PDI Chart and T/A, page-1376

IMO - I expect that we will remain range bound between 24 & 29c until the exploitation is granted. I hope I'm wrong, but I think it needs that catalyst to get the SP over the mark. News of the lifting of suspension of all mining related permits would certainly be helpful. Then there is the Santa rally not too far away. If the permit is granted Q3, that combined with high gold price & the Santa rally will be formidable for the share price - then there will be the inevitable bidding for a take over. I can't see gold pulling back at all, if anything probably lifting. Re gold - comments from Angus Geddes (FatProphets) this morning.

A weaker US dollar is supporting commodities and precious metals, which will, in my view, drive the next leg of a bull market. I expect imminent new highs in gold and silver and for other commodities, including copper, to soon reassert their topside. Whilst AI and mega cap tech names have dominated the market, the “bull could become golden” if lagging precious metal miners soon play significant catch-up.

Gold has performed strongly in recent weeks, rising above $2600 for the first time in history. A lot of the positive price action is being driven by expectations of Fed rate cuts, with further cuts likely to follow into year end. Whilst central bank buying has done much of the heavy lifting in recent years, I believe that financial flows from retail and institutional investors are likely to soon accelerate. ETF’s of physical gold and precious metal shares have been under pressure with outflows for much of this year, but this could be on the cusp of reversing.

In a recent note, Goldman Sachs said, “Western investors, whom have been largely absent as buyers in recent years, could soon enter the market. In this softer cyclical environment, gold stands out as the commodity where we have the highest confidence in near-term upside.” Goldman has a $US2700 price target by early next year.

The A$ spot gold price has made a new record high touching $3840. The $4000 level is now within sight as gold looks to reassert on the topside over the coming months.


The ASX All Ordinaries Gold Index has broken out above key overhead resistance at 7,500, with upward momentum reasserting to lift the index to 8,600. The scope is raised for a retest of the record highs above 9,500 over the coming months.