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Australian gold miners storm higher

The market may have started the week with a drop lower following a sell-off in the U.S. overnight, but that hasn’t stopped the gold miners from storming higher.

At the time of writing the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) has pushed 1.7% higher compared to the S&P/ASX 200’s 0.1% decline.

Here is the state of play in the gold industry at lunch:

  • The Beadell Resources Ltd (ASX: BDR) share price has jumped nearly 8% to 8.4 cents.
  • The Evolution Mining Ltd (ASX: EVN) share price is up over 3% to $3.12.
  • The Newcrest Mining Limited (ASX: NCM) share price is 2% higher to $19.94.
  • The Northern Star Resources Ltd (ASX: NST) share price has climbed almost 1% to $6.33.
  • The OceanaGold Corporation (ASX: OGC) share price is up 0.5% to $3.53.
  • The Perseus Mining Limited (ASX: PRU) share price has climbed 3.5% to 48 cents.
  • The Resolute Mining Limited (ASX: RSG) share price is 3.5% higher at $1.29.
  • The Regis Resources Limited (ASX: RRL) share price is up over 2% to $4.63.
  • The Saracen Mineral Holdings Limited (ASX: SAR) share price has climbed 1.5% to $1.80.
  • The St Barbara Ltd (ASX: SBM) share price has pushed 3% higher to $4.10.

What happened?

While Newcrest was given a boost after announcing that it has resumed processing at its key Cadia operation and Beadell Resources was given a lift after providing an update on its Tucano plant upgrade, the main catalyst for this gain has been a rise in the gold price.

At present the spot gold price is up over 1% since the start of April to US$1,334 an ounce.

It has been on the rise amid renewed concerns over President Trump’s trade tariffs and also a flight to safety after the sell-off in U.S. equities overnight.

Although I am a gold bear, I’ll happily admit that if Trump keeps behaving as he has then I wouldn’t be at all surprised to see the gold price climb higher.

Still, I would sooner by these hot stocks than the gold miners.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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