Guy on Rocks: Gold, lithium, uranium, copper … all these resources stocks are undervalued, and due a correction

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‘Guy on Rocks’ is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his “hot stocks to watch”. Market Ructions: Gold tests record highs

Last week was gold’s second highest close at US$2,050/oz finishing at US$2,018/oz, still up 1.5% in a volatile week for markets (figure 1).

Silver closed at US$25.66/oz up 2.5% while PGMs moved in the other direction driven by fears of recession with platinum down 1.4% to US$1,059/oz and palladium off almost 7% to close the week at US$1,421/oz Figure 1: 10-year gold spot price. (Source: www.kitco.com, 8 May 2023). Copper had a slight loss closing down 1 cent to $3.87/lb but remains in a 1.5% contango for the […]

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