Gold Digger: Gold’s fundamentals remain strong as investors seek shelter from the economic storm

The fundamentals for gold remain strong heading into the second half of 2025, according to the World Gold Council.

Investors are stocking up on gold to seek shelter from the economic storm right now. Pic: Getty Images

• Safe haven demand has sent gold prices up 26% in the first six months of 2025

• Even in a bear case, the World Gold Council suggests there is natural support at US$3000/oz

• If economic conditions deteriorate, gold could run 10-15% higher still in H2

Anno Domini, anything goes in 2025 for gold with Bombs Over Baghdad (well not Baghdad, but all around it, it seems) sending the precious metal on a rocket to all time highs.

We've caught our breath after the first round of Trump Admin tariffs and war in the Middle East sent bullion to US$3500/oz in April.

But the precious metal is still 26% up through the first six months of the year and, as noted by the World Gold Council in its mid-year review this week, it's outperformed every asset major class there is, at least from an American-Eurocentric perspective.

Pic: WGC

All up, the WGC has counted some 26 new all time highs through the first half of 2025, following on from 40 in 2024.

Gold's attractiveness in times of crisis has been a major factor, with trade wars and concerns over the US economy sending investors flocking from US Treasuries for safe haven.

The US Dollar has had its worst start to a year since 1973.

"Conversely, gold ETF demand was particularly strong in the first half of the year, led by notable inflows from all regions," the WGC said in its report.

"By the end of H1 the combination of a surging gold price and investor flight to safety pushed global gold ETF’s total AUM 41% higher to US$383bn.

"Total holdings rose by an impressive 397t (equivalent to US$38bn) to 3,616t – the highest month-end level since August 2022."

While central bank demand doesn't look as strong as it did in the past three years, it will remain above long term averages.

"At the same time, central bank demand is likely to remain robust in 2025, moderating from its previous records while staying well above the pre-2022 average of 500-600t."

So where to from here?

The WGC doesn't predict prices.

But it has analysed the likelihood of various economic scenarios playing out.

In the bull case global economic conditions could deteriorate, with gold benefitting from "lower interest rates and dollar weakness given growing concerns around US economic leadership and policy uncertainty."

That would likely prompt a resurgence in central bank buying to diversify holdings away from paper currency and the Greenback, while gold ETFs have some slack.

While high prices have been a deterrent, it's worth noting at 3616t, physical ETF holdings are shy of the 2020 peak of 3925t.

The current bull cycle has seen 500t of additions and 400t of accumulation in the past six months alone. Previous bull cycles have seen ETFs amass 700-1100t, the WGC notes.

A bull case could add a further 10-15% to gold in H2 for a 40% gain, eclipsing the percentage gain across 2024.

A bear case, which would likely follow some form of risk resolution in terms of geopolitical and trade conflict (as remote as our dreams of firing Elon Musk off to Mars with only a Grok chatbot to keep him company), could lead to a 12-17% reduction in the gold price.

Never fear ASX gold investors. That still hits a comfy natural support level of US$3000/oz. If you're not making money at that price your mine is not worth its salt.

"In all, given the intrinsic limitations of forecasting the global economy, we believe that gold – through its fundamentals – remains well positioned to support tactical and strategic investment decisions in the current macro landscape," the report authors concluded.

The factors that could affect the gold price in the second half. Pic: WGC

Winners and losers

Here’s how ASX-listed precious metals stocks are performing:

