A significant disconnect has occurred between the SP of gold stocks and $A POG in the last month. A sample of producers show SP falls from the peak in second week of April of about:
EVN - fall of 23%
NST - 24% fall
NCM - 12% fall
GOR 27% fall
SBM - 27% fall
ALK - 27% fall
CAI - 24% fall
DEG has fallen by 24% in line with producers.
Since 10 April POG $A has been quite stable between $A2,620 and $A2,660 (currently about $A2,670) except for one day when it went to $A2,690 and another when it went just below $A2,620.
Despite profit margins of gold producers being stable SP prices of producers have fallen by about a quarter.
Before this fall some commentators considered SP of gold producers were cheap so are they now very cheap?
SP of producers seems to be reflecting $US fall in POG and negative sentiment of share markets.
Will end up being a good entry point for buying gold producers or are we going to see further falls?
Chart - TA, page-2579
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