Ranking JSE gold miners as the yellow metal is on the move

US Treasury Secretary Scott Bessent is selling short-dated paper and buying long in an attempt to force the 10 and 30-year yields lower.

Simon Brown explains why fighting a market rarely ends well, and what that trade has already done to gold and the rand.

With gold back at $4,630 and the rand at R16, he then works through all five JSE-listed gold miners — Pan African, DRDGOLD, Harmony, Gold Fields and AngloGold Ashanti — comparing production, all-in sustaining costs, balance sheets and analyst price targets, before ranking them and setting out the specific red flag attached to each.

He closes with two JSE stocks moving the wrong way: Naspers and Clicks.

Topics: US Treasury yields, gold price, rand gold price, JSE gold miners, all-in sustaining costs, hedging and collars, Ghana mining leases, Naspers, Clicks.

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