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martedì 28 giugno 2016

Els: Brexit double whammy great for these gold miners

Col Brexit Oro e Dollaro USA si sono mossi assieme verso l'alto, ove tendenzialmente invece si muovono in direzioni opposte. Il Rand Sudafricano e il Dollaro Australiano hanno perso delle discrete percentuali sull'USD in questi giorni. Secondo Els di Mining.com ne beneficieranno in particolare questi due gold miners, AngloGold Ashanti e Gold Fields:

Gold and the US dollar usually move in opposite directions, but Brexit drove a higher gold price and a stronger dollar as investors bought US treasuries, resulting in a 4% depreciation of the Australian dollar (AUD) and a 9% depreciation of the South African rand (ZAR) relative to the greenback. 
AngloGold Ashanti derives around 14% of its gold production from Australia and 26% from South Africa while Gold Fields derives 43% from Australia and 10% from South Africa says Moody's:
As a result of Brexit, AngloGold Ashanti could generate an additional $120 million in free cash flow in the second half of 2016, while Gold Fields could add an additional $50 million in free cash flow. We base this on a gold price of $1,300 per ounce and exchange rates of AUD1.35 per US dollar and ZAR15 per US dollar. 
At a $1,200 per ounce gold price, and slightly weaker exchange rates of AUD1.40 per US dollar and ZAR16 per US dollar, we forecast second-half 2016 free cash flow generation of around $185 million for AngloGold Ashanti and $135 million for Gold Fields.

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