Gold Stocks Could Gain In Catch-Up Rally, Says Peter Schiff: 'Explosive Move Up Can't Be Far Away'
Portfolio Pulse from Shanthi Rexaline
Gold has reached a record high, but gold mining stocks like those in the VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) have not seen significant movement. Economist Peter Schiff predicts a catch-up rally for these stocks and suggests buying them before the market realizes their potential. Schiff also speculates that investors might be selling mining stocks for Bitcoin ETFs, and anticipates gold to open higher at $2,200 if Bitcoin crashes. Additionally, a list of gold stocks to watch is provided, considering the Federal Reserve's potential rate cuts and gold's role as an inflation hedge.
March 10, 2024 | 5:49 pm
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The VanEck Gold Miners ETF saw a slight increase of 0.10% to $29.64, despite gold's record high. Peter Schiff predicts a significant rally for gold mining stocks.
Given gold's record high, GDX's minor increase suggests it has not yet caught up with gold's rally. Schiff's prediction of a significant rally provides a bullish outlook for GDX.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The VanEck Junior Gold Miners ETF fell 0.42% to $35.93, despite the surge in gold prices. It's anticipated to catch up with the gold rally, as per Peter Schiff.
GDXJ's decline amidst gold's record prices indicates a lag in response to the gold rally. Schiff's optimistic forecast suggests a potential upside for GDXJ.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90