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Press release
15 Feb 2019

Further evidence of gold miners’ spring cleaning

Ned Naylor-Leyland, manager of the Merian Gold & Silver Fund at Merian Global Investors comments on the gold miners’ reporting season.

 

The reporting of year-end financial results from gold mining companies Goldcorp, New Gold, Gold Fields and Agnico Eagle this week contained significant asset write downs, which we believe is a proxy for a continuation of spring cleaning in the sector. This tidying up of balance sheets reduces the risk of companies disappointing the market by adjusting asset values later. We believe this will increase confidence in the sector.

“Furthermore, alongside the M&A activity seen in the gold majors of late, this balance sheet adjustment supports our contention that a secular bull market for gold and gold miners is underway, spurred on by the U-turn in US Federal Reserve guidance.

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