GFI - Gold Fields: Shares Surge Amid Record-High Gold Prices Still A Value
2024-04-08 22:01:35 ET
Summary
- Gold mining companies have participated in the rally, with the VanEck Vectors Gold Miners ETF outperforming the spot gold ETF.
- Gold Fields Limited is a gold producer with reserves in multiple countries. Its earnings and valuation forecasts suggest it is undervalued despite a recent guidance cut.
- GFI's technical situation is mixed, with the stock at key resistance levels, but strong momentum could lead to a breakout.
- I point out key price levels to watch in the months ahead.
In a stunning rally, both gold and gold mining companies have surged since late February. Major buying of the precious metal by central banks around the world and concerns over the growing global debt burden have drawn investors into this often risk-off commodity. Hopes for a Fed rate cut is another macro tailwind. Gold has indeed broken out technically to new all-time highs, printing north of $2300 per ounce as of early April. ...
Gold Fields: Shares Surge Amid Record-High Gold Prices, Still A Value