Northern Star Resources Ltd

NST: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Gold Miners: Our Coverage Is Expensive Despite Raising Our Near-Term Gold Price Assumptions Again

Jon Mills

Apr 15, 2026

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

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Northern Star Resources Ltd

Gold Miners: Our Coverage Is Expensive Despite Raising Our Near-Term Gold Price Assumptions Again

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