Keep an eye on gold stocks, like Barrick Gold (GOLD).
With gold prices now above $2,130 and surging, Barrick Gold is going along for the ride. In fact, at current pace, we’d like to see Barrick Gold eventually refill its bearish gap around $17.50 from its current price of $15.70.
Investors are jumping back into gold as a safe haven. Gold demand is expected to climb even more, as global central banks race to buy gold.
According to Bloomberg, “Central-bank buying maintained a breakneck pace, with annual net purchases of 1,037 tons last year, just 45 tons shy of the record set in 2022, the WGC said in the report. It expects central-bank buying to top 500 tons this year.” In addition, gold is surging in hopes the Federal Reserve will start cutting interest rates in the second half of the year.
