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NGD - Gold Stocks Continue Run Following Bullish Analyst Report
New Gold Inc.
Gold hit a record price of $1,923 per ounce in September 2011. A new analyst report predicts the precious metal will blow past that, reaching $3,000 per ounce by the end of 2021. Investors have wasted little time taking the bullish estimate into account.
Shares of Harmony Gold(NYSE: HMY) rose as much as 16.5%, followed by a 16.3% jump for Gold Fields(NYSE: GFI) and a 12.5% leap for New Gold(NYSEMKT: NGD) in trading today. Are investors getting a little carried away, or could these price gains be just the beginning for gold stocks?