Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak
Portfolio Pulse from Piero Cingari
Gold prices soared to record highs above $2,300 per ounce, marking its sixth week of gains in the past seven, with a 4% rally despite potential delays in anticipated rate cuts by the Fed. The VanEck Gold Miners ETF (GDX) and Newmont Corp. (NEM) experienced significant gains, with GDX reaching 11-month highs and NEM recording its best week in 13 months. Other mining stocks also saw substantial increases, with First Majestic Silver Corp. (AG) leading the pack.
April 05, 2024 | 8:19 pm
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POSITIVE IMPACT
First Majestic Silver Corp. led the pack among mining stocks with a 32.57% price change over the past 5 days.
The significant rise in gold and silver prices has positively impacted mining stocks, with AG experiencing the highest gains among its peers.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The VanEck Gold Miners ETF reached 11-month highs, benefiting from the surge in gold prices.
The surge in gold prices directly benefits mining stocks, with GDX experiencing significant gains due to its portfolio of gold mining companies.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Newmont Corp., the world's largest gold miner, saw its stock surge over 10% this week, marking its best performance in 13 months.
As the largest gold miner and a significant component of GDX, Newmont Corp.'s stock performance is closely tied to gold prices, which have been rising to record highs.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 95