Gold Digger: This is how 217 ASX gold stocks performed over the past week
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It’s US Election Week.
Betting odds swung wildly. Trump raged. Biden probably did stuff.
And we still don’t have a winner, because of states like Nevada.
Global markets were all over the shop but ended the week on an emphatically positive note.
Meanwhile, gold – which thrives on drama and uncertainty – ripped ~3.5 per cent higher to ~$US1,940/oz.
That’s the precious metal’s biggest weekly gain since late July.
But every analyst and their dog are basically saying the same thing. For gold, the election result isn’t that important because stimulus will happen anyway.
This stimulus, plus low rates, ballooning US debt and, eventually, capital flows into emerging markets, “will continue to put pressure on the US dollar”, says Metals Focus.
“All these factors contribute to our conviction that gold’s rally has some way to go.
“Our projections target new all-time highs as early as the first quarter of 2021 and a peak towards the end of the year.” Boom.
Here’s how 217 ASX-listed gold stocks performed November 02 – November 06 [intraday].
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
Anax – formerly Aurora Minerals – relisted on the ASX Friday morning and immediately gained +60 per cent.
Anax can earn up to 80 per cent of Venturex Resources’ (ASX:VXR) advanced Whim Creek copper-zinc project in the Pilbara region of WA.
Kaolin-focused Andromeda is not a gold explorer but does have few ‘free-carried joint venture’ irons in the fire.
In late September, joint venture partner Evolution (ASX:EVN) started drilling the 300m-long ‘Roo Tail Breccia’, part of the Drummond JV in Queensland.
Results are due for release sometime this quarter.
A substantial drilling program has also kicked off at the Eyre Peninsula gold joint venture with London-listed Cobra Resources.
Cobra – which is sole funding $2.1m in exploration for an initial 50 per cent stake – is aiming for 1 million ounces of gold across the project area.
In mid-November, early stage drilling will kick off at Sabre’s aspirationally named ‘Bonanza’ gold project in WA.
Any gold intersected by this program “will be followed up with deeper drilling as soon as possible”, Sabre says.
The WA explorer kind of charged out of nowhere this week, earning a ‘please explain’ from the ASX.
But news flow through October and November has been pretty strong. Most recently, drilling at the Pinnacles JV gold project in the eastern Goldfields confirmed high grade gold below the open pit.
Highlights include 9m at 9.51g/t gold, 70m from surface.
Nexus, which is looking at mine development options, reckons start-up costs will be low due to the pre-existing ore sale and purchase agreement with neighbour Saracen Minerals (ASX:SAR).
Anova’s 1moz Big Springs gold project in Nevada is being drilled for the first time since early 2017.
The 2,000m, 13 hole program is confirming and extending the existing resource, plus testing a number of new exploration targets.
The first two diamond holes – following up high-grade intercepts returned from a 2005 drilling program –have now been completed.
Assays are pending, but the type of rock known to host high-grade mineralisation was intersected in both – and that’s “highly encouraging”, says the company.
Stockhead updates our list of ASX gold stocks to be as accurate as possible for investors. If you spot companies that should be added (or removed) please let us know at: [email protected]