Monthly report (NO17 Gold) – October 2025

Monthly fund update

Key points

• NO17 Gold ended October down 3.0% (in Australian dollars, unhedged) outperforming its benchmark (the universe of established gold miners).

• Upward momentum in the gold price accelerated in the first half of October, with the price surpassing US$4,000 per ounce for the first time and peaking at US$4,382 (intraday) before retracing to US$4,003 by month end and finding what appears to be some resistance on the downside.
• The move in gold miners was less powerful, possibly attributable to profit taking following their considerable outperformance during August and September, ending the month lower.

• 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. This correction is an entry point.

• 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.
• The fundamentals of the gold mining sector are compelling and 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.