Tech-pocalypse Ends & Ora Banda Record Gold
Paper Mandate Market & Portfolio Commentary | 16 April 2026
Fund Status:
Bal Start: $1,022,898
Bought None
Sold: None
Bal End: $1,060,638
Cash: $316,536.79
Market Commentary
US markets were up overnight with the S&P500 hitting all time highs. Technology and consumer discretionary are still leading the pack while Materials as a sector is down. Gold spot price was relatively flat while Silver jumped 4%. Iran and the US have extended the ceasefire to have more negotiations. Markets have taken this as no bad news is good news. Regarding reporting season, the big banks posted very good first quarter earnings while firing thousands of workers. Citing that AI will be able to provide efficiency and fill the gap (what world are we going towards?)
The ASX finished slightly down today as the jobs report put another RBA rate hike on the table. Banks (-1.3%) and Resources (-0.4%) got dragged down, while the Tech sector finally rebounded, up +7.4%. Gold stocks had a weird one, falling 1.8% despite the gold price actually rising. Oil players like Woodside and Santos drifted lower with the Energy sector, even as Brent held steady. Stock standouts were 360 and WTC, both in the portfolio. Both jumped 12%. Meanwhile Newmont and Evolution Mining were the biggest laggards.
Portfolio Commentary
OBM released a quarterly activities report, showing record gold production of 38.8koz delivering $76.3 million in free cash flow lifting closing cash to $231m. AISC/oz is a little high at $3,612/oz of gold sold. This is elevated primarily due to the increased cost of third -party processing. NWL total FUA is $125.8billion at 31 March 2026. XRO says they see potential stock rerate. UBS also posted their target price as $127. This is down from history but still 58% above its current level. Finally, CCL also had its target price raised to $5.80 by Bell Potter. 360 and WTC were the standout performers of the day, with SHA, WDS and CBO only minor detractors.
Ora Banda Update
The chart shows Ora Banda gold sales up to 38,637 ounces. The was due to third-party processing, which helped OBM capitalize on higher gold prices ($6,921/oz). However, this also increased the production cost. AISC (All-In Sustaining Cost) is up to $3,612/oz. Higher figure likely due to the external processing. The gap between the realized price and AISC shows theirs strong free cash flow.
Investment Rationale
Did not trade
Disclaimer: This is a simulated portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.