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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Endeavour Group Ltd (ASX: EDV)

According to a note out of Goldman Sachs, its analysts have retained their buy rating and $8.10 price target on this drinks company’s shares. This follows news that the Tasmanian government intends to introduce a state-wide player card system to protect those most at risk of problem gambling. Goldman feels this will be immaterial to Endeavour’s earnings and remains positive on its long term growth. This is being underpinned by its loyal customer base and focus on digitisation. The Endeavour share price is trading at $7.15 today.

Mineral Resources Limited (ASX: MIN)

A note out of UBS reveals that its analysts have retained their buy rating and $83.00 price target on this mining and mining services company’s shares. UBS has been looking at the potential spin off of the company’s lithium operations. Its analysts suspect that its lithium operations could trade at around 6x EBITDA on Wall Street, valuing the business at about A$17 billion. This compares to the current Mineral Resources market capitalisation of A$13 billion, which includes more than just its lithium operations. The Mineral Resources share price is fetching $67.75 this afternoon.

Westpac Banking Corp (ASX: WBC)

Analysts at Citi have retained their buy rating and lifted their price target on this banking giant’s shares to $30.00. Citi has become even more positive on the bank thanks to rising rates and their unprecedented levels of liquidity. Its analysts are expecting this to boost its net interest margin meaningfully in FY 2023 and has upgraded their earnings estimates to reflect this. The Westpac share price is trading at $21.55.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• Attention Endeavour shareholders: Here’s some news on your dividends
• Why is the Westpac share price outperforming the ASX 200 today?
• Could Westpac shares soon be saying bon voyage to money managing?
• 5 things to watch on the ASX 200 on Friday
• Which ASX 200 bank share will win the great tech battle?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Well, ASX 200 shares and the share market overall has had an extremely rocky September so far. The S&P/ASX 200 Index (ASX: XJO) has lost around 3.3% since the start of spring, including the nasty 1.3% loss we have seen from today’s session so far.

The ASX 200 has seen gains of more than 4%, and losses of more than 3% during the past 16 days. Talk about volatility.

This is precisely why many investors enjoy the relative consistency of dividend returns. Markets may move up and down, but cash is certain.

So considering the wild month we have had so far in September, it might be a good time to examine which ASX 200 blue chip dividend shares are offering the highest yields right now.

The Big Australian makes a splash

The first is a company we’d all be familiar with: BHP Group Ltd (ASX: BHP). The ‘Big Australian’ has long held a reputation as a dividend heavyweight on the ASX. But in recent years, the company has managed to turn this up to 11.

Record commodity prices have seen BHP pay out the biggest dividends in its long history in recent years. Today, the mining giant is sitting on a trailing dividend yield of 12.12%.

That comes from its last two dividend payments, which were worth $2.08 and $2.55 per share respectively. BHP’s dividends come fully franked too, which means this yield grosses up to a whopping 17.32% if we include the value of that franking.

Tabcorp Holdings Ltd (ASX: TAH) is next up. This gaming company is also boasting an eye-catching dividend yield at present. Come 23 September, Tabcorp will have paid out two dividends over the past 12 months, both worth 6.5 cents per share, fully franked.

At the current Tabcorp share price of 97 cents, this gives the company a trailing yield of 13.33% right now. However, two caveats. The first is that Tabcorp is set to be kicked out of the ASX 200 next week, largely thanks to its reduced market capitalisation after the spinoff of Lottery Corporation Ltd (ASX: TLC) earlier this year.

The second is that this spinoff removed a significant chunk of Tabcorp’s business. So it’s unclear if the company will be able to fund our dividends at these levels going forward. Saying that, Lottery Corp was spun out back in May, and Tabcorp will pay out 6,5 cents per share later this month, so this could be a good sign.

The highest-yielding ASX 200 dividend share?

Finally, we have Magellan Financial Group Ltd (ASX: MFG) Magellan’s status as a blue chip share might arguably be under threat, thanks to its near-75% plunge in value since the middle of last year. However, the fund manager’s dividends might be enough to tempt investors into a second look.

Magellan has doled out $1.79 in dividends per share over the past 12 months. Yes, the 68.9 cents per share final dividend that investors received earlier this month was a big drop from the $1.14 final dividend from last year. But this still leaves Magellan with a trailing yield of 14.21% right now.

One final thing to keep in mind with these ASX 200 dividend shares though. A company’s trailing dividend yield represents the value of past dividend payments, not future ones. there is nothing guaranteeing that investors buying these three shares today will continue to receive the advertised yields going forward.

Any dividend share can cut its dividend payments with little warning to shareholders. So keep that in mind. No one wants to buy into a dividend trap.

