Keep an eye on Newmont Mining (SYM: NEM).
With gold at record highs, and showing no signs of cooling off, stocks like NEM could see higher highs. Fueling upside are economic uncertainties, especially with consumer confidence sinking, nearing presidential elections, dovish comments from the Federal Reserve, as well as growing, explosive tension in the Middle East.
In addition, the People’s Bank of China just announced a major stimulus package to jumpstart growth in China. As noted by Reuters, “The broader-than-expected package offering more funding and interest rate cuts marks the latest attempt by policymakers to restore confidence in the world’s second-largest economy after a slew of disappointing data raised concerns of a prolonged structural slowdown.”
If NEM can break above $50 resistance dating back to early 2023, it could retest $65.
