Are Gold Stocks Ready To Set New Highs?
In the past few weeks, we have seen the price of gold shoot up past its prior technical resistance lines. Now, this week after the latest Middle Eastern tensions have gone from simmer to boil, all eyes are on mining stocks.
One of the major reasons behind this is a positive bout of economic data coming from the U.S. In addition, the unrest hasn’t helped things either. With all of this in mind, it could create a favorable climate for gold stocks. Some have stated that 2020 could be the year that we record gold prices, but only time will tell.
What the Experts Are Saying About Gold
Ken Berman, a strategist at a large trading firm stated that “in economic news, the week’s most anticipated released, the durable goods report missed across the board, with especially the unchanged level of core orders disappointing analysts.”
Despite this, many have stated that positive tones being echoed from U.S./China trade relations could just shift gold stocks toward the fight level. This year alone, we have seen prices of gold shoot up by as much as 17%. With silver, that number is only around 12%. Both of these, however, represent positive shifts that are moving in the right direction.
With China as one of the largest consumers of gold, many believe that better relations from the nation could mean better prices for gold. Additionally, we are seeing large amounts of stimulus in central banks around the world. This could be yet another good sign for the future of the shiny yellow metal.
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Some have stated that the recent uptick in gold prices could be due to looming uncertainty about the year ahead. This is a valid concern, but one that has been met with great positivity for gold on its own. As we move into the new year, the hopes are that gold and gold stocks can retain these solid gains into the next few months and beyond.
Gold Stocks To Watch
With the current state of the markets, there’ve been several gold stocks that’ve taken off after-hours. These may be some of the top gold stocks to watch this week:
Company | Symbol |
Yamana Gold | AUY |
Kinross Gold | KGC |
Barrick Gold | GOLD |
Newmont Goldcorp | NEM |
Royal Gold | RGLD |