The post 3 blue-chip ASX 200 shares touting the highest dividend yield in September appeared first on The Motley Fool Australia.

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More reading

• What’s with ASX copper shares on Thursday?
• ASX 200 shares dump $60 billion in horror session. Here’s how Wednesday unfolded
• ASX 200 mining shares stage significant rebound in afternoon trading
• Here are the top 10 ASX 200 shares today
• Magellan share price drops 5% amid broader sell-off

Motley Fool contributor Sebastian Bowen 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.

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The Woodside Energy Group Ltd (ASX: WDS) share price is set to end the week on a sour note as weakening oil prices and controversy over its $30 billion Browse gas project is weighing on sentiment.

Our largest ASX energy share is among those leading losses in the sector with a 4.48% drop to $32.22 in afternoon trade.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is giving up 1.51%. Although it’s the energy sector that is the worst-performing group.

Why are ASX energy shares lagging the market

Woodside’s peers aren’t faring much better. The Beach Energy Ltd (ASX: BPT) share price is down 4.55% to $1.63. Meanwhile, the Santos Ltd (ASX: STO) share price has surrendered 3.39% to $7.69.

You can blame the close to 4% overnight decline in the Brent oil price to US$90.65 for the sector’s woes.

Fear of a global recession sparked by too-aggressive rate hikes from central banks in the United States across to Australia triggered the sell-off.

Browse project hangs heavy on Woodside’s share price

It doesn’t help that Woodside is copping fierce criticism from environmental groups for its Browse LNG project in Western Australia after it submitted its final environmental impact statement (EIS) to the government.

Greenpeace estimates that Browse’s lifetime Scope 1 and Score 3 emissions will total 1.6 billion tonnes of carbon, reported the Sydney Morning Herald.

Scope 1 emissions measure the amount of carbon released from the project, while Scope 3 measures carbon from customers using gas from Browse.

The article also noted that Woodside avoided any commitment to “bury” 107 million tonnes of carbon.

Fuzzy maths plague carbon calculations

The final EIS said burying the carbon via carbon capture and storage is a “high-risk, high-cost” option. Therefore, it isn’t part of the base plan.

The 107 million tonnes of CO2 represent 33 times Woodside’s direct emissions in 2021. One would think that by not dealing with this issue, the ASX energy giant would not be able to meet its own climate goals.

Interestingly, management is insisting that pushing ahead with the stalled project can contribute to hitting the goals of the Paris climate accord.

Its reasoning is that Browse could cut 342 million tonnes of carbon from the atmosphere. This is the difference between using gas from the project to generate power and using fossil fuels.

Woodside share price snapshot

While the Woodside share price may be struggling today, it is up over 53% in the past 12 months. This makes it the best performer among the major ASX energy shares.

The Beach Energy share price is a touch behind with its 48% advance while Santos is sitting on a 20% gain.

In contrast, the ASX 200 lost over 9% of its value in the past year.

The post Why is the Woodside share price having such a woeful end to the week? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Why Clover, Select Harvests, Whitehaven Coal, and Woodside shares are storming higher
• How this fundie is beating the ASX 300 without fossil fuels
• Why is the Woodside share price surging 4% on Thursday?

Motley Fool contributor Brendon Lau has positions in Santos Limited and Woodside Petroleum Ltd. 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.

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The Lithium Energy Ltd (ASX: LEL) share price is sliding today amid broader weakness among ASX lithium shares.

Lithium Energy shares are currently trading at $1.24, a 3.5% fall. However, in earlier trade Lithium Energy shares tumbled 8.56% before pulling back. For perspective, the S&P/ASX 200 Materials Index is down 2% today.

Let’s take a look at what could be impacting the Lithium Energy share price today.

What’s going on?

Lithium Energy is a battery minerals company exploring lithium and graphite. This includes the Solaroz Lithium Project in Argentina, and the Burke Graphite Project in Queensland.

The Lithium Energy share price is down today, but it is not alone among ASX lithium shares. The Core Lithium Ltd (ASX: CXO) share price is down 5.18%, while Allkem Ltd (ASX: AKE) is falling 3.7%. Meanwhile, the Pilbara Minerals Ltd (ASX: PLS) share price is sliding 2.67%.

This follows a tough night on Wall Street in the USA for higher risk shares. Multiple lithium giants had a rough day on the New York Stock Exchange.

For example, Lithium Americas Corp (NYSE: LAC) fell 4% overnight, while Sociedad Quimica y Minera de Chile (NYSE: SQM) tumbled 7.91% and Albemarle Corporation (NYSE: ALB) fell 6.49%.

