Barrick Gold (GOLD)

Apr 3, 2024Trade Ideas

Gold just hit a high of $2,281.61 and could potentially test $2,500 this year. For one, new U.S. data could lead the Federal Reserve to cut interest rates in coming months. Two, growing tension in the Middle East is sending more investors into the safe haven of gold. Three, global central banks are still buying gold. 

In addition, according to Kamol Alimukhamedov, Deputy Managing Director of the Central Bank of Uzbekistan, who authored the Gold Investing Handbook for Asset Managers, as quoted by Kitco.com, said, “In the modern era, gold continues to play a critical role in the global financial system, serving as a hedge against inflation, a safe haven asset, and a reserve asset for central banks. The role of gold as a reserve asset for central banks has been a significant driver of demand for the precious metal.”

One of the top gold stocks benefiting is Barrick Gold (GOLD). 

Last trading at $17.18, we’d like to see GOLD shares closer to $22 near term.


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