Gold prices now sit at record highs above $2,510 and could push aggressively higher.
All thanks to a higher likelihood of interest rate cut from the Federal Reserve this year. “Lower yields, some safe-haven buying and then the idea of a weakening economy which is bringing rates lower along with the dollar, all of those are in support of the gold market,” said David Meger, a director at High Ridge Futures, as noted by CNBC.
In addition, issues in the Middle East and uncertainty over the upcoming presidential election could push gold prices higher as well.
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Company: Barrick Gold (SYM: GOLD) One way to trade further potential upside is with Barrick Gold (SYM: GOLD). The company just reported preliminary second quarter production of 948,000 ounces of gold and 43,000 metric tons of copper, as compared to the 940,000 of gold and 40,000 metric tons of copper in the first quarter. Even better, according to the company, “As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance.” |
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