How Are Share Prices Of Evolution Mining Conceding With The Gold Movement?

How Are Share Prices Of Evolution Mining Conceding With The Gold Movement?

Gold prices started dropping since early 2019, which in turn, caused the Australian Stock Exchange-listed miner- Evolution Mining Limited (ASX: EVN) to correspond with the prices. The gold prices plunged from the level of US$1346.79 (Day’s high on 20th February 2019) to the US$1280.93 (Day’s low on 7th March 2019) initially.

The factor which contributed significantly to the fall was the progressive trade-talks between the two significant economies of the world, i.e., the United States and China. The trade-talks raised optimism among market participants over the improvement in the global economic conditions, which as per the latest report from the International Monetary Fund, is deteriorating. The progressive trade talks contributed towards an improvement in the global economic figures, which in turn exerted pressure on gold prices.

The shares of the Evolution Mining undermined the fall in gold prices, and the share prices of the company started to move in a downtrend from the level of A$3.900 (Day’s high on 20th February 2019) to the level of A$3.330 (Day’s low on 5th March 2019).

After the initial drop in gold prices to the level of US$1280.93, the prices started recovering amid global cues such as Eurozone crisis, falling of long-term bond yield below short-term yield, and failure of U.S-North Korea summit, etc.

In the wake of such events, the gold prices recovered to the level of US$1324.57 (Day’s high on 25th March 2019), and the share prices of Evolution Mining took the course upside and made a high of A$3.830 (Day’s high on 28th March 2019).

After that, the gold prices took a jab over the improved manufacturing activities in China and the United States, the better job creation in the United States and Trump’s demand for slashing the interest rate.

The gold prices nose-dived from US$1324.57 to the level of US$1266.35 (Day’s low on 2nd May 2019). Correspondingly, the share prices of Evolution Mining plunged to the same depth, falling from the level of A$3.830 to the level of A$3.040 (Day’s low on 3rd May 2019).

At the present status quo, the gold prices started recovering amid Trump’s roar over tariff increase, and further confirmation of the increment in tariff on $200 billion worth of Chinese goods from 10 to 25 per cent. The prices of the safe-heaven improved from the level of US$ 1266.35 to the present high of US$1288.01 (as on 8th May GMT-4, 3:34 AM New York time)

The market participants correspondingly saw the share prices of the company recovering from its recent low of A$3.040 to the present high of A$3.260 (as on 8th May 2019 AEST).

The gold yearly rate of return stands around -2.24% (on a closing basis from 7th May 2018 to 7th May 2019), while the annual return on the shares of the company stands at -4.53%.

Investors may further monitor how the company responds to the needle moving on the gold price movement.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report