Safe-haven gold breached two-year highs, gaining as much as 8.2 percent to hit $1,358.2 an ounce, before paring gains to trade 5.21 percent higher at $1,320.61 an ounce. Gold's resurgence came after prices hit a two-week low of $1,251.16 an ounce in the U.S. session on Thursday.
Naeem Aslam, chief market analyst at Think Forex in London, said
"The precious metal is on fire and it is the real winner of Brexit situation," Aslam said. "Investors are really trying to protect their investment and we are seeing some big bets coming in the market, which is pushing the metal price higher."
Analyst report has a target price of 48 cents. This was BEFORE Brexit and the accompanying rise in gold price. Conservatively, we can adjust the TP to 52 cents.....
Quite clearly CNMC is likely to report a good set of result this coming quarter.
Production level has been going up, gold prices going up and production cost
coming down. With so much uncertainties coming from Brexit, it is likely that
gold prices will hold or go upward. By how much, is anybody guess. And what's
the impact on CNMC is also anybody guess.
On my part, i am holding till after the company's presentation at the Asia Investment Forum
... 8th Scaling New Heights and after the comjpany's 2Q results.
What a sweet spot CNMC is in. With the global uncertainty and the positive impact on gold price, supported by GPM at close to 60%, CNMC is expected to ride the growth momentum.
This cash generative business, FCF yield > 12%, is superior to that of Best World.
Just a watcher wrote: Think party for CNMC is reaching the tail end. Buyers beware? Just my nagging feeling.
Right now. Bid 0.595/118.3 Ask 0.6/1,283.4. More seller than buyer.
Wish I had seen your post before today. Do you think it's OK to average down at this level (42 cents)? Appreciate your thoughts on this since you have been zhun in your very first post.
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