017 $ 20,867,429.74
CHN Chalice Mining -6 10 106 762 8.66 $ 2,951,756,414.43
DGO DGO Gold Limited -6 -5 17 25 3.38 $ 246,398,355.80
TIE Tietto Minerals -6 14 -23 -20 0.33 $ 150,541,200.48
DEX Duke Exploration -6 5 4 0.41 $ 22,023,009.02
MGV Musgrave Minerals -6 9 -5 -2 0.405 $ 218,621,409.09
FAU First Au -6 -20 -6 23 0.016 $ 9,834,060.06
ONX Orminex -6 -13 92 17 0.048 $ 26,845,766.47
PRS Prospech Limited -6 14 -32 0 0.16 $ 10,403,294.24
GBR Greatbould Resources -6 -22 105 279 0.094 $ 33,178,800.33
CDT Castle Minerals -6 7 67 67 0.015 $ 10,987,512.27
ALY Alchemy Resource -6 -12 -12 18 0.015 $ 9,411,408.34
MOH Moho Resources -6 -6 -25 -1 0.075 $ 7,745,655.15
ERM Emmerson Resources -6 4 -6 -34 0.073 $ 36,371,409.70
NSM Northstaw -6 -6 -36 0.29 $ 11,800,000.00
SLR Silver Lake Resource -7 -10 -1 -9 1.76 $ 1,494,270,158.93
CY5 Cygnus Gold Limited -7 -7 -22 122 0.14 $ 15,178,813.72
AGG AngloGold Ashanti -7 0 -3 -20 5.73 $ 512,944,648.75
M2R Miramar -7 -19 -41 0.195 $ 8,234,366.40
CXU Cauldron Energy -7 -3 3 56 0.039 $ 18,239,980.48
MHC Manhattan Corp -7 -19 -54 8 0.013 $ 19,841,623.01
CLA Celsius Resource -7 -15 -11 225 0.039 $ 39,794,667.08
SLZ Sultan Resources -7 -10 11 79 0.26 $ 18,078,941.14
TRM Truscott Mining Corp -7 -4 39 92 0.025 $ 3,423,538.60
SIH Sihayo Gold Limited -8 -14 -33 -22 0.012 $ 44,225,536.96
NXM Nexus Minerals -8 -17 -41 66 0.083 $ 20,752,892.04
GIB Gibb River Diamonds -8 8 -60 75 0.07 $ 15,228,680.04
PUR Pursuit Minerals -8 38 281 1127 0.08 $ 73,750,713.28
NES Nelson Resources. -8 -36 -28 23 0.057 $ 8,291,971.94
BC8 Black Cat Syndicate -8 -11 0 9 0.68 $ 93,624,750.45
WAF West African Res -8 -2 9 6 1.005 $ 847,840,792.32
SMI Santana Minerals -8 -24 -39 -48 0.11 $ 12,543,589.96
XAM Xanadu Mines -8 -32 33 2 0.044 $ 53,991,563.25
AUT Auteco Minerals -9 -9 -12 69 0.086 $ 143,377,388.50
DEG De Grey Mining -9 -3 39 126 1.435 $ 1,815,845,970.71
NMR Native Mineral Res -9 -13 -50 0.265 $ 8,572,016.25
SVY Stavely Minerals -9 -22 -39 -12 0.52 $ 138,309,569.56
MZZ Matador Mining -9 26 56 81 0.515 $ 92,097,620.68
RMX Red Mount Min -9 0 -17 150 0.01 $ 13,196,636.13
GMR Golden Rim Resources -9 -5 0 25 0.01 $ 28,038,671.63
PAK Pacific American Hld -9 -13 -9 100 0.02 $ 6,371,698.00
A1G African Gold . -9 -4 11 167 0.25 $ 25,594,196.32
PDI Predictive Disc -9 9 79 15 0.1 $ 126,849,175.50
RVR Red River Resources -9 -1 -13 156 0.2225 $ 113,910,360.74
S2R S2 Resources -9 -19 -19 26 0.145 $ 44,084,765.06
VMC Venus Metals Cor -10 9 -17 12 0.19 $ 30,971,130.02
GSN Great Southern -10 -11 -31 -53 0.047 $ 21,385,959.74
DTM Dart Mining NL -10 -7 -28 86 0.14 $ 13,992,366.64
NAG Nagambie Resources -10 -17 47 -3 0.063 $ 31,495,737.80
TSC Twenty Seven Co. -10 -10 -25 -25 0.0045 $ 10,642,758.24
ICG Inca Minerals -10 13 141 603 0.135 $ 53,446,112.59
TSO Tesoro Resources -10 -21 -44 110 0.1575 $ 74,928,602.25
MEI Meteoric Resources -11 -9 -19 168 0.051 $ 68,369,160.03
MTH Mithril Resources -11 -6 -16 14 0.016 $ 35,253,495.62
WCN White Cliff Min -11 -11 -38 60 0.016 $ 8,275,142.38
BYH Bryah Resources -11 -18 8 19 0.07 $ 11,185,376.07
ARV Artemis Resources -11 -35 -54 59 0.062 $ 69,342,623.34
VKA Viking Mines -12 3 -9 285 0.03 $ 31,659,011.36
SFM Santa Fe Minerals -12 -9 -6 47 0.088 $ 6,408,053.43
MKR Manuka Resources. -12 -10 -17 0.36 $ 34,704,884.52
OBM Ora Banda Mining -12 -8 -35 -33 0.18 $ 143,177,732.69
DTR Dateline Resources -13 -4 92 92 0.096 $ 36,644,291.40
PRX Prodigy Gold NL -13 -4 0 -4 0.048 $ 27,870,125.09
HRN Horizon Gold -13 16 2 91 0.43 $ 45,877,566.88
SRN Surefire Rescs NL -14 -24 -57 375 0.019 $ 20,780,497.79
ASO Aston Minerals -14 23 400 414 0.19 $ 176,526,524.37
MEG Megado -14 -24 -29 0.125 $ 5,303,843.74
SNG Siren Gold -15 26 -64 0.29 $ 17,062,288.10
OKR Okapi Resources -15 -5 -2 43 0.2 $ 10,669,726.20
PNX PNX Metals Limited -15 21 21 -6 0.0085 $ 32,869,741.60
ANX Anax Metals -15 -15 33 233 0.085 $ 30,115,814.54
OAU Ora Gold Limited -17 -13 -9 33 0.02 $ 18,526,094.88
NAE New Age Exploration -19 -28 8 160 0.013 $ 18,220,057.83
RDS Redstone Resources -20 45 23 129 0.016 $ 11,503,985.01
TRY Troy Resources -20 -49 -61 -59 0.036 $ 26,514,731.88
EMU EMU NL -21 -39 -33 82 0.031 $ 14,608,463.49
GNM Great Northern -22 56 -7 8 0.014 $ 20,553,866.59
ANL Amani Gold -25 -25 50 0 0.0015 $ 18,580,495.12
TAR Taruga Minerals -33 -39 39 221 0.061 $ 30,328,590.36

