Buy Hold Sell: 4 ASX Miners to Watch as the Gold Price Reboots

Why It Matters

Gold’s renewed strength reshapes ASX mining valuations, making developer‑focused stocks the most attractive play while currency dynamics and hedge contracts dictate short‑term risk/reward.

Key Takeaways

• Gold bull market persists; developers outpace producers and explorers.
• Central bank buying and USD weakness drive future gold price upside.
• Bellevue’s forward‑sell hedge at low price makes it a sell recommendation.
• Perseus and Capricorn deemed holds due to solid assets and fair valuation.
• Pantoro’s low‑cost underground model offers upside despite production misses.

Summary

The Livewire episode examines the gold market’s resurgence and highlights four ASX miners worth watching as gold prices rebound. Host Chris Conway, joined by analysts Emanuel Datt and Rick Squire, frames the discussion around a two‑year bull market, noting that developers—companies transitioning mines into steady‑state production—have outperformed both producers and explorers. Key drivers identified include sustained central‑bank buying, which diversifies reserves away from U.S. bonds, and the inverse relationship between the U.S. dollar and gold. The recent US‑Iran cease‑fire is expected to weaken the dollar, potentially adding further upside to gold prices. Specific stock calls were offered: Bellevue is a sell due to a large forward‑sell hedge at AUD 2,900 versus spot AUD 6,800; Perseus and Capricorn receive hold ratings, reflecting strong assets and fair valuations; Pantoro earns a controversial buy from Rick, citing its low‑cost underground operation, while Emanuel remains cautious, rating it a hold. For investors, the takeaway is to prioritize developers with solid balance sheets, monitor USD movements, and treat high‑grade but production‑volatile assets with measured exposure. The analysis underscores that timing and hedge structures will be pivotal as gold’s price trajectory evolves.

Original Description

Gold has had a remarkable 12 months. 

From the low in May-June last year, around US$ 3,500 an ounce, to the high of the January 2026 spike, around US$5,400 an ounce, the precious metals rallied almost 70%. 

It was during this period that lines formed in Martin Place outside ABC Bullion. 

Then, gold got the wobbles - particularly as war broke out in the Middle East. Whilst it didn't fall in a straight line, the precious metal fell from US$5,400 to a low of US$3,800 by late March - a 20% wipeout. 

With a tentative ceasefire in place and normal programming (i.e. US dollar weakness, inflation expectations easing, lower rates) potentially resuming, gold could be experiencing a reboot, where investors pile back in at a significant discount to where we were just a couple of months ago. 

Regardless of what the gold price does, there are a handful of ASX-listed miners that should be able to generate significant cash flow given their low costs, operational efficiency, and healthy margins. 

In this episode, Acorn Capital's Rick Squire and Datt Capital's Emanuel Datt run the ruler over four such names for your consideration. 

This episode was filmed on Wednesday, 8th April 2026.

TIME CODES

00:09 – Introduction: Chris Conway sets the scene on gold’s rally, pullback, and ceasefire backdrop

00:48 – Gold cycle positioning: Rick Squire (Acorn Capital) outlines developers as current winners

02:14 – Gold drivers: Emanuel Datt (Datt Capital) on central banks, USD, and macro tailwinds

03:17 – Bellevue Gold setup: Chris Conway introduces recent production update and share price spike

03:31 – Bellevue Gold: Emanuel Datt rates Sell (hedge book, execution risks)

04:34 – Bellevue Gold: Rick Squire rates Buy (near-term production upside, with volatility caveat)

06:04 – Perseus Mining: Rick Squire rates Hold (quality assets, strong pipeline)

07:10 – Perseus Mining: Emanuel Datt rates Hold (well-funded but fairly valued, jurisdiction risk)

08:01 – Capricorn Metals: Emanuel Datt rates Hold (strong asset, growth already priced in)

08:56 – Capricorn Metals: Rick Squire rates Hold (quality operator, awaiting catalysts)

10:02 – Pantoro Gold: Rick Squire rates Buy (turnaround potential, low-cost advantage)

12:01 – Pantoro Gold: Emanuel Datt rates Hold (execution concerns, needs more confidence in ore body)

12:41 – Closing: Chris Conway wraps up the episode