CODE	COMPANY	PRICE	WEEK %	MONTH %	6 MONTH %	YEAR %	YTD %	MARKET CAP
MRR	Minrex Resources Ltd	0.008	0%	0%	0%	-20%	14%	$ 8,678,940.02
NPM	Newpeak Metals	0.021	0%	62%	31%	31%	91%	$ 9,018,008.47
MTC	Metalstech Ltd	0.14	8%	0%	-3%	-42%	0%	$ 28,177,419.51
GED	Golden Deeps	0.023	10%	0%	0%	-39%	-8%	$ 4,073,891.12
G88	Golden Mile Res Ltd	0.009	-18%	-31%	13%	-10%	0%	$ 4,898,230.70
LAT	Latitude 66 Limited	0.037	-3%	23%	-5%	-74%	-3%	$ 5,305,826.09
NMR	Native Mineral Res	0.155	-6%	-30%	244%	675%	297%	$ 137,011,284.06
AQX	Alice Queen Ltd	0.004	0%	0%	-56%	-43%	-50%	$ 5,538,784.76
SLZ	Sultan Resources Ltd	0.006	0%	20%	-25%	-25%	0%	$ 1,388,819.46
KSN	Kingston Resources	0.135	-4%	4%	73%	73%	90%	$ 112,501,868.36
AMI	Aurelia Metals Ltd	0.2	0%	-35%	5%	-5%	18%	$ 330,051,664.80
GIB	Gibb River Diamonds	0.035	9%	0%	-10%	-13%	-13%	$ 7,507,830.58
KCN	Kingsgate Consolid.	2.46	-2%	1%	82%	47%	91%	$ 616,026,543.88
TMX	Terrain Minerals	0.0025	-17%	0%	-38%	-17%	-17%	$ 6,329,535.68
BNR	Bulletin Res Ltd	0.056	-5%	-7%	44%	24%	44%	$ 17,910,412.70
NXM	Nexus Minerals Ltd	0.065	-7%	-21%	38%	71%	44%	$ 43,470,692.14
SKY	SKY Metals Ltd	0.078	28%	81%	47%	123%	44%	$ 49,114,418.45
LM8	Lunnonmetalslimited	0.22	2%	-8%	6%	38%	-12%	$ 49,641,339.15
CST	Castile Resources	0.057	0%	2%	-19%	-29%	-29%	$ 17,121,920.48
YRL	Yandal Resources	0.15	-12%	43%	3%	-3%	-14%	$ 52,569,946.94
FAU	First Au Ltd	0.004	14%	0%	100%	100%	100%	$ 6,228,873.83
ARL	Ardea Resources Ltd	0.42	0%	6%	25%	-14%	27%	$ 90,477,553.45
GWR	GWR Group Ltd	0.115	17%	26%	35%	44%	44%	$ 33,978,698.78
IVR	Investigator Res Ltd	0.028	17%	-10%	12%	-45%	40%	$ 48,515,961.51
GTR	Gti Energy Ltd	0.004	0%	0%	0%	0%	14%	$ 12,981,291.82
IPT	Impact Minerals	0.008	14%	33%	-26%	-44%	-15%	$ 27,953,309.78
BNZ	Benzmining	0.58	4%	26%	45%	330%	68%	$ 110,501,390.72
MOH	Moho Resources	0.005	25%	25%	25%	0%	0%	$ 3,727,070.14
BCM	Brazilian Critical	0.015	50%	36%	67%	0%	67%	$ 20,968,531.76
PUA	Peak Minerals Ltd	0.058	0%	205%	444%	1344%	648%	$ 165,717,313.53
MRZ	Mont Royal Resources	0.041	0%	0%	8%	-38%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.027	8%	42%	-25%	-4%	-25%	$ 4,830,972.98
MVL	Marvel Gold Limited	0.013	0%	0%	63%	117%	44%	$ 18,111,154.14
PRX	Prodigy Gold NL	0.002	0%	0%	0%	12%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.005	0%	0%	0%	25%	67%	$ 11,895,340.08
CWX	Carawine Resources	0.095	-2%	0%	-5%	10%	-5%	$ 22,431,917.66
RND	Rand Mining Ltd	1.9	2%	-9%	25%	30%	25%	$ 106,926,806.68
CAZ	Cazaly Resources	0.02	-9%	-5%	54%	-5%	43%	$ 8,764,756.83
BMR	Ballymore Resources	0.175	13%	-8%	52%	9%	46%	$ 35,346,117.00
DRE	Dreadnought Resources Ltd	0.011	5%	-8%	0%	-48%	-8%	$ 55,874,500.00
ZNC	Zenith Minerals Ltd	0.036	6%	20%	3%	-29%	-10%	$ 18,001,486.90
REZ	Resourc & En Grp Ltd	0.019	-10%	19%	-42%	15%	-17%	$ 14,201,979.17
