Are We Heading into a Golden Age?
ASX gold companies have tripled in value, now outranking household names as investors rush to the ultimate hedge.
This surge excludes Newcrest Mining, previously Australia's largest listed gold company, taken over by Newmont Corporation in late 2023. Newmont's market capitalisation has increased from $70bn to $165bn.
- Nine gold companies are now listed on the ASX with a market capitalisation of over $5bn, up from two at the end of 2023.
- These companies, many not household names, have a market capitalisation exceeding that of companies like Treasury Wines, Bank of Queensland, and Ansell.
The move in the gold price has been extraordinary, gaining US$1000 (32%) in less than 2 months and US$2,500 (141%) in the last two years.
This rapid rise is driving the growth of ASX gold companies.
Author's summary: Gold companies triple in value, driven by a rapidly rising gold price.