Monthly report (NO17 Gold) – September 2025

Monthly fund update

Key points

• NO17 Gold ended September up 20.2% (in Australian dollars, unhedged) outperforming its benchmark (the universe of established gold miners) and gold bullion.

• In our view, diversified investors which are not directly invested in gold bullion and gold miners, are underweight the biggest trade in global markets presently. We anticipate material new capital flows are yet to enter the gold market.

• Can the gold price go higher? We encourage investors to consider the gold price forecasts from the investment banks which actually trade gold bullion (and are therefore qualified to opine on it). These banks (e.g. Goldman Sachs and JP Morgan) are upgrading their forecasts to levels much higher than the current spot price on a 12-month view.
• If you are not already invested in the gold sector, you haven’t missed the boat. The fundamentals of gold bullion are compelling, and the gold mining sector is still trading at a material discount to fair value. Some commentators have compared the present time to the mid-2000s. We would remind investors that from the end of 2005, the gold bullion price went on to strengthen by 267% over nearly six years before it reached a peak in 2011.

• The potential for the global trade war to cause an inflation shock should be motivating investors to identify investments which would stand to benefit from such a scenario. We recall that the second inflation shock in the 1970s resulted in the gold price spiking by 179% over 12 months.

Please note that the detailed performance and positioning disclosures included on the second page of our report is now only available to unit holders in the fund.