LEX	Lefroy Exploration	0.13	24%	24%	88%	63%	86%	$ 31,052,517.25
ERM	Emmerson Resources	0.135	4%	-4%	73%	114%	75%	$ 82,630,454.27
AM7	Arcadia Minerals	0.021	17%	31%	-9%	-45%	11%	$ 2,465,052.09
ADT	Adriatic Metals	5.91	3%	9%	46%	73%	52%	$ 1,775,635,876.45
AS1	Asara Resources Ltd	0.056	17%	4%	167%	460%	195%	$ 61,665,959.49
CYL	Catalyst Metals	4.9	-6%	-22%	42%	180%	90%	$ 1,185,897,171.69
CHN	Chalice Mining Ltd	1.84	9%	17%	49%	52%	67%	$ 696,357,950.52
KAL	Kalgoorliegoldmining	0.04	-9%	-9%	167%	33%	122%	$ 15,650,073.06
MLS	Metals Australia	0.02	18%	18%	-17%	0%	-13%	$ 12,388,231.91
ADN	Andromeda Metals Ltd	0.011	-8%	-8%	83%	-50%	57%	$ 41,968,474.49
MEI	Meteoric Resources	0.155	24%	19%	67%	15%	82%	$ 350,604,417.30
SRN	Surefire Rescs NL	0.002	0%	0%	-20%	-60%	-32%	$ 6,457,218.50
WA8	Warriedarresourltd	0.105	-5%	-9%	110%	36%	139%	$ 129,393,960.19
HMX	Hammer Metals Ltd	0.029	-9%	-17%	-12%	-28%	-12%	$ 23,081,726.20
WCN	White Cliff Min Ltd	0.025	9%	14%	25%	67%	56%	$ 55,507,881.36
AVM	Advance Metals Ltd	0.044	10%	-8%	16%	52%	29%	$ 11,131,463.03
ASR	Asra Minerals Ltd	0.002	0%	0%	-33%	-67%	-33%	$ 8,000,396.02
ARI	Arika Resources	0.044	22%	16%	57%	120%	63%	$ 34,445,969.27
CTO	Citigold Corp Ltd	0.004	0%	0%	0%	-20%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.585	8%	0%	27%	43%	21%	$ 422,790,424.88
M2R	Miramar	0.004	0%	33%	0%	-50%	33%	$ 3,987,293.14
MHC	Manhattan Corp Ltd	0.02	-5%	-9%	-29%	-20%	5%	$ 4,932,876.86
GRL	Godolphin Resources	0.012	20%	9%	-8%	-29%	-17%	$ 5,162,043.09
SVG	Savannah Goldfields	0.02	11%	11%	14%	-37%	9%	$ 23,973,117.82
EMC	Everest Metals Corp	0.135	0%	-7%	0%	13%	0%	$ 30,257,719.43
GUL	Gullewa Limited	0.069	1%	-7%	23%	-5%	23%	$ 15,043,529.87
CY5	Cygnus Metals Ltd	0.087	-1%	-7%	-33%	38%	-13%	$ 95,693,596.02
G50	G50Corp Ltd	0.26	16%	93%	86%	44%	68%	$ 43,361,367.93
ADV	Ardiden Ltd	0.16	-3%	10%	14%	19%	19%	$ 10,002,800.96
AAR	Astral Resources NL	0.155	3%	-14%	11%	87%	15%	$ 226,883,100.64
VMC	Venus Metals Cor Ltd	0.11	5%	-4%	57%	38%	64%	$ 23,535,441.96
NAE	New Age Exploration	0.0035	17%	0%	-13%	-13%	0%	$ 8,117,734.22
VKA	Viking Mines Ltd	0.006	0%	0%	-33%	-33%	-25%	$ 8,063,692.49
LCL	LCL Resources Ltd	0.006	0%	-14%	-40%	-33%	-40%	$ 7,195,542.91
MTH	Mithril Silver Gold	0.515	17%	3%	23%	203%	29%	$ 72,254,170.89
ADG	Adelong Gold Limited	0.005	0%	0%	-17%	0%	11%	$ 13,492,060.04
RMX	Red Mount Min Ltd	0.008	-16%	-20%	-11%	-20%	-11%	$ 4,602,141.26
PRS	Prospech Limited	0.024	4%	33%	-11%	-37%	-17%	$ 9,091,821.29
TTM	Titan Minerals	0.325	7%	-14%	-16%	-34%	-14%	$ 83,425,825.92
AKA	Aureka Limited	0.095	-14%	-27%	-47%	-99%	-30%	$ 12,478,977.82
AAM	Aumegametals	0.033	10%	3%	-15%	-40%	-21%	$ 20,539,843.43
KZR	Kalamazoo Resources	0.1	15%	12%	30%	25%	35%	$ 21,281,171.15
