5 Gold Stocks Poised to Gain as Yellow Metal Targets New All-Time Highs
After testing the key threshold of $2,000 an ounce timidly last week, gold confirmed a break above this major obstacle this week, reaching a high of $2052 on Wednesday, marking its highest level since May.
Indeed, expectations of a dovish Fed pivot are intensifying, weakening the US dollar and supporting the yellow metal.
After the recent lower-than-expected CPI data, comments by the usually dovish Fed member Christopher Waller sparked bets on Fed rate cuts in early 2024.
He suggested that a rate cut might be appropriate in a few months' time if inflation continues to slow.
As a result, investors are now factoring in a more than 46% probability that the Fed will cut rates at its March 20, 2024 meeting, according to the Investing.com rate monitor tool.
Source: Investing.com
If the Fed is indeed poised to start a rate-cutting cycle, gold has a good chance of continuing to rise and reach new record highs, above the previous all-time high of May 2023, at over $2085.
If this proves to be the case, we can expect gold stocks to make a strong comeback, and investors who subscribe to these forecasts would do well to include them in their portfolios.
In this article, we'll take a look at several gold miner stocks, to determine which might represent the best opportunity for 2024.
To do so, we've used InvestingPro's investment strategies and fundamental data platform.
Here's what we came up with: Newmont Goldcorp Corp (NYSE:NEM), Barrick Gold Corp (NYSE:GOLD), Kinross Gold Corp (NYSE:KGC), AngloGold Ashanti (NYSE:AU) and Agnico Eagle Mines Limited (NYSE:AEM).
We will start analyzing these stocks by assembling them into a watchlist for easy comparison in terms of InvestingPro fair value, analyst objectives, and financial health
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