Sociedad Quimica y Minera de Chile advised it will need to spend $1.5 billion to cut its brine extraction in half by 2030, as my Foolish colleague James reported this morning.

Yesterday, Lithium Energy announced it had completed a $15 million capital raise. This will fund a ramp-up of drilling at the company’s Solaroz Lithium Brine Project.

Drilling is underway at the project. Fifteen million shares were issued at $1 per share. Lithium Energy shares fell 4% in early morning trade yesterday, before recovering and finishing the day 7.98% ahead.

Share price snapshot

The Lithium Energy share price has soared 116% in the past year, while it is rising 33% year to date.

For perspective, the ASX 200 Materials Index has slid 3% in the past year.

Lithium Energy has a market capitalisation of nearly $56 million based on the current share price.

The post Why is the Lithium Energy share price sliding today? appeared first on The Motley Fool Australia.

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More reading

• Morgan Stanley just boosted its outlook for aluminium. Here’s which ASX shares have exposure
• Guess which ASX mining share just soared 62% on a ‘significant rare earth discovery’
• Why is the Pilbara Minerals share price in reverse today?
• Why is this small-cap ASX lithium share rocketing 43% in a week?
• Why is the Sayona Mining share price diving 5% on Friday?

Motley Fool contributor Monica O’Shea 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.

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Analysts at Morgan Stanley have lifted their long-term outlook for the aluminium price.

ASX shares with exposure to aluminium include Alumina Limited (ASX: AWC) and Rio Tinto Limited (ASX: RIO), South32 Ltd (ASX: S32) and Capral Limited (ASX: CAA).

Let’s take a look in more detail at the outlook for aluminium.

Improved aluminium outlook

Aluminium is a lightweight silver metal used in transportation, construction, power lines, electric vehicles and consumer goods.

Morgan Stanley has improved its aluminium price prediction for the long term, according to The Australian.

The broker has lifted its forecast for aluminium by 17% to US$2,525 per tonne. Analysts said:

Our new bottom-up modelling suggests 2030 copper and aluminium demand could be 24 per cent and 26 per cent higher than current levels.

On a 6-12 month view, we prefer aluminium, but on a medium-term view, we think the copper thesis looks more robust

The aluminium price climbed 1.6% to US$2308 per tonne overnight. Explaining this movement in a research note today, ANZ Australian economics head David Plank said “aluminium gained amid speculation of wide cuts to Chinese output”. He added:

Some aluminium smelters in Yunnan may cut capacity by 20-30%, according to Shanghai Metals Market.

That follows orders from the local electricity authority to cut 10% of production since the weekend. This is added to supply issues in Europe, where soaring energy costs are
forcing smelter closures.

Rio Tinto is a major global aluminium producer. South32 is an aluminium producer with operations in South America, Australia and South Africa. Capral is a major Australian aluminium manufacturer and distributor. Alumina has a 40% stake in Alcoa World Alumina and Chemicals (AWAC).

Rio Tinto achieved gross product sales of US$7.796 billion from aluminium in FY22. The company achieved an average realised aluminium price of US$3,808 per tonne, 45% higher than the previous financial year.

Share price snapshot

The Alumina share price is down 23% year to date, while South32 shares have shed 3%. Rio Tinto shares have lost 8% year to date, while the Capral share price has fallen 18%.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has slid 6% year to date.

The post Morgan Stanley just boosted its outlook for aluminium. Here’s which ASX shares have exposure appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Lake, Pushpay, South32, and Tyro shares are dropping
• How big will the Rio Tinto dividend be in 2023?
• Why a leading fund manager rates these 2 ASX 200 mining shares as buys
• Why is the South32 share price sinking 7%?

Motley Fool contributor Monica O’Shea 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.

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The S&P/ASX 200 Materials Index (ASX: XMJ) is in the red today, but one ASX mining share is soaring higher.

The Desert Metals Ltd (ASX: DM1) share price soared 62% in earlier trade today to 67.3 cents before pulling back. The company’s share price is now trading at 46.5 cents, a 12% gain.

Let’s take a look at why ASX mineral explorer Desert Metals is having such a good day.

Significant rare earth discovery

Investors are buying up Desert Metals shares on the back of assay results from recent drilling. The company is exploring the Innouendy project in Western Australia.

Assay results confirmed a “significant clay-hosted rare earth discovery”. The total rare earth oxide (TREO) intersections appeared thick and continuous.

