I hold both these goldies, in conjunction with a few others. RRL issued a Q4 update today which was okay. Nothing special but ticked the boxes. I was looking at the correlation of the two companies as a result, to see if a reweighting of the two within my portfolio was warranted.
The correlation between these two companies is amazing:
On a 6 month basis:
On a 3 month basis:
On a two month basis:
It would appear that neither company is trading on it's company specific performance but on macro sector sentiment (hence the very high correlation). This is interesting as both have polar opposite open short positions - RRL c. 11% and NST c. 2.8%
I run a comparative spreadsheet on my gold miners and NST's cash flow metrics are much better than RRL's, whilst RRL's EV / reserves and resources are much better than NST's.
I'd be interested in other's thoughts.
Cheers
John
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