Theme
Precious & Industrial Metals
Gold, silver and copper — the miners and the metal.
4 covered names · ranked by upside
Equity Research
AngloGold Ashanti (AU)
SELL. 12-month probability-weighted target $87 (-19% vs spot). P/E Multiple explains 76% of Monte Carlo outcome variance.
Equity Research
Newmont Corporation (NEM)
SELL. 12-month probability-weighted target $106 (-17% vs spot). P/E Multiple explains 83% of Monte Carlo outcome variance.
Precious & industrial metals · Research note
Twenty years of gold, silver & copper — and the ten-year theses that follow.
Gold compounded at 16.2% in rand over 21 years; the rand is both a return engine and a shock absorber. Four theses for the decade.
Sector Research
Gold Producers: Bull & Bear Case
The structural bull case for gold producers over five years, underpinned by central bank demand, fiscal dominance, and supply constraints. Five tickers with differentiated trading strategies and defined entry criteria.