Monthly report (NO17 Gold) – July 2025

Monthly fund update

Key points

• NO17 Gold ended July up 1.2% (in Australian dollars, unhedged) broadly in line with gold bullion.

• The gold price continued its sideways consolidation which is healthy from a technical perspective.

• The general perception among investors (especially those who are not allocated to the sector) is that there isn’t much more upside for gold. This couldn’t be further from our expectation. We have a very positive outlook for the gold price and we believe ‘Liberation Day’ has lit the fuse on a much bigger upward move as capital is allocated away from US assets (especially US Treasuries).

• Gold mining stocks (excluding those listed in Australia) remain extremely attractive with valuations at what we believe are 25-year lows (notwithstanding a continuing uptrend in the gold price). We see this disconnect as temporary and a significant opportunity which markets are only just beginning to recognise.

• The potential for the global trade war to cause an inflation shock (at a time when inflation is already elevated and proving sticky), 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.