Ann: June Quarter Production, page-33

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02/07/20

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Post #: 45611728
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Originally posted by flyover: ↑

Macquarie says only one gold producer they mark as Outperform - The miner Macquarie likes is Aurelia Metals, which is up 13.6 per cent to 58 cents in afternoon trade.
Macquarie: Gold could trade towards $US2000
Tom Richardson
Gold bugs have a new ally in powerful investment bank Macquarie, which is tipping the precious metal to trade towards $US2000/oz over the first quarter of financial 2021. Over the quarter it expects gold to average $US1825/oz.
"In the short-term it is receiving an additional bid from geopolitical concerns around Hong Kong’s national security legislation, with futures’ prices briefly trading above $1,800/oz," wrote the analysts.
"Nevertheless, the market’s dominant driver remains US real rates, which our economists believe will remain suppressed by Fed policy, while our FX colleagues’ call for an unravelling of USD strength could also provide a tailwind for gold into November’s presidential election."

Despite its bullish views on the gold price the broker only has an outperform rating on one gold miner under its ASX investment coverage. The miner Macquarie likes is Aurelia Metals, which is up 13.6 per cent to 58 cents in afternoon trade.
The broker said "it's cautious on the larger gold producers leading into the July quarter reporting and guidance season."
It downgraded Newcrest Mining, Regis Resources, St Barbara and Resolute Mining to underperform partly as it expects a stronger Australian dollar to put a break on earnings. Local gold miners take operating costs in Australian dollars, before selling the metal in US dollars.

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Hi @flyover, where did you get the Macquarie commentary?
with thanks

AMI Price at posting: 59.5¢ Sentiment: Buy Disclosure: Held
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Ann: June Quarter Production, page-33

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