Gold and Copper Prices to Continue Rising: Bell Potter
Bell Potter's senior resources analyst David Coates is optimistic about gold and copper prices, which are currently high. According to Coates, the metals have strong fundamentals that support their growth.
The average all-in sustaining costs for Australian miners in the June quarter were A$2768/oz, making it highly profitable. Coates sees reason to remain bullish on gold despite recent fluctuations, attributing it to 'noise' from global events like the Iran war.
Bell Potter forecasts that gold will reach US$4900/oz in the medium term and US$4600/oz over the long term.
The analyst's top picks for junior and mid-tier gold stocks include Evolution Mining, Capricorn Metals, and Aurum Resources. He notes that these companies have solid growth potential and are undervalued compared to their peers.