Commodities● Neutral
ASX Gold Stocks Jump After China Halts Retail Paper Gold Trading
Capricorn Metals lifts reserves 33% to 5.2M oz; Evolution bids $213M for Carnaby; Westgold shows technical strength. Analysts flag upside as gold recovers.
Continue with
Gold stocks on the ASX got a lift after China moved to halt certain retail paper gold trading products, a decision that Wealth Within analysts said could push more demand into physical bullion and the miners that produce it.
Capricorn Metals (CMM) led the pack. The company said its gold reserves jumped 33% to more than 5.2 million ounces, putting it on track to boost production sharply in the coming years. Wealth Within analysts Filip Tortevski and Pedro Banales, speaking in a video presentation, called Capricorn one of the ASX gold stock leaders to watch.
Evolution (EVN) announced a proposed $213 million acquisition of Carnaby, adding copper and gold development projects to its pipeline. The deal creates operational synergies that could push the stock to levels not seen in over a year, the analysts said.