Gold prices now sit at record highs above $2,433 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, a director at High Ridge Futures, as noted by CNBC.
In addition, issues in the Middle East and uncertainty over the upcoming presidential election could push gold prices higher as well.
One of the top gold stocks to keep an eye on is Barrick Gold (SYM: GOLD).
GOLD also just reported preliminary Q2 production of 948 thousand ounces of gold and 43 thousand tonnes of copper, as well as preliminary Q2 sales of 956 thousand ounces of gold and 42 thousand tonnes of copper.
