Tomorrow's Fish and Chips Paper: The forgotten gold stocks of Australia

Chad Slater

Ellerston Capital

“Things can go from the impossible to the probable, without stopping at the possible”. It’s remarkable to see how the human brain adapts to the cognitive dissonance of finding out it was wrong. Gold investors have just lived through this experience in the last 3 years. Now Morphic has had little to say on Gold, having no strong view either way, preferring other assets. But a quick check of Google Trend searches for "Gold ETF" shows the rise and collapse of interest in this market. Interestingly Australian gold stocks have fared worse, despite the AUD gold price hardly falling. There is also the silver lining to the iron ore price fall: labor contractors and other costs are now much cheaper, helping cashflow. In particular we like one stock, because of the quality of its management – not something you can say about most gold mining companies, where the record of value destroying investment decisions is sadly legendary. Full article here: (VIEW LINK)


Chad Slater
Co Head Global Equities (ex-Asia)
Ellerston Capital

Chad co-founded Morphic Asset Management in 2012. As a stock picker Chad is also a generalist but has strong regional knowledge of Europe and the Americas. He has also been awarded the CFA Charter.

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