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.

nem

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.

deal of the month

best growth stocks

Alliance

Bundle package – lifetime subscriptions for all products

Categories

Recent posts

Tags

Connect with Us

Get FREE Daily Stock Tips

Join and receive market insider stock picks, trade alerts and unique investing insights
This field is for validation purposes and should be left unchanged.
By clicking the "Subscribe" button you are accepting our Terms of Use and Privacy Policy.

Join Waitlist

We’re sorry, but due to the popularity of our services, we have reached our max number of subscribers and are not currently accepting more. If spots become available, we will be sure to contact you. Please join the waitlist below.
Thank You!

"*" indicates required fields

Name*
This field is for validation purposes and should be left unchanged.