Northern Star Resources Ltd

NST: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Gold Miners: We Raise Our Near-Term Gold Price Assumptions, but Our Coverage Is Overvalued

Jon Mills

Jan 13, 2026

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

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Northern Star Resources Ltd

Gold Miners: We Raise Our Near-Term Gold Price Assumptions, but Our Coverage Is Overvalued

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