New TREO intersections include:

• 8 metres (m) at 2734 parts per million (ppm) from 24m (including 3m at 4104ppm) at hole 80
• 17m at 1347ppm from 28m (including 8m at 2085, including 4m at 2791) at hole 130
• 8m at 1429ppm from 20m (including 4m at 2040ppm) at hole 138

Commenting on the results, managing director Rob Stuart said:

This is a great result for the company to confirm a significant rare earth discovery at an early stage in the exploration programs at the Innouendy Project.

The mineralisation assayed to date is showing encouraging grades over significant widths from close to surface.

Desert Metals is expecting to see further assay results in coming weeks. After these results are received, the company will conduct a further expanded drill program.

Desert Metals share price snapshot

The Desert Metals share price has soared 45% in the past year, while it is up 29% year to date.

This ASX mining share has a market capitalisation of about $22 million based on the current share price.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 3.6% in the past year.

The post Guess which ASX mining share just soared 62% on a ‘significant rare earth discovery’ appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares rocketing by more than 14% on Thursday

Motley Fool contributor Monica O’Shea 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.

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The Pilbara Minerals Ltd (ASX: PLS) share price is coming under selling pressure on Friday.

During market open, the lithium producer’s shares kicked off at $4.55, before briefly rising to an intraday high of $4.57.

However, bearish sentiment weighed on the share sending it back down to $4.55, a loss of 2.99%.

Let’s take a look at what is causing Pilbara Minerals shares to sink today.

What’s driving Pilbara Minerals shares lower?

After rising to a record high of $4.795 yesterday, the Pilbara Minerals share price is cooling off.

This comes after Wall Street digested the mixed batch of economic data that came out of the US.

The reports showed that retail sales were moderating while the manufacturing sector experienced a slight gain in production.

On the other hand, jobless claims dropped for the fifth week in a row as businesses struggled to fill millions of job positions.

Subsequently, this led the Dow Jones Industrial Average Index (DJX: .DJI) to continue its descent by another 0.56% overnight.

The tech-heavy NASDAQ-100 (NASDAQ: NDX) and S&P 500 Index (SP: .INX) dropped 1.71% and 1.13%, respectively.

Despite hitting the brakes today, Pilbara Minerals shares have rocketed 40% in the past month.

Another reason why could be the relative strength index (RSI) which hit 87 on 13 August and stayed around that level for the past two days.

The RSI is a momentum oscillator that is used to assess the strength or weakness of a share price. Normal levels range between 30 and 70, but anything outside this tells us if the share price is cheap or expensive.

In this instance, when the RSI touched 87, Pilbara Minerals shares were considered to be overbought by investors. Hence, this caused a retracement in the RSI as well as the share price today.

Currently, the RSI for Pilbara Minerals shares stands at 73 (still within the acceptable range below the sell signal).

About the Pilbara Minerals share price

Regardless of today’s decline, the Pilbara Minerals share price has rocketed by 95% over the past 12 months.

It’s worth noting that the company’s shares reached as low as $1.975 on 14 June before storming to record levels 3 months later.

Based on the current price, Pilbara Minerals presides a market capitalisation of roughly $14 billion.

The post Why is the Pilbara Minerals share price in reverse today? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Back baby! 5 ASX lithium shares smashing all-time highs today
• Pilbara Minerals share price rebounds, wiping all of Wednesday’s losses
• The Vulcan share price sank 7% today in ASX sea of red
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

Motley Fool contributor Aaron Teboneras has positions in Pilbara Minerals Limited. 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.

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ASX lithium share Kairos Minerals Ltd (ASX: KAI) is having a smashing week.

Despite falling 8.5% in intraday trading today, the Kairos Minerals share price is up a whopping 43% since the closing bell last Friday.

At the current price of 4.3 cents per share, that gives the ASX small-cap lithium share a market cap just north of $84 million.

So, why the big share price leap?

What’s piquing ASX investor interest?

Kairos isn’t strictly an ASX lithium share. The company also explores for gold.

However, it’s worth noting that the company’s announcement on 30 August that its Mt York gold resource in Western Australia had increased by 26% failed to lift the share price.

As for the 43% share price gain over the past week, we suspect that’s related to its lithium project, the Lucky Sump spodumene prospect, located in WA’s Pilbara.

In what was labelled a non-price sensitive announcement last Thursday, the miner reported it’s set to commence drilling at the prospect, where pegmatite samples containing up to 1.91% lithium oxide were uncovered during earthmoving activities.

On Wednesday this week, the ASX lithium share responded to the ASX price and volume query it had received following the huge run higher.

Kairos said it was not aware of any unannounced information which, if known by some in the market, would explain the big leap in its share price.

