We get some advertising ;)
POOR misunderstood gold again.
Commentators and headline writers seized on gold?s fall overnight as the enormity of the coming Italian collapse dawned on Wall Street, and then traders started to panic about tonight?s job numbers. But gold was dragged down for reasons quite separate from equities or oil ? in their case, the potential for a global economic slowdown; in gold?s case, it was a trading technicality.
On days like this, when you have to raise cash to cover your losses, investors tend to have to sell their best asset. So the gold sell-off last night in New York was a sort of back-handed compliment. Gold fell when the 2008 GFC struck, but then went on to a steep price appreciation.
Start of sidebar. Skip to end of sidebar.
Related Coverage
* Behind the lustre of gold The Australian, 21 Jul 2011
* Indonesia's golden days The Australian, 20 Jul 2011
* Debt fears send gold price to new record Perth Now, 18 Jul 2011
* Cash crunch for the minnows The Australian, 19 Jun 2011
* Demand to drive uranium The Australian, 14 Jun 2011
End of sidebar. Return to start of sidebar.
The gold decline was over almost before it began. While, by lunchtime today, Hong Kong equities were down 4.45 per cent and Tokyo ones by 3.36 per cent, gold had gained $US6.03 and ounce in Asian trade to $US1652.55/oz while silver had put on US37c/oz and was trading at $US39.275/oz.
Announcements from junior companies tend to get ignored most days, but today was an occasion when they were swamped by events. But, with the gold story still intact, let?s look at one analyst?s picks in the sector.
Perth-based veteran analyst Peter Strachan of StockAnalysis sent out a gold sector review to clients this week.
His producer favourites are:
? Newcrest Mining (NCM) for its leading market position and huge resources and exploration appeal;
? Noble Mineral Resources (NMG) for its change of status to producer, low cost and strong exploration appeal around its existing reserves;
? Integra Mining (IGR) for its low cost and expanding gold production and its good exploration appeal.
The explorer favourites:
? PMI Gold Corp (PVM) for its re-rating potential as the company moves down the feasibility study route, and for its ongoing active drilling program which should deliver constant news flow;
? Dampier Gold (DAU) for the dividend income from projected, low-cost production;
? Havilah Resources (HAV) for ?an under-rated mix of gold, copper, cobalt and magnetite assets?;
? Mutiny Gold (MYG) for potential low cost gold production and regional exploration appeal.
[email protected].
- Forums
- ASX - By Stock
- MYG
- myg gets a mention in the australian today
myg gets a mention in the australian today
-
- There are more pages in this discussion • 47 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MYG (ASX) to my watchlist
|
|||||
Last
77.0¢ |
Change
0.020(2.67%) |
Mkt cap ! $70.43M |
Open | High | Low | Value | Volume |
77.0¢ | 77.0¢ | 77.0¢ | $3 | 4 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 2500 | 75.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
77.0¢ | 10296 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 2500 | 0.755 |
1 | 1985 | 0.750 |
1 | 6295 | 0.745 |
1 | 5000 | 0.735 |
1 | 1300 | 0.730 |
Price($) | Vol. | No. |
---|---|---|
0.770 | 10296 | 1 |
0.800 | 5000 | 1 |
0.805 | 3218 | 1 |
0.885 | 14128 | 1 |
0.940 | 11112 | 2 |
Last trade - 13.00pm 10/09/2024 (20 minute delay) ? |
Featured News
MYG (ASX) Chart |