CA - New Found Gold: Interesting Prospects And Low Share Price

2024-05-05 13:49:51 ET

Summary

• New Found Gold Corp. receives a "Buy" rating: strong upside potential from exploration in Canada's Newfound province near Gander City, and gold is poised for a bull market.
• The correlation between New Found Gold and gold spot prices temporarily turned negative due to a lack of safe-haven demand in North America. But now things seem to have normalized.
• Gold as a safe haven in the North American markets is being boosted by the expected recession in the US, which theoretically also represents an upward catalyst for New Found.

A “Buy” rating on shares of New Found Gold Corp.

This analysis provides another “Buy” recommendation as the previous analysis did. The previous analysis indicated New Found Gold Corp. ( NFGC ) ( NFG:CA ) as a buy, but to be executed as soon as the shares would become cheaper under the Federal Reserve's “higher for longer” interest rates policy. Thereafter, investors had the opportunity to buy shares of New Found Gold at a lower share price in anticipation of promising prospects....

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