BCN	Beacon Minerals	1.205	18%	4%	21%	12%	37%	$ 121,510,365.05
MAU	Magnetic Resources	1.42	-1%	-12%	15%	15%	29%	$ 389,096,304.55
BC8	Black Cat Syndicate	0.82	6%	-13%	12%	110%	45%	$ 573,113,006.82
EM2	Eagle Mountain	0.006	20%	0%	-40%	-88%	-33%	$ 6,810,223.73
EMR	Emerald Res NL	3.75	2%	-21%	5%	-7%	15%	$ 2,411,446,350.18
BYH	Bryah Resources Ltd	0.007	17%	-42%	75%	40%	133%	$ 6,789,674.65
HCH	Hot Chili Ltd	0.655	10%	19%	-11%	-31%	-6%	$ 93,237,877.58
WAF	West African Res Ltd	2.25	-3%	-3%	38%	46%	57%	$ 2,530,721,898.18
MEU	Marmota Limited	0.039	-3%	-3%	-32%	-13%	0%	$ 45,953,925.81
NVA	Nova Minerals Ltd	0.26	-12%	-29%	-20%	18%	-30%	$ 102,699,328.42
SVL	Silver Mines Limited	0.145	21%	21%	77%	-12%	86%	$ 276,692,308.80
PGD	Peregrine Gold	0.185	-5%	3%	37%	-3%	32%	$ 16,121,070.79
ICL	Iceni Gold	0.064	3%	-3%	-18%	-12%	-10%	$ 23,001,192.93
FG1	Flynngold	0.03	-6%	-14%	7%	30%	20%	$ 11,739,494.10
WWI	West Wits Mining Ltd	0.02	3%	-17%	25%	25%	43%	$ 64,294,361.35
RML	Resolution Minerals	0.065	41%	48%	491%	171%	442%	$ 41,676,766.74
AAJ	Aruma Resources Ltd	0.009	13%	-18%	0%	-31%	-25%	$ 2,623,524.20
HWK	Hawk Resources.	0.019	0%	36%	-17%	-47%	-14%	$ 4,876,730.08
GMNDA	Gold Mountain Ltd	0.11	10%	120%	10%	-27%	-27%	$ 12,925,446.28
MEG	Megado Minerals Ltd	0.043	41%	258%	207%	402%	153%	$ 25,181,647.22
HMG	Hamelingoldlimited	0.068	8%	-18%	13%	-35%	6%	$ 13,484,642.83
BM8	Battery Age Minerals	0.062	15%	22%	-35%	-56%	-41%	$ 9,259,911.20
TBR	Tribune Res Ltd	4.77	0%	-3%	11%	24%	11%	$ 250,272,727.29
FML	Focus Minerals Ltd	0.375	6%	-3%	79%	163%	121%	$ 113,190,664.78
VRC	Volt Resources Ltd	0.005	43%	11%	67%	11%	67%	$ 16,396,972.94
ARV	Artemis Resources	0.005	0%	-9%	-38%	-50%	-38%	$ 12,678,360.83
HRN	Horizon Gold Ltd	0.52	-2%	-10%	8%	86%	8%	$ 75,316,759.96
CLA	Celsius Resource Ltd	0.007	0%	0%	-36%	-46%	-36%	$ 21,948,419.16
QML	Qmines Limited	0.046	-4%	21%	-25%	-21%	-15%	$ 22,061,893.30
RDN	Raiden Resources Ltd	0.004	0%	-20%	-50%	-85%	-64%	$ 15,529,011.49
TCG	Turaco Gold Limited	0.47	-3%	-3%	59%	92%	84%	$ 479,080,192.80
KCC	Kincora Copper	0.054	4%	42%	80%	-5%	100%	$ 12,934,629.84
GBZ	GBM Rsources Ltd	0.023	53%	254%	156%	188%	188%	$ 31,148,944.42
DTM	Dart Mining NL	0.003	0%	0%	-73%	-83%	-67%	$ 3,594,166.73
MKR	Manuka Resources.	0.047	5%	30%	78%	34%	72%	$ 36,676,977.44
AUC	Ausgold Limited	0.575	-1%	-19%	35%	37%	37%	$ 205,532,678.20
ANX	Anax Metals Ltd	0.007	0%	0%	-36%	-71%	-42%	$ 6,179,652.97
EMU	EMU NL	0.024	-4%	20%	-8%	-11%	-11%	$ 5,069,963.23
SFM	Santa Fe Minerals	0.33	83%	725%	931%	931%	965%	$ 21,845,636.70
PNR	Pantoro Gold Limited	3	-1%	-17%	68%	92%	96%	$ 1,178,438,799.00
CMM	Capricorn Metals	9.4	-1%	-9%	31%	72%	50%	$ 4,047,845,622.69
VRL	Verity Resources	0.026	13%	8%	67%	-33%	33%	$ 6,985,586.70
