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Aussie gold punches through A$1560 an ounce, yellow metal stocks to gain

Published: 21:00 20 Aug 2015 EDT

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ASX listed gold stocks will be front and centre on investors' minds today, following another increase in the price of gold - in the local money.

A global equity sell-off has sent spot gold to US$1155 an ounce, as at 9:30am in Sydney, Australia.

And with the AUD / USD 0.734, this prices the yellow metal at A$1560 an ounce.

At these prices expect gold producers and pending producers to start boosting their hedge books, while at the smaller exploration end keep a look out for opportunistic bids.

Many Australian domiciled gold producers have All-In-Sustaining-Costs of under A$1100 an ounce, and some several hundred dollars less than this, providing significant margins.

At the moment Evolution Mining’s (ASX:EVN) and Zijin Mining Group Co., Ltd’s (SHA:601899, HKG:2899) are competing for Phoenix Gold (ASX:PXG).

Shine will come back to the ASX-listed gold sector, it simply has to at these prices.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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