Gold’s rally ran out of puff this week, with the precious metal dropping about 2% below ~$1US1,870/oz at Thursday close.
Kitco’s Jim Wyckoff calls it “routine profit taking”.
“Importantly, the price uptrend in gold on the daily chart remains in place, and the bulls are still in firm technical control,” he says.
Even if a stronger-than-expected US jobs report continues to put pressure on the price, Wyckoff reckons it is unlikely we will see $1,700/oz again in the near future.
“I’m not too worried if I’m a gold market bull, just yet.”
Winners & Losers
Here’s how ASX-listed gold & silver stocks are performing:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop
MetalsTech (ASX:MTC) led the winners with a one of the most impressive gold intercepts of 2021 – 70m at 9.23g/t.
Strickland Metals (ASX:STK) now owns 100% of the ‘Horse Well’ project after buying out minority partner Silver Lake Resources (ASX:SLR) for $1.7m.
Alicanto Minerals (ASX:AQI) sold a non-core gold project for $5.1m to help to fund ‘aggressive’ exploration at the Greater Falun project in Sweden.
A new survey uncovered two 600-800m long, 100-150m wide anomalies at Newpeak Metals (ASX:NPM) Las Opeñas gold project in Argentina. Best intercepts from historic drilling appear to have hit the edges of these anomalies, the company says.
Canada-based explorer Aston Minerals (ASX:ASO) gained after high profile investor Tolga Kumova increased his stake.
Artemis Resources (ASX:ARV) raised $7m to accelerate drilling at the ‘Paterson Central’ and ‘Carlow Castle’ gold-copper projects.
And Matador Mining (ASX:MZZ) increased its landholding in the red hot gold jurisdiction of Newfoundland, Canada — one of North America’s most exciting jurisdictions for gold exploration, largely due to the recent high-grade ‘Queensway’ gold discovery by TSX-listed New Found Gold.
Since listing in August last year, New Found has rocketed ~675% from $1.54 to $11.96 per share on insane intersections at Queensway, like 26.5m at 146g/t gold.
High profile, high grade mine developer Bellevue Gold (ASX:BGL) has been on a downtrend since hitting $1.49 per share in November last year.
In February, it released a project Feasibility Study (FS) – a detailed look at whether a project is economic to build — which the market did not like. Why? Probably the short mine life of 7.4 years.
Simon Popple said it was oversold. Here’s why.
>> any ASX gold stocks missing from our list? Email [email protected]
The post Gold Digger: ASX gold stocks making gains on good news stories appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.