Move for this Mood.Our thesis is that a major bull market in...

Move for this Mood.Our thesis is that a major bull market in gold stocks is in sight. Gold did dip below the US$2000oz level, but has since carved out a consolidation move. We have yet to see a breakout that would bring hedge fund money into the shiny metal and the stocks, but conditions seem ripe.This is not yet a market where one would bet heavily on explorers, but we do think it’s appropriate to add emerging producers and late-stage development companies. The key metrics are the likely scale of the project, the grade potential for a low All-In Sustaining Cost (AISC), and the quality of management to execute well on growth plans in a visibly improving market.For us, three names stand out: Bellevue Gold (ASX:BGL), which achieved first pour from its new high-grade gold mine in the last quarter of 2023; De Grey Mining (ASXEG), which released a promising Definitive Feasibility Study (DFS) for the large Pilbara-based Hemi project and then raised $300M to advance to a final investment decision; and finally, we remain enthusiastic for proven company-building teams, like that of Rayleigh Finlayson who built Saracen Minerals. That script looks set to encore at the emerging Leonora district play Genesis Minerals (ASX:GMD). https://themarketherald.com.au/gold-to-bridge-currency-mismatches-as-china-and-india-extend-trade-partnerships-2024-01-09/#FEATUREDNEWSLINKS4_20240109