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Bullion, the miners that dig it and how we are positioned across both.

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Gold (A$) ASX:GOLD

ASX:GOLD chart by TradingView

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  • Gold ETF 54.78 up 0.9%
  • Gold miners 109.52 up 2.7%
  • Northern Star 24.39 up 1.5%

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Matthew Snodgrass Updated

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Chart(s) of the Week: Gold (Shifted Forward 20 months) Vs. WTI Near-Month Futures

The below chart illustrates a correlation is one we picked up from Tom McCelland and it illustrates that gold has historically been a leading indicator for oil prices. If the relationship holds, where gold goes today, oil should follow in roughly 20 months which suggests oil prices are going higher as gold in the chart below is almost US$3,000/oz below its January high. Obviously we cannot ignore the US-Iran War, correlations and statistics have their limitations but volatility aside the implication is oil will remain well supported into next Christmas.

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Market Matters annual thematic report

The Match Out: ASX edges lower as tech bounces and gold miners hold firm

  • Resources

The ASX 200 struggled to hold onto a positive start on Friday, giving back an early ~0.6% gain to trade slightly lower into the afternoon. The reversal was largely a resources story, with the heavyweight names dragging on the index, while Energy also weighed despite Brent.

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Viewpoints: Stocks

Gold-exposed ASX stocks — our latest view

What We're Watching

CODE Company Price($) Today 1 Year Return 52 Week Range($)
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5 Top Gainers In this theme

CODE Company Last($) % Chg
NEM Newmont Corp 167.72 up 2.71
GDX VanEck Vectors Gold Miners ETF 109.52 up 2.68
EVN Evolution Mining 13.15 up 2.26
NST Northern Star 24.39 up 1.50
GOLD Global X Physical Gold ETF 54.78 up 0.90

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