2023-04-18 12:49:43 ET
- Newmont ( NYSE: NEM ) and Barrick Gold ( NYSE: GOLD ) were added as new long idea at Hedgeye.
- "While gold and precious metal equities can be the province of conspiracy theorists and macro tourists, we think there are moments when the fundamentals align for investor interest," Hedgeye analyst Jay Van Sciver wrote in a note on Tuesday. "The macro-market dynamics clearly point to more favorable conditions for listed gold miner."
- Recent merger activity in the industry should also bring focus on the industry at a time "when marginal production costs can drive returns," according to Van Sciver. "As India moves into the top population spot, consumption may see some visibility boost in a world that faces increased geopolitical instability."
- Newmont ( NEM ) rose 1.2% on Tuesday, while Barrick Gold ( GOLD ) gained 0.7%.
- Last Thursday Gold rallied within $10 of all-time high as economic worries mounted.
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Newmont, Barrick Gold added as new long ideas at Hedgeye