Gold Speculators Pave The Way For 'Multiyear Bull Market In Metals'
Portfolio Pulse from Neil Dennis
Gold prices continue to rise, with speculators driving the price up at a rate not seen since 2019. Gold futures dipped slightly by 0.1% on Monday, but overall, gold added 4.3% over the last week. ETFs like SPDR Gold Shares ETF (GLD) and iShares Gold Trust ETF (IAU) saw similar gains. Analysts attribute the rise to a Goldilocks scenario and expect further increases due to geopolitical uncertainty and potential Federal Reserve policy changes. The VanEck Gold Miners ETF (GDX) and stocks like Newmont Goldcorp (NEM) and Barrick Gold Corp (GOLD) are also seeing positive movements.
March 11, 2024 | 3:29 pm
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VanEck Gold Miners ETF gained 15% since Feb. 28, recovering from a previous drop, as gold miners begin to catch up with the commodity's price.
GDX's recovery is indicative of the gold mining sector beginning to catch up with the broader rally in gold prices.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
SPDR Gold Shares ETF gained 4.5% over the past week, reflecting the rising interest in gold.
The increase in GLD's price is directly tied to the rising price of gold, driven by speculator interest and geopolitical factors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Barrick Gold Corp experienced a 5.5% gain over the week, aligning with the positive trends seen across the gold sector.
GOLD's gain is part of the wider bullish movement in the gold market, driven by investor speculation and safe-haven demand.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
iShares Gold Trust ETF climbed 4.6% over the week, mirroring the bullish trend in gold prices.
IAU's performance is closely linked to gold's price, which has been on the rise due to a mix of speculative buying and geopolitical concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Newmont Goldcorp saw a 6.3% increase last week, benefiting from the overall bullish sentiment in the gold market.
NEM's performance is buoyed by the positive momentum in the gold market, reflecting broader investor interest in gold.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80