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Dear Fellow Investor,
Gold prices now sit at record highs above $2,400 and could push aggressively higher. All thanks to a higher likelihood of interest rate cut from the Federal Reserve this year.
"Lower yields, some safe-haven buying and then the idea of a weakening economy which is bringing rates lower along with the dollar, all of those are in support of the gold market," said David Meger, director of alternative investments and trading at High Ridge Futures," as noted by CNBC.
At the moment, according to the CME Group's Fed Watch, there's now a nearly 80% chance we'll see a rate cut of between 4.75% and 5% at the September 18 meeting.
Company: Barrick Gold (SYM: GOLD)
One way to trade further potential upside is with Barrick Gold (SYM: GOLD).
The company just reported preliminary second quarter production of 948,000 ounces of gold and 43,000 metric tons of copper, as compared to the 940,000 of gold and 40,000 metric tons of copper in the first quarter.
Even better, according to the company, "As previously guided, Barrick's gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance."
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Company: Newmont (SYM: NEM)
Yielding 2.46%, Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. Even better, its world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. It's also the only gold producer listed in the S&P 500 Index.
And, according to CEO Tom Palmer, it's a "once-in-a-generation buy for anyone who's thinking of putting a few dollars into gold equity."
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ETF: Sprott Junior Gold Miners ETF (SYM: SGDJ)
Or, if you prefer to diversify at a lower cost, there's the Sprott Junior Gold Miners ETF (SYM: SGDJ).
With an expense ratio of 0.35%, the SGDJ ETF seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges.
Some of its top holdings include Lundin Gold Inc., Seabridge Gold, Equinox Gold, Victoria Gold, Westgold Resources, Osisko Mining, K92 Mining Inc., Novagold Resources, Regis Resources, New Gold Inc., Sabina Gold & Silver, Argonaut Gold, Centerra Gold, Coeur Mining, Skeena Resources, and K92 Mining to name a few.
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