On June 8th, we posted a report on Gold just as the spot price was about to break back above $1300.00 for the first time since last November.
Instead, the yellow metal failed at resistance and has rotated lower finding support at the $1240.00 level.
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In that same report, we commented on how the share price of NCM was lagging behind the spot price due to supply concerns from the idle Cadia mine in NSW.
At this point, the spot Gold price and the share price of NCM seem more in sync with both slowly moving back above key resistance levels.
With local stock valuations still very high, we suggest investors look to increase exposure to Gold. We recently took profits in EVN at $2.50 and will look to re-position over the near-term.
We also suggest investors can look to buy the BetaShare Gold ETF with the symbol: QAU.
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Evolution
BetaShare Gold ETF: QAU
