With gold quickly approaching $2,200, keep an eye on Newmont Mining (NEM),” we noted on March 29. “At the moment, it’s consolidating at $34. But with gold on the run, we believe NEM could break significantly higher from here.”
Today, gold just hit $2,400 and could soon see $2,500 – especially with growing, potentially explosive tension in the Middle East. From $34, NEM is now up to $39.82.
According to MarketWatch, “Central banks will keep buying: Gold has moved up a lot because central banks are buying – particularly the central bank in China. It’s a big buyer because Chinese political leaders noticed that Russian government financial assets including bonds and reserves got confiscated by Western governments after Russia invaded Ukraine.”
That being said, investors may want to still consider gold stocks, such as Newmont Mining (NEM) – which could be headed to $45 near term.
