Probably due to a "wait and watch" approach by the market.
The 20c range is factoring in deadlines getting met; it's only natural that the market would play between, say, 16c and 20c at the moment.
Gold came down when we sat at 18c and 20c, and though it bounced higher overnight due to Trump talking about more tariffs over the weekend, and US earnings having a mix bag of nuts for the medium and small caps, it's still overall down from its high when we sat at the same price.
So at this stage, I don't think it's the price of gold determining this current SP movement, but it did without a doubt earlier last month. I think it's more about the deadline's getting met and also the fact that the ATO, are licking some retail chops at tax time which is inbound. June/July is always going to see some bounces as people look to lock in a capital gain or loss, depending on what the taxman is looking to do to them.
Get tax time over with, another Blake special by delivery ahead of schedule, and the pop will follow, even if gold were to say the gap is 10% lower between then and now, and if it gaps higher because volatility goes up, then all the better for that next run.
NMR Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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