Gold proves to be resilient after major economic data showing US economy was growing strongly in Dec quarter at 3.3% annualized, with non-farm payrolls extremely strong adding 353000 jobs compared to 180000 jobs expected by economists, reducing the chance of early rate cuts by the Fed. The crisis in the Red Sea by the rebel group Houthis also raises the potential of pushing inflation higher as roughly 1/3 of world's ocean shipping goods has to find alternative and more costly route diversion. Gold fell below USD $2200 on Monday but quickly recovered above it and is now back above $2035 per oz.
Remember AUD/USD exchange rate has fallen to around 0.65 compared to previous 0.68 a few months ago, effectively putting Gold price at USD $2035 × (0.68÷0.65) = USD $2129 at 0.68 exchange rate.
USD $2129/OZ GOLD PRICE AT AUD/USD 0.68 EXCHANGE RATE.
All gold stock investors should pay attention to this EFFECTIVE GOLD PRICE AT 0.68 exchange rate.
BTW @andrewk66, you should not use the Gold price by TRADINGECONMICS between 9am-10am because it will be re-set for Asian session so it won't quote the price of the North American market at close until the Australian market re-opens at 10am.
BEZ is unbelievably undervalued and therefore has potential to earn holders 400% return in the short term with further gains in the longer term. Keep in mind the 2nd batch of equipments are to be shipped by the end of this month and pilot plant is ready to be built from next month with the assistance of engineers from the manufacturer on-site.
BEZ Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
