Ann: Further Strong Drilling Results from the NEB & BC Area, page-138

Obviously, gold price has much less of an impact on explorers compared with producers, thus if follows that as PDI transitions towards becoming a producer, a glittering future for spot will give its share price a substantial and sustained shunt beyond the lofty heights of AUD3+. Major benchmarks being finalizing scoping study by end 2023 & the subsequent granting of a mining permit for its Bankan Project-anticipated 1st half 2024. Meanwhile, AUD spot price is punching record highs - currently AUD3,136 & still going vertical. I suspect the spot price will continue northward and I challenge anyone to say that the mid east crisis is going to do anything other than get significantly more dangerous.




End of week comment, below, from Angus Geddes (Fat Prophets) re gold and where it's heading.

"Gold made new record highs in most of the major currencies, including the yen and Australian dollar. Spot A$ gold hit $3117, a historic record. Despite the growing glitter within the sector and many gold producers making record profits amidst high spot prices in local currencies, the market is not really buying it yet. Investors are yet to recognise the growing disconnect.

Safe haven buying has definitely been behind the recent rally in gold, which has occurred despite the dollar strength. My bullish thesis for gold over the medium to longer term is not just about rising geopolitical tensions but a major downside reversal in the US dollar. The greenback is yet to confirm a technical secular bear market, but the highs of last year (when the DXY got to 115) are unlikely to be seen again for a very long time.

Gold is also a hedge against broader economic conditions in the US, and if the Fed cuts rates next year (which I think they will do, and perhaps prematurely). Markets are currently pricing a 70% chance of no rate hike in December compared with a near 50% chance before Powell’s remarks and cuts coming through by the middle of next year. A pivot by the Fed would likely trigger significant weakness in the dollar and push gold well into the US$2000s next year."