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Dear Fellow Investor,
On Sunday, April 14, we noted, âGold just hit $2,412 and could test $2,500 near term. All as safe haven demand explodes higher on Middle East concerns and economic concerns in China."
Today, while gold did pull back from $2,412, it could still see $2,500, even $3,000 this year.
Thatâs according to David Rosenberg, the founder and president of Rosenberg Research, as noted by MarketWatch.com. In addition, according to Citi analysts, gold could reach that level in the next six to 18 months thanks to investor inflows and hopes the Federal Reserve will cut interest rates. Plus, global central banks, most notably, China are aggressively buying gold.Â
In addition, after dropping from about $2,433 to $2,338.40, gold appears to have caught strong support and could pivot higher â especially with growing fear in the market and economy.
That being said, weâre still bullish on the gold ideas we shared on April 14, as well.Â
That includes Newmont (SYM: NEM), Barrick Gold (SYM: GOLD), the VanEck Vectors Gold Miners ETF (SYM: GDX), and the Sprott Junior Gold Miners ETF (SYM: SGDJ).
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Since Monday, April 15, Barrick Gold (GOLD) did slip from about $17.50 to $16.26. However, after catching strong support, itâs just starting to pivot. From its last traded price of $16.83, weâd like to see it retest $18.50 initially. Newmont (NEM) ran from about $38 to a recent high of $43.66 on earnings and higher gold prices. Sponsored An unknown trader turned $2k into $83k?
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Meanwhile, the VanEck Vectors Gold Miners ETF (GDX) ran slightly higher from about $34 to $34.17. Itâs also starting to pivot from strong support, and could soon retest its prior high of $35.74. The Sprott Junior Gold Miners ETF (SGDJ) â which ran slightly higher from $32 to $32.40 â is slowly pivoting higher as well. Weâd like to see it retest its prior resistance at round $35 initially.
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Do you invest in any gold mining stocks or ETFs? Are there any you have your eye on that we might have missed? Hit "reply" to this email and let us know!
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