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.
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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
