Gold Crashes as Materials Sector is Hit Hard! But the PM Portfolio is Holding Up
Paper Mandate Market & Portfolio Commentary | 09 June 2026
Fund Status:
Bal Start: $1,158,824
Bought None
Sold: None
Bal End: $1,159,419
Cash: $117,207
Overnight Markets
Following the Monday public holiday, the S&P/ASX 200 is positioned for a positive open on Tuesday, June 9th, as it plays catch-up to other markets. Major US indices had a modest rebound with the S&P 500 up +0.30% and the Nasdaq +0.86%. This slightly offset last Friday’s fall after nonfarm payrolls report (172,000 vs. 86,000 expected) drove bond yields higher and stoked fears of a potential Fed rate hike. Tech and Semis are still running as the Global Semis ETF rose +5.87%, led +9.8% Micron. Meanwhile, geopolitical tensions eased slightly subdued supply fears. Brent crude price remains near US$94 a barrel.
Australian Market
It was a relatively soft session, with the ASX300 falling -0.27%. Materials and Gold were the most hit sectors falling -2.32% and 4.01% respectively. Gold critically has ended below its 200 day moving average. This is a bearish signal for the commodity. Meanwhile, Communications and Staples were up, +1.71% and +1.49% respectively. Regarding rates, Macquarie expects the RBA to hold in June. And in the latest ASX 200 rebalance, additions are skewed towards resources and defence while key removals are GYG, TPW, SDR, and IEL. As a contrarian, maybe these should go on the watchlist.
Portfolio Commentary
The portfolio ended the day up +0.05% compared to the index falling -0.27%. Our defensiveness came from a variety of stocks. There was wide performance disparity following the public holiday, bookended by profit taking across software and construction. ZIP led the portfolio, jumping +5.88%, closely followed by HMC up +4.11%. On the losing end SHAPE fell -5.61% alongside our newest entrant Bravura Solutions -5.53%, and OBM -5.47%. This appears to be profit taking due to the gold price dropping below the 200 day SMA. Our staples stock COL held up as well (+1.80%).
Investment Activity
None.
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.