On March 29, we noted, “With gold quickly approaching $2,200, keep an eye on Newmont Mining (NEM). At the moment, it’s consolidating at $34. But with gold on the run, we believe NEM could break significantly higher from here.”
By April 1, when trading resumed following the holiday, NEM traded at around $36.50. Today, it’s up to $37.72 and could see higher highs from here. All as gold prices continue to push higher. Last trading at $2,288, it could rally to $2,500 this year.
All thanks to global tensions, hopes for interest rate cuts from the Federal Reserve, and consistent buying from global central banks.
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.”