Citing its previous ASX releases, Kairos stated:

The company is currently actively exploring at its Mt York Project, Pilbara WA, where high-grade lithium assays have confirmed the significance of spodumene-bearing pegmatite at the company’s Lucky Sump prospect.

Drilling is set to start at the Lucky Sump spodumene prospect aimed at following up the high-grade pegmatite samples discovered just 4km from Pilbara Minerals’ Pilgangoora lithium-tantalum mine.

The ASX lithium and gold share also mentioned the 26% increase in its gold resource at Mt York, “demonstrating that Mt York is a top-shelf WA gold project with genuine scale and ongoing growth potential”.

How has this ASX lithium share performed longer-term?

The Kairos share price is up 53% in 2022, compared to a 12% loss posted by the All Ordinaries Index (ASX: XAO).

The post Why is this small-cap ASX lithium share rocketing 43% in a week? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining stocks surging over 20% today

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.

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The Sayona Mining Ltd (ASX: SYA) share price is sliding 5.47% into the red on Friday and now trades at 30.3 cents apiece.

Investors look to be winding back exposure to Sayona today following a company announcement, although, also noteworthy are the moves within broad indices today.

The S&P/ASX 300 Metals and Mining Index (ASX: XMM) is also in the red, down 2.22%. Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is down 1.47%.

What did Sayona announce?

The company advised that it remains on track for the planned restart of spodumene production at its North American Lithium (NAL) operation in Canada for the 1st quarter of 2023.

The release also notes that permitting applications are 95% complete and procurement is 94% completed, and most procurement items are already on site.

Sayona also mentioned the project’s budget has wound back to $95 million Canadian Dollars, down from a previous $97.75 million.

It also has around 70 on-site staff, whilst the company looks to continue building out its management outfit for the site.

Speaking on the results, Sayona’s managing director, Brett Lynch said:

We are delighted to see the continued progress towards the recommencement of lithium (spodumene) production at NAL in Q1 2023. Our project team has overcome potential challenges due to proactive forward planning and the early ordering of critical long‐lead equipment items, while the near completion of permitting and procurement puts us in an excellent position.

Regarding the company’s recent inclusion in the benchmark ASX 200 index, Lynch added:

Our recent achievements have been recognised by investors, as seen by our promotion to the S&P/ASX 200 index, and I would like to thank shareholders for their continued support.

Sayona shares recently thrust towards previous 52-week highs after a tremendously strong rally from the July bounce in equities.

The Sayona share price reached a peak of 35.5 cents on 13 September before turning sharply and tracing back down to its current levels.

And despite the wide-stretched volatility seen in the chart below, the Sayona Mining share price has still clipped a 132% gain this year to date.

The post Why is the Sayona Mining share price diving 5% on Friday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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.

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The De Grey Mining Limited (ASX: DEG) share price is down 7.31% today.

De Gray shares peaked at the open today at a high of $1.08, before tumbling to a low of 99.5 cents at midday. At the time of writing, shares of the gold explorer trade for $1.015.

The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down, too, at a 4.34% loss.

Meanwhile, other ASX gold shares also have a rough end to the week.

Gold Road Resources Ltd (ASX: GOR) is down 6.2%, and Ioneer Ltd (ASX: INR) is down 1.14%.

There are no announcements from the company today to make sense of the sell-off in its share price. But some developments have emerged over the last week. Let’s investigate what happened.

What’s going on with De Grey shares?

According to Markets Insider, the spot price for gold has declined 2.53% over the past week. But the spot price has recovered by a modest 0.16% today.

Yesterday, gold reached a seven-week low in US trading. The price of silver suffered, too, with the precious metals competing for investor capital amid a stronger US dollar and soaring yields on treasury bills, as reported by Kitco.

Some positive developments occurred for De Grey, too, over this time, including making an investor presentation at the precious metals summit conference in Beaver Creek, Colorado, on Thursday.

Some highlights from the report were that De Grey’s Mallina site has the potential to be one of Australia’s top five gold mines for FY22 production volumes. Further, it claims to have one of the world’s largest undeveloped gold projects.

On Monday, the De Grey share price shot up to a four-month high.

De Grey share price snapshot

The De Grey Mining share price is down 15.42% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 11.05% over the same period.

The company’s market capitalisation is $1.54 billion.

The post De Grey Mining down 7% amid struggling gold prices appeared first on The Motley Fool Australia.

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More reading

• Why did the De Grey share price leap 5% to a 4-month high today?
• Here are the top 10 ASX 200 shares today
• 3 ASX 200 mining shares going great guns on Monday
• Here are the 10 most shorted ASX shares
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Matthew Farley 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.

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