Pinned straw:
02-May-2024: Annual Resources, Reserves and Exploration Update [489 pages]
Market Like.
NST closed at $15.10 on Friday and have been down every day this week (Mon, Tues & Wed) prior to today (Thurs 2nd May), with the worst day being yesterday when NST's SP dropped -51 cents (-3.41%), so good to see some claw-back today on the back of this annual Reserves, Resources and Exploration update.
Since that low point in early October (@ around $10/share), NST have been in a decent uptrend, which is not surprising given what the gold price has done and that NST is Australia's largest gold mining company.
Some people may think gold has peaked for now based on yesterday's sector sell down...
Source: MarcusToday daily EOD newsletter yesterday, Wednesday 1st May 2024.
But today Gold and Financials are the best sectors - leading the market back up.
Source: MarcusToday, mid-day email, Thursday 2nd May 2024 [so middle of the trading day snapshot]
Consumer Staples are the worst sector today mostly due to the market selling Woolies (WOW) down by around -4% on the back of their Third-Quarter-Sales-Results.PDF.
The gold price has certainly dropped back from its recent all-time highs, but I doubt that the rally is done yet, I would expect this is more a pause in a continuing uptrend. But you never know.
Slideup
@Bear77, it definitely looks like the gold price has broken out of its $US1800-2000 trend channel and is comfortably in the $2200-2400 range. It took a few attempts but it got there in the end. It's also a good time for any unhedged or minimally hedged Australian gold miners with the local price at AUS$3500-3700/oz. I still think a lot of these still have a ways to run yet. Its almost the perfect set up for them labor costs coming off and gold price going up.