全球基础材料行业-全球黄金采矿：黄金股票周期——周期是否破裂？-2021.5.3-24页

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全球基础材料行业-全球黄金采矿：黄金股票周期——周期是否破裂？-2021.5.3-24页

# 基础材料 # 黄金采矿 # 股票大小：0.67M | 页数：24 | 上架时间：2021-05-13 | 语言：英文

全球基础材料行业-全球黄金采矿：黄金股票周期——周期是否破裂？-2021.5.3-24页.pdf

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全球基础材料行业-全球黄金采矿：黄金股票周期——周期是否破裂？-2021.5.3-24页.pdf

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类型: 行研

上传者: FF

撰写机构: 瑞银

出版日期: 2021-05-03

摘要：

Updating our work from Boom-bustology – Cycle 10 is now 32 months old. In March the Miners' index was down ~30% from the July peak but has recovered ~10% since then. We currently see signs of unit cost inflation, sustaining capex inflation, new growth capex and M&A (note). Rising yields in the US are weighing on gold currently and could push the Miners firmly into bust phase should gold prices resume their downward trend. Value is scare at this stage with our remaining Buys in the sector being: AngloGold, Barrick, Harmony and Polyus.

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