On April 12, we noted, “Investors may want to still consider gold stocks, such as Newmont Mining (NEM), which recently jumped from a February low of about $29 to a recent price of $39.81. From here, we’d like to see it test $42.”
At the time, NEM traded at around $39. Today, with gold prices above $2,400, NEM last traded at $43.74 and could push even higher. With plenty of geopolitical uncertainty, nearing U.S. elections, central bank buying, and the potential for interest rate cuts, gold could test $2,500 near term, which could easily send NEM to higher highs.