Like most gold miners, ASX 200 gold stock Greatland Resources Ltd (ASX: GGP) got clobbered on Monday.
By the time the smoke cleared, Greatland Resources shares were down 9.79% for the day, trading for $9.12 each. That leaves the Aussie miner commanding a market cap just north of $6 billion.
For some context, the S&P/ASX 200 Index (ASX: XJO) ended Monday down 0.74%. And in a better comparison of golden apples to golden apples, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) tumbled 7.33%.
That selling pressure followed another 2.4% decline in the gold price on Monday, with the yellow metal slumping to US$4,396 per ounce.
Still, the gold price remains up more than 31% since 13 August.
I highlight that date, as 13 August also saw the Greatland Resources share price plummet to its lowest closing price since the stock listed on the ASX last June, ending the day at $4.98.
So, although shares have now fallen some 37% since the start of the Iran war, the ASX 200 gold stock remains up 83.13% since those August lows.
Atop the rising gold price and its own mining successes, Greatland Resources shares have also enjoyed tailwinds from the company’s exposure to copper.
While slipping 1.5% on Monday to US$11,930 per tonne, the copper price has gained just under 22% since 13 August.
Which brings us back to our headline questionâ¦
Should you buy the ASX 200 gold stock today?
Medallion Financial Group’s Philippe Bui recently ran his slide rule over Greatland Resources shares (courtesy of The Bull).
“GGP offers exposure to the Havieron gold-copper project in Western Australia, widely regarded as one of the most significant gold discoveries in recent years,” Bui noted.
According to Bui:
The project hosts a large multi-million-ounce resource and has the potential to become a long-life, low-cost mining operation. Given gold prices remain strong amid company development progressing steadily, GGP is moving closer to becoming a meaningful producer.
With that solid outlook and those significant share price gains in mind, Bui placed a hold recommendation on the ASX 200 gold stock for now.
He concluded:
The strategic value of Havieron continues to attract strong market interest. While the share price has already responded to this potential, further resource growth and development progress could continue to support the investment case.
What’s the latest from Greatland Resources shares?
Greatland Resources shares closed up 6.4% on 23 February, following the release of the ASX 200 gold stock’s half-year results.
Highlights for the six months included a huge lift in revenue to $977.3 million, up from $16.6 million in the prior corresponding half year.
And on the bottom line, net profit after tax (NPAT) surged 876% to $342.9 million.
The post Up 84% since August, should you buy this $6 billion ASX 200 gold stock today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.