Gold

Gold price still holding up ok in rand terms, that's the floor for HAR really. Closed at R282 which is reasonable given where spot is. AngloGold doing similar moves, both stuck until we see either rand weakness or gold breakout. Not selling into this noise, the production numbers out of their mines are still solid.

Gold's been solid lately but HAR's still dragging its feet, R282 feels heavy when peers are actually moving. Thing is, the rand weakness should be padding their rand revenue, so if they're still struggling then something's off with actual production or costs. Ngl, hard to get bullish when the tailwind isn't enough.

Eish, HAR sitting at R282 but the rand strength is eating into rand-denominated gold prices ngl. Thing is, if gold spot stays firm in dollars the mines still print cash, just the JSE listing doesn't show it till the currency swings back. Worth watching how they report FY25 free cash flow before jumping either way.

Gold's been solid but har keeps limping along, rand strength eating lunch money. At R282.32 you're paying for optionality more than cash generation, reckon the reef's just not that into us anymore compared to the yanks or the aussies.

har holding up better than most golds when the rand gets smashed, that counts for something. but the real question is whether they can keep costs down when everything from labour to electricity goes up, and theyre not exactly crushing it on margins versus anglogold. long term play if you believe in gold prices and they actually fix the operational side.

Gold is starting to look interesting again and Harmony's got real assets in the ground unlike some of these exploration plays. At R282 the yield on production cost isn't terrible, especially if rand stays weak and spot holds. AngloGold's trading at a premium for no good reason, so there's value here if you're patient enough to wait out the rand noise. The future excites me on this one.