The beaten up golds

Morgans Financial Limited

Morgans Financial Limited

The beaten up golds. Time for a rebound? The gold producers have just finished their September quarterly reports. The results suggest that cost-out initiatives are seeing a pull back in mining costs, but on the flip side all-in-sustaining costs realistically haven't changed for 18 months as orebodies mature and the need to re-invest capital to access more remote orebodies increases, adding significantly to the all-in-cost of production. The Australian dollar gold price pulled back by less than 8% over the last month, but equities have dropped by 30-50%, so we think at some stage investor sentiment has to catch up with reality. Our preference remains with the larger mid-tier producers including Regis Resources (RRL), Evolution Mining (EVN) and Saracen Mineral Holdings (SAR). More detail here: (VIEW LINK)

Morgans Financial Limited
Morgans Financial Limited
Morgans Financial Limited

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.

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