On October 14, we said:
“With gold prices heading higher, take advantage of the recent dip in Barrick Gold (SYM: GOLD). After slipping from $21.21, it caught strong support at $19.30 and is just starting to pivot higher. From its last traded price of $20.07, we’d like to see an initial retest of $21.21. It could easily rally well above that – especially if gold does test $3,000 near term.”
From $20.07, GOLD is now up to $21.30 and could rally even higher.
All as gold prices begin to push aggressively higher. Last trading at $2,736.70, gold could test $3,000, say analysts at Bank of America. Gold remains “the ultimate perceived safe haven asset” in today’s macroeconomic environment, according to Bank of America’s commodity analyst Michael Widmer, amid rising concerns over U.S. fiscal policies and their potential impact on Treasury yields, as reported by Benzinga.com. “A key factor bolstering Bank of America’s bullish stance on gold is the U.S.’s fiscal trajectory.”
That being said, gold and related gold stocks may be some of the best places to park cash.