HAW	Hawthorn Resources	0.054	-5%	-2%	32%	-23%	32%	$ 18,090,843.10
BGD	Bartongoldholdings	0.7	-9%	-23%	164%	186%	186%	$ 157,248,025.90
SVY	Stavely Minerals Ltd	0.02	67%	67%	0%	-29%	18%	$ 10,336,799.77
AGC	AGC Ltd	0.16	3%	3%	10%	-53%	3%	$ 39,772,569.41
RGL	Riversgold	0.005	25%	11%	25%	-29%	25%	$ 8,418,562.97
TSO	Tesoro Gold Ltd	0.031	11%	24%	35%	-3%	55%	$ 58,425,842.00
GUE	Global Uranium	0.068	8%	0%	-4%	-22%	13%	$ 30,923,317.76
CPM	Coopermetalslimited	0.047	31%	24%	-4%	-31%	2%	$ 3,917,782.50
MM8	Medallion Metals.	0.26	4%	-4%	108%	306%	117%	$ 122,074,965.60
FFM	Firefly Metals Ltd	1.135	-1%	8%	16%	38%	23%	$ 738,438,914.45
CBY	Canterbury Resources	0.024	0%	-14%	4%	-47%	9%	$ 4,978,581.50
SLA	Solara Minerals	0.2	18%	3%	21%	-40%	122%	$ 11,596,964.60
SFR	Sandfire Resources	10.95	-1%	-7%	11%	25%	18%	$ 4,999,292,555.40
TAM	Tanami Gold NL	0.059	-2%	23%	103%	90%	97%	$ 65,805,434.58
NWM	Norwest Minerals	0.014	8%	0%	2%	-52%	17%	$ 14,525,378.43
ALK	Alkane Resources Ltd	0.65	-3%	-15%	21%	17%	27%	$ 393,602,229.80
BMO	Bastion Minerals	0.0015	0%	-5%	-52%	-68%	-52%	$ 2,372,022.36
IDA	Indiana Resources	0.088	1%	16%	38%	90%	44%	$ 57,203,188.76
GSM	Golden State Mining	0.009	29%	29%	13%	-18%	13%	$ 2,234,965.04
NSM	Northstaw	0.037	0%	17%	87%	108%	134%	$ 11,359,363.90
GSN	Great Southern	0.027	4%	23%	50%	35%	80%	$ 26,913,715.83
VAU	Vault Minerals Ltd	0.395	0%	-7%	7%	-6%	20%	$ 2,686,976,985.89
THR	Thor Energy PLC	0.01	11%	0%	-9%	-44%	-23%	$ 7,107,898.35
CDR	Codrus Minerals Ltd	0.032	7%	-16%	129%	-11%	88%	$ 5,788,562.61
MDI	Middle Island Res	0.018	-5%	-14%	20%	0%	50%	$ 5,864,679.42
WTM	Waratah Minerals Ltd	0.3	11%	-8%	107%	-2%	94%	$ 67,718,557.14
POL	Polymetals Resources	0.755	3%	-12%	-17%	165%	-5%	$ 195,503,984.21
RDS	Redstone Resources	0.004	14%	33%	33%	-20%	60%	$ 4,137,069.42
NAG	Nagambie Resources	0.017	13%	6%	6%	70%	-6%	$ 12,852,837.50
BGL	Bellevue Gold Ltd	0.92	-3%	-8%	-18%	-52%	-18%	$ 1,350,838,387.91
GBR	Greatbould Resources	0.062	2%	-17%	38%	9%	44%	$ 57,992,501.10
KAI	Kairos Minerals Ltd	0.024	-14%	-23%	71%	167%	100%	$ 63,141,892.54
KAU	Kaiser Reef	0.175	0%	-5%	3%	-3%	9%	$ 106,838,307.00
HRZ	Horizon	0.049	-2%	-4%	2%	40%	23%	$ 118,370,054.02
CDT	Castle Minerals	0.08	18%	0%	33%	-33%	33%	$ 9,164,756.03
RSG	Resolute Mining	0.655	0%	-1%	62%	-2%	66%	$ 1,383,882,508.45
EVN	Evolution Mining Ltd	7.56	0%	-11%	35%	90%	57%	$ 14,977,791,299.68
CXU	Cauldron Energy Ltd	0.01	18%	0%	-21%	-64%	-14%	$ 17,911,610.07
DLI	Delta Lithium	0.17	3%	-11%	-6%	-28%	0%	$ 107,481,268.80
ALY	Alchemy Resource Ltd	0.005	0%	0%	-29%	-38%	-29%	$ 6,479,419.41
NH3	Nh3Cleanenergyltd	0.064	28%	113%	256%	392%	256%	$ 42,003,865.07
OBM	Ora Banda Mining Ltd	0.66	-9%	-33%	-10%	47%	2%	$ 1,205,643,786.88
AVW	Avira Resources Ltd	0.007	0%	0%	-65%	-65%	-65%	$ 1,610,000.00
