Gold's About to SHOCK Us All! Your Gold & Silver Are About to Become Very "Priceless"- Jeff Clark
Gold prices surged in Asian trading on Friday, buoyed by indications of a cooling U.S. labor market. This put downward pressure on the dollar and Treasury yields, consequently boosting the value of the precious metal. By the week's close, gold is anticipated to achieve a more than 2% increase, marking its first weekly gain in three weeks, although still lagging behind the record highs seen in late April.
Jeff Clark, editor of TheGoldAdvisor.com, suggests that with current gold prices hovering around $2,300 per ounce, reaching $2,500 this year is a feasible target. Gold markets traditionally experience surges and corrections despite fluctuations, with $2,500 as attainable during the next surge.
Gold has already surged more than 12% this year despite delays in anticipated Federal Reserve rate cuts. Higher interest rates are typically viewed negatively for gold as it doesn't offer interest payments.
The primary determinant of the gold price outlook over the past year has been Federal Reserve policy. While the Fed is expected to lower rates this year, it has indicated that it needs to see more evidence of inflation easing first. Next week's inflation data will provide further insights into the state of the U.S. economy.
Clark notes that while potential Fed actions, such as raising interest rates, could temporarily impact gold prices, other factors like monetary concerns, financial vulnerabilities, and market dynamics are likely to exert a more significant long-term influence.
Despite a 44% increase in the major miner ETF GDX since the end of February, overall performance remains relatively weak given the recent breakout in gold prices above 13-year resistance. However, a mean reversion in mining stocks has already commenced, with limited downside experienced despite a $150 correction in gold prices.
Clark highlights that while the rally in gold prices has yet to benefit junior mining stocks fully, this delay presents an opportunity for investors to position themselves in these companies before broader market interest drives up their prices.
While the gold price currently stands 20% above its Q3 2011 high of $1925, the GDX trades at a significant discount of 40% to its former all-time high near $60 in 2011.
Following robust reports from top gold miners Newmont Corp and Agnico Eagle Mines at the end of April, continued robust miner earnings have shown mining margins accelerating faster than inflation during the Q1 earnings season.
Despite this, junior miners have yet to emerge as a standout opportunity. A wave of mergers and acquisitions, coupled with speculation, is poised to unlock the potential of this overlooked industry segment.
According to Clark, the mining industry has experienced a notable lack of exploration, development, and discoveries. This has resulted in a situation where it's more cost-effective for companies to pursue M&