S&P/ASX 200 snaps seven-day winning streak as gold shares take a beating

S&P/ASX 200 (INDEXASX:XJO) snapped its seven-day winning streak following weakness on Wall Street overnight and was trading 0.55% down at 6691 points by 1.50 pm. Despite today’s loss, the Aussie market is still marginally ahead for the year, up about 0.10% in 2020. The ASX 200 had fell by about 35% at its lows in March. Gold prices drop The gold price fell 2% to US$1832.43 an ounce overnight after investors were encouraged by the prospect of vaccine roll-outs and fresh hopes for a US stimulus deal. Northern Star (ASX:NST) declined 4.85% and Saracen (ASX:SAR) slipped 5.3% after the companies said a vote among Saracen shareholders on the proposed merger between the two companies would take place on January 15. Evolution Mining (ASX:EVN) dropped 4.5% after announcing today that it acquired the Crush Creek project southeast of the Mt Carlton Operation in Queensland. Road to recovery The Australian economy entered a recession in the March quarter for the first time in 28 years as a fallout of the COVID-19 pandemic, drought, bushfires and storms. In the June quarter, the economy contracted by 7% but a recovery is underway with the economy growing by 3.3% in the September quarter – the biggest lift since March 1976. Top gainers Today’s top gainers on the ASX include Euro Manganese Inc (ASX:EMN) (+8.70%), Andromeda Metals Ltd (ASX:AND) (+8.00%), Brookside Energy Ltd (ASX:BRK) (+14.29%), Cauldron Energy Ltd (ASX:CXU) (+8.57%) and Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+11.11%). Proactive news headlines: PNX Metals new NT gold acquisition has potential to be Fountain Head bolt-on PNX Metals Ltd (ASX:PNX) (FRA:4P1) has signed a non-binding term sheet with Ausgold Trading Pty Ltd to acquire the Glencoe Gold Deposit in the Northern Territory for total staged consideration of $1.875 million. Aeris Resources makes further early debt repayments as copper and gold operations perform strongly Aeris Resources Ltd (ASX:AIS) has made further early debt repayments as its Cracow gold and Tritton copper operations continue to perform strongly in a period of healthy gold and copper prices.  Bardoc Gold progresses towards project development after securing binding gold concentrate offtake Bardoc Gold Ltd (ASX:BDC) (FRA:4SF) has taken another key step towards the financing and development of its flagship 100%-owned Bardoc Gold Project in WA, entering into a binding agreement with leading global minerals trader MRI Trading AG for the sale of gold concentrates. Kazia Therapeutics to collaborate with Pacific Pediatric Neuro-Oncology Consortium for new paxalisib combination study in DIPG Kazia Therapeutics Limited (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9) has executed a Letter of Intent with the Pacific Pediatric Neuro-Oncology Consortium (PNOC) to launch a clinical trial of multiple therapies, including Kazia’s investigational new drug, paxalisib (formerly GDC-0084), in diffuse midline gliomas including diffuse intrinsic pontine glioma (DIPG). Blackstone Minerals delivers some of best King Cobra intercepts as drilling success continues at Ta Khoa Nickel-Copper-PGE Project Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) has delivered some of the best intercepts to date at King Cobra along with further strong results from Ban Chang, both of which form part of the flagship Ta Khoa Nickel-Copper-PGE project in Vietnam. Twenty Seven Co nearly doubles size of Yarbu Gold Project in highly prospective Marda-Diemals greenstone belt Twenty Seven Co Ltd (ASX:TSC) (FRA:U9V) has signed a binding terms sheet with Revolution Mining Pty Ltd for the acquisition of two additional exploration licences adjoining the Yarbu Gold Project in the highly prospective Marda-Diemals greenstone belt in Western Australia. Roots Sustainable Agricultural Technologies secures commitments for $3.955 million to aggressively pursue global cannabis opportunities Roots Sustainable Agricultural Technologies Limited (ASX:ROO) has secured firm private placement commitments from institutional, professional and sophisticated investors to raise up to A$3,955,851 before costs, which will allow it to aggressively pursue global cannabis opportunities. Calima Energy gets independent validation of high productivity of liquids-rich wells in British Columbia Calima Energy Ltd (ASX:CE1) (FRA:R1Y) has received preliminary findings from an in-depth industry study of three wells drilled in 2019 confirming that the liquids-rich Montney fairway extends further north than previously thought. Netlinkz set to beat 2020 guidance as it strengthens Asian presence with new LNS International partnership Netlinkz Ltd (ASX:NET) expects to beat its 2020 guidance of $15.3 million, with receipts from customers expected to be approximately $17 million. engage:BDR raises almost $1.19 million to drive growth in CTV and advertising, surpassing SPP target engage:BDR Ltd (ASX:EN1) has raised $1,189,650 in a strongly supported share purchase plan aimed at driving growth in the CTV (Connected TV) and advertising realms. FYI Resources and Alcoa Australia begin joint high purity alumina pilot plant trials today FYI Resources Ltd (ASX:FYI) (FRA:SDL) in collaboration with Alcoa Australia Ltd will begin a trial of FYI's wholly-owned high purity alumina (HPA) pilot plant at Welshpool in Western Australia today.