LCY	Legacy Iron Ore	0.009	-10%	-10%	0%	-33%	-10%	$ 87,858,383.26
PDI	Predictive Disc Ltd	0.435	1%	4%	71%	112%	89%	$ 1,153,679,641.84
MAT	Matsa Resources	0.072	14%	3%	67%	167%	106%	$ 53,952,449.98
ZAG	Zuleika Gold Ltd	0.016	14%	-16%	33%	-11%	23%	$ 11,870,078.83
GML	Gateway Mining	0.026	-4%	-16%	18%	-4%	24%	$ 11,038,147.97
SBM	St Barbara Limited	0.29	4%	-11%	18%	23%	29%	$ 303,196,975.48
SBR	Sabre Resources	0.009	-10%	0%	29%	-36%	-10%	$ 3,550,157.40
STK	Strickland Metals	0.15	0%	7%	81%	56%	76%	$ 328,042,170.57
CEL	Challenger Gold Ltd	0.081	8%	-7%	69%	42%	72%	$ 169,474,253.50
GG8	Gorilla Gold Mines	0.37	0%	-17%	53%	251%	42%	$ 232,641,390.96
NST	Northern Star	16.52	-1%	-21%	-5%	14%	7%	$ 23,342,484,107.66
OZM	Ozaurum Resources	0.081	23%	21%	170%	25%	170%	$ 18,786,353.59
TG1	Techgen Metals Ltd	0.021	-16%	-13%	-30%	-25%	-40%	$ 3,490,645.62
XAM	Xanadu Mines Ltd	0.08	1%	1%	70%	38%	63%	$ 181,005,683.93
AQI	Alicanto Min Ltd	0.029	12%	-6%	-22%	45%	-22%	$ 24,596,146.30
KTA	Krakatoa Resources	0.012	20%	0%	33%	-8%	26%	$ 10,076,742.33
ARN	Aldoro Resources	0.365	0%	14%	33%	345%	-4%	$ 68,767,180.88
WGX	Westgold Resources.	2.77	0%	-9%	3%	0%	-2%	$ 2,584,120,550.60
MBK	Metal Bank Ltd	0.011	10%	-8%	-27%	-49%	-27%	$ 5,969,507.98
A8G	Australasian Metals	0.067	0%	0%	-16%	-4%	-15%	$ 3,878,611.58
TAR	Taruga Minerals	0.008	0%	-11%	-27%	-11%	-20%	$ 5,710,032.46
DTR	Dateline Resources	0.125	40%	26%	4067%	1983%	3471%	$ 394,873,142.00
GOR	Gold Road Res Ltd	3.2	0%	-5%	34%	74%	56%	$ 3,476,476,992.00
S2R	S2 Resources	0.068	0%	-4%	-11%	-32%	1%	$ 38,495,477.10
NES	Nelson Resources.	0.003	0%	0%	-14%	0%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.145	-3%	4%	-31%	-50%	-29%	$ 25,423,247.12
BEZ	Besragoldinc	0.05	0%	-17%	-40%	-30%	-44%	$ 20,774,848.25
PRU	Perseus Mining Ltd	3.6	1%	-6%	31%	32%	40%	$ 4,841,878,059.48
SPQ	Superior Resources	0.0045	13%	13%	-25%	-59%	-25%	$ 11,854,913.63
PUR	Pursuit Minerals	0.065	-12%	71%	-25%	-57%	-32%	$ 6,582,441.56
RMS	Ramelius Resources	2.51	5%	-9%	7%	24%	21%	$ 2,851,462,643.76
PKO	Peako Limited	0.0025	0%	25%	0%	-19%	-17%	$ 3,719,354.90
ICG	Inca Minerals Ltd	0.014	56%	100%	87%	180%	180%	$ 26,157,778.24
A1G	African Gold Ltd.	0.21	0%	27%	256%	740%	282%	$ 108,009,984.26
NMG	New Murchison Gold	0.018	13%	0%	80%	227%	100%	$ 175,464,451.81
GNM	Great Northern	0.017	21%	21%	13%	55%	21%	$ 2,628,694.31
KRM	Kingsrose Mining Ltd	0.036	13%	13%	3%	-23%	3%	$ 27,126,954.68
BTR	Brightstar Resources	0.54	15%	-5%	8%	27%	8%	$ 259,917,609.60
RRL	Regis Resources	4.47	0%	-6%	51%	127%	75%	$ 3,340,651,487.68
M24	Mamba Exploration	0.013	0%	8%	-13%	0%	8%	$ 3,837,152.93
TRM	Truscott Mining Corp	0.049	0%	-6%	-38%	-23%	-37%	$ 9,380,979.44
TNC	True North Copper	0.385	4%	28%	-16%	-93%	-87%	$ 50,316,201.26