SMALL CAP STANDOUTS

CODA MINERALS (ASX:COD) & TORRENS MINING (ASX:TRN)

The junior joint venture partners hit 200m of “intense IOCG alteration”, including ~50m of copper sulphides in its first deep exploration hole at the ‘Elizabeth Creek’ project in South Australia.

Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery  — can be tremendously large, and simple-to-process concentrations of copper, gold and other economic minerals.

 

STRICKLAND METALS (ASX:STK)

Renegade Exploration (ASX:RNX) will sell its ‘Yandal East’ project JV interest to fellow gold explorer Strickland for $800,000 cash, 40m shares and a 0.5% net smelter royalty on any future production.

For Strickland, this acquisition represents a major extension to its flagship ‘Horse Well project, ~30km from Northern Star’s (ASX:NST) 10moz Jundee operation.

 

FIREFINCH (ASX:FFX)

This emerging gold producer hit thick, high grades — including 6m grading 11.34 grams per tonne (g/t) gold from 74m – at ‘Viper’, part of the flagship Morila project in Mali.

“These are outstanding results. The scale of the mineralised system at Viper continues to grow with each drillhole,” managing director Dr Michael Anderson says.

“The delineation of surface mineralisation in the southern part of the deposit will provide another source of early oxide feed as we ramp up the Morila plant.”

Commencement of mining at Viper has been “expedited” with early works already underway and mining expected to begin in the coming weeks.