| On Sunday, April 14, we noted, “Gold just hit $2,412 and could test $2,500 near term. All as safe haven demand explodes higher on Middle East concerns and economic concerns in China.” Today, while gold did pull back from $2,412, it could still see $2,500, even $3,000 this year. That’s according to David Rosenberg, the founder and president of Rosenberg Research, as noted by MarketWatch.com. In addition, according to Citi analysts, gold could reach that level in the next six to 18 months thanks to investor inflows and hopes the Federal Reserve will cut interest rates. Plus, global central banks, most notably, China are aggressively buying gold. In addition, after dropping from about $2,433 to $2,338.40, gold appears to have caught strong support and could pivot higher – especially with growing fear in the market and economy. That being said, we’re still bullish on the gold ideas we shared on April 14, as well. That includes Newmont (SYM: NEM), Barrick Gold (SYM: GOLD), the VanEck Vectors Gold Miners ETF (SYM: GDX), and the Sprott Junior Gold Miners ETF (SYM: SGDJ). |
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| Companies: Barrick Gold (SYM: GOLD), Newmont (SYM: NEM) Since Monday, April 15, Barrick Gold (GOLD) did slip from about $17.50 to $16.26. However, after catching strong support, it’s just starting to pivot. From its last traded price of $16.83, we’d like to see it retest $18.50 initially. Newmont (NEM) ran from about $38 to a recent high of $43.66 on earnings and higher gold prices. |
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ETFs: VanEck Vectors Gold Miners ETF (SYM: GDX), Sprott Junior Gold Miners ETF (SYM: SGDJ) |