MOM	Moab Minerals Ltd	0.001	-33%	0%	-50%	-83%	-50%	$ 1,874,666.03
KNB	Koonenberrygold	0.053	20%	33%	212%	231%	342%	$ 49,203,420.82
AWJ	Auric Mining	0.175	0%	-3%	-46%	-27%	-49%	$ 33,476,598.36
ENR	Encounter Resources	0.29	-2%	26%	-3%	-58%	-11%	$ 142,155,810.92
SNG	Siren Gold	0.053	10%	4%	-5%	-26%	-18%	$ 11,167,501.06
STN	Saturn Metals	0.43	9%	15%	105%	139%	110%	$ 188,460,691.02
USL	Unico Silver Limited	0.445	41%	68%	123%	112%	128%	$ 192,695,252.20
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	0%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	0%	-33%	0%	-33%	-50%	$ 3,685,154.97
HAV	Havilah Resources	0.18	-3%	0%	-16%	-25%	-20%	$ 59,369,851.80
SPR	Spartan Resources	2	5%	-7%	40%	85%	42%	$ 2,505,017,048.34
PNT	Panthermetalsltd	0.01	0%	-38%	11%	-60%	-9%	$ 3,309,950.03
MEK	Meeka Metals Limited	0.14	0%	-20%	27%	226%	82%	$ 393,620,197.95
GMD	Genesis Minerals	3.93	-5%	-16%	35%	82%	59%	$ 4,465,664,825.15
PGO	Pacgold	0.065	5%	-10%	-16%	-50%	-13%	$ 9,725,091.26
FEG	Far East Gold	0.175	0%	9%	3%	-5%	-3%	$ 67,900,078.81
MI6	Minerals260Limited	0.115	0%	-15%	-12%	-21%	-12%	$ 237,743,333.30
IGO	IGO Limited	4.94	9%	18%	-7%	-15%	4%	$ 3,657,603,536.79
GAL	Galileo Mining Ltd	0.165	10%	50%	0%	-11%	32%	$ 31,619,988.32
RXL	Rox Resources	0.3	0%	0%	40%	94%	50%	$ 220,228,793.78
PTN	Patronus Resources	0.067	6%	-3%	12%	12%	37%	$ 109,705,652.87
CLZ	Classic Min Ltd	0.001	0%	0%	0%	0%	0%	$ 3,017,699.21
TGM	Theta Gold Mines Ltd	0.185	16%	37%	19%	32%	3%	$ 172,306,249.98
FAL	Falconmetalsltd	0.665	250%	343%	412%	122%	478%	$ 89,385,000.00
SPD	Southernpalladium	0.6	-6%	0%	2%	62%	0%	$ 62,565,750.00
ORN	Orion Minerals Ltd	0.01	0%	-9%	-29%	-33%	-33%	$ 70,423,003.77
TMB	Tambourahmetals	0.022	0%	0%	-12%	-55%	5%	$ 3,474,996.92
TMS	Tennant Minerals Ltd	0.007	0%	17%	-36%	-67%	-22%	$ 7,461,232.91
AZY	Antipa Minerals Ltd	0.575	3%	-29%	98%	379%	121%	$ 359,198,895.99
PXX	Polarx Limited	0.01	25%	43%	67%	-17%	54%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.33	14%	6%	136%	65%	94%	$ 86,197,159.26
AUN	Aurumin	0.099	10%	2%	62%	161%	50%	$ 49,129,754.26
GPR	Geopacific Resources	0.028	8%	22%	40%	25%	40%	$ 85,926,563.80
FXG	Felix Gold Limited	0.165	27%	18%	27%	267%	96%	$ 74,610,077.87
ILT	Iltani Resources Lim	0.195	5%	-9%	-5%	-15%	-5%	$ 12,528,752.38
BRX	Belararoxlimited	0.08	25%	38%	-50%	-71%	-54%	$ 9,881,937.60
TM1	Terra Metals Limited	0.061	30%	36%	91%	-9%	118%	$ 28,673,817.96
TOR	Torque Met	0.205	37%	52%	302%	52%	287%	$ 105,315,429.40
ARD	Argent Minerals	0.022	5%	-8%	10%	22%	29%	$ 31,815,090.56
LM1	Leeuwin Metals Ltd	0.135	0%	0%	13%	101%	-4%	$ 14,112,893.76
SX2	Southgold Consol	6.13	2%	-19%	61%	0%	0%	$ 843,143,743.26
UVA	Uvrelimited	0.125	4%	44%	39%	25%	40%	$ 24,076,000.13
VTX	Vertexmin	0.23	-2%	-19%	0%	180%	11%	$ 46,397,181.71

Falcon Metals (ASX:FAL)

An unexplained 30% gain on Friday followed a high-grade gold discovery late last week from the Blue Moon prospect on the outskirts of the Bendigo gold zone.

The Bendigo region has delivered 22Moz of gold since the gold rush, including 5.2Moz at 15g/t from the Garden Gully Anticline.

Mark Bennett chaired Falcon thinks Blue Moon is sitting to the north of that trend on the Eastern Limb of the anticline, with visual gold and a deep hit of 1m at 543g/t from 544.2m getting small cap punters all hot and bothered.

Santa Fe Minerals (ASX:SFM)

This one has been quiet since early July, when it picked up the Eburnea project from West African gold hunter Turaco Gold (ASX:TCG), which hosts previous drill results like 26m at 4.82g/t and 30m at 1.92g/t.

SFM is now up a quite remarkable 725% in a month. Could it follow a similar trajectory to the now 2.5Moz Turaco and its Afema project and Many Peaks Minerals (ASX:MPK), which has had similar success at Ferké, another project traded out of Turaco's Cote d'Ivoire portfolio, and announced a private $13.5m placement this week?

Stavely Minerals (ASX:SVY)

Previously focused on the copper resource at its Cayley Lode discovery, SVY has turned its attention to the gold potential of its Stavely project in Western Victoria.

It plunged just one RC drill hole into the Fairview South prospect, but it was a good'un, striking 40m at 1.96g/t gold, from surface no less.

Some high-grade results from rock chips 600m to the south have also provided encouragement, opening up a fair lick of strike to target future drilling activities.

That was followed up by gold hits at the Fairview North prospect that suggested heap leachable material was located in shallow positions at the prospect, including a headline strike of 59m at 1.31g/t from surface.

"It’s great to see such a consistent set of gold results from the recent RC drilling at Fairview North, where the mineralisation is characterised by shallow, broad zones of moderate grade gold mineralisation with notable internal zones of higher-grade," SVY MD Chris Cairns said.

“The significance of the shallow broader zones of gold mineralisation is that metallurgical testwork completed in 2017 clearly demonstrates that this style of mineralisation is amenable to low-capital and low-operating cost heap leach extraction."

SVY says it now understands the orientation to mineralisation at the Flexure A area, with more drilling to define that at the Flexure B and C areas.

Originally published as Gold Digger: Gold’s fundamentals remain strong as investors seek shelter from the economic storm