Newcrest Firms As Spot Gold Continues to Climb
As global markets become more concerned about the impact of US tariffs and the escalation of trade disputes, the price of Spot Gold has firmed back to the $1340 level in late NY trade.
Our preferred local gold stock to buy is Newcrest, which has recovered smartly from the $21.20 low last week to reach $22.20 in early trade today.
The correlation between Spot Gold and NCM has been around 70% over the last 6-months.
As such, we would expect a break of the $1350 level in the spot price to correspond to just under $23.00 for NCM.
Newcrest was added to our Top 50 Model portfolio on December 13th at $22.10.
Newcrest Mining