Chart of Day: Newmont Corp. (NEM) – 3/10

Gold is about to cross $2,200, and could be headed to $2,500 next.

That’s great news for the Barrick Gold (GOLD) stock we mentioned on March 6.  While we still like Barrick, we also like Newmont (NEM), which is just starting to push aggressively higher.  Last trading at $34.25, we’d like to see NEM initially refill its bearish gap round $38.

Remember, 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.

We also have an upcoming Federal Reserve meeting that may impact gold. And as noted by Gold.org, “Iran’s parliamentary elections shouldn’t in themselves create waves, but the country’s consumers are major gold buyers and their elections could pave the way for an important political secession.”

In short, there are a lot of reasons to own gold, or even gold stocks these days.