Gold prices are soaring after the Silicon Valley Bank collapse
Nick Sundich, March 14, 2023
Gold prices have a reputation for doing well in times of economic uncertainty, at least in theory. This has not held true for most of the last couple of years, although it has been a different story in recent days.
No time to do stock research, but you still want to invest?
Stocks Down Under Concierge gives you timely BUY and SELL alerts on ASX-listed stocks!
With price targets, buy ranges, stop loss levels and Sell alerts too.
GET A 3-MONTH FREE TRIAL TO CONCIERGE TODAY
Why gold prices have been doing well
Gold prices have rebounded in the past few days after the collapse of Silicon Valley Bank, reaching 4-week highs overnight.
Also helping the cause has been increasing scepticism that a so-called ‘soft landing’ (Namely lowering inflation without a recession) can be achieved by central banks.
Spot gold price, log scale (Source: TradingView)
ASX gold stocks are benefiting from higher gold prices too
Naturally, investors are flocking to gold stocks as the biggest beneficiaries of high gold prices. So several are gaining
One company with individual news was Newcrest (ASX:NCM) which gave an exploration update on its East Ridge prospect, near its Red Chris Mine in Canada.
Newcrest enhanced its exploration target to between 400MT @ 0.42g/t gold and 0.49% copper for 5.4Moz gold and 1.9Mt copper, and approximately 500Mt @ 0.39g/t gold and 0.47% copper for 6.1Moz gold and 2.3Mt copper.
Evolution Mining (ASX:EVN) was another company that is benefiting even though it hasn’t had good news of late.
The company’s Ernest Henry operation was hurt by a regional weather event and it has suspended production activities as a consequence.
Nonetheless, broker Macquarie raised the target price by 12% and raised it from underperform to neutral.
Stocks Down Under Concierge gives you timely BUY and SELL alerts on ASX-listed stocks!
With price targets, buy ranges, stop loss levels and Sell alerts too.
GET A 3-MONTH FREE TRIAL TO CONCIERGE TODAY
No credit card needed and the trial expires automatically.
Blog Categories
Recent Posts
5 ASX Health stocks to add to your porfolio
5 ASX Health Stocks Stuart Roberts from Stocks Down Under discussed the potential promise of biotech, sharing his perspectives about…
BHP wants to buy Anglo American, but what would the potential $60bn deal mean?
In what was meant to be a quiet week on the markets, investors learned yesterday that BHP wants to buy…
Here are 5 ASX resources juniors with projects in unusual locations
ASX resources juniors live and die by many things, but project location is one of them. The majority have projects…