Gold could hit $2,700 by early 2025
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Dear Fellow Investor,
Just last week, we highlighted opportunity in gold. In fact, we noted that Goldman Sachs just said that gold has the highest potential for a near-term price increase, as noted by LiveMint.com. "Imminent Fed rate cuts are poised to bring Western capital back into the gold market, a component largely absent of the sharp gold rally observed in the last two years," the brokerage firm said in its note Go for Gold, they added. The firm also raised its price target on gold prices to $2,700 by early 2025. At the time of our mention, gold traded at just $2,526. Today, it's up to $2,607 and could easily hit $3,000 this year.
The move also had a big impact on the gold stocks we also mentioned last week, including:
Company: Barrick Gold (SYM: GOLD) We mentioned that "After exploding from about $16 to a high of $20.79, Barrick Gold is slipping with the market. However, you may want to use weakness as an opportunity. With geopolitical tensions boiling over and uncertainty over U.S. elections, and the potential for further rate cuts, gold prices and the GOLD stock could easily push even higher." At the time, GOLD traded at $19.32. It's now up to $20.87.
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Company: Newmont (SYM: NEM) "Newmont is starting to slip after running from about $46 to a high of $54. But you may want to use weakness as an opportunity here, too. Helping, analysts at Scotiabank just upgraded NEM to a sector outperform rating from a sector perform rating with a $30 target," we added. At the time, NEM traded at $51.60. Today, it's up to $53.90.
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ETF: VanEck Vectors Gold Miners ETF (SYM: GDX) We also said that one of the best ways to diversify at less cost is with an ETF, such as the VanEck Vectors Gold Miners ETF (SYM: GDX). Not only can you gain access to some of the biggest gold stocks in the world, you can do so at less cost. At the time of our initial mention, the GDX ETF traded at $36.91. Today, it's up to $40.
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