‘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”. A volatile week on the precious metals front with gold off 2.1% closing at US$1,789/ounce on the back of a stronger US$.
PGMs took an even bigger hit with platinum down US$70 to close at US$951/ounce and palladium (figure 1), the big mover down US$295 for the week to close at US$2,070/ounce. Base metals had a good week as China released stockpiles.
Copper finished at US$4.39/lb (it was up to US$4.44/lb at one stage during the week) and remains at strong contango around 3-4 cents.
Aluminium hit a 13-year high, nickel (figure 2), one of my favourite picks, hit a […]
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