Shore Capital sees 94% upside in Pan African Resources
Pan African Resources PLC shares have dropped 48% since 2 March, outpacing the 23% fall in gold prices.
The gold price fell 12% in June, breaking below $4,000 an ounce, due to inflation expectations and hawkish remarks from the new Federal Reserve chair.
Central banks have been net buyers throughout the decline, with China’s central bank adding 480,000 troy ounces in June, extending a buying streak to 20 consecutive months.