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March 10, 2022
So much for hopes of a cease-fire.
As reported by CNBC “Talks between Russia and Ukraine have failed, with foreign ministers from both countries making no progress on a potential cease-fire agreement. The discussions came a day after Russian forces bombed a maternity hospital in Mariupol.”
With tensions rising further, investors are still investing heavily in gold, which is now back above $2,000. From here, the metal could even test $2,500, given the uncertainty.
Goldman Sachs for example says that’s possible.
In fact, according to Business Standard, “The last time that we saw all major demand drivers accelerate simultaneously was in 2010-2011 when gold rallied by almost 70 per cent. Given the material upward revision in investment and demand assumptions, we now upgrade our 3 /6 / 12-month gold targets from $1950/2050/2150 an ounce to $2300/2500/2500 per ounce,” wrote Mikhail Sprogis, Sabine Schels and Jeffrey Currie of Goldman Sachs in a recent note.”
With investors flocking back to the safe havens of gold, stocks like Barrick Gold (GOLD) and Newmont Corp. (NEM) could do well. Even gold ETFs could run, including:
The VanEck Gold Miners ETF (GDX)
With an expense ratio of 0.51%, the GDX ETF offers diversification with Newmont Corporation, Barrick Gold Corporation, Franco-Nevada Corporation, Kirkland Lake Gold, and Royal Gold Inc. to name a few. After running from $29 to $40, the ETF pulled back slightly. That weakness may be an opportunity.
Direxion Daily Gold Miners Index Bull 2s Shares (NUGT)
Some of NUGT’s top holdings include It has holdings in Newmont Corporation, Barrick Gold, Franco-Nevada, Royal Gold, and Kirkland Lake Gold, as well.
The Dow is down 361 points to 32,904
The S&P 500 is down 48 points to 4,227.25
The NASDAQ is down about 208 points to 13,527.50
Gold prices are up $14.54 to $2,005.01
Bitcoin is down 6.3% to $39,279.20
Oil prices are up $4.14 to $112.40
The VIX is down 1.28 points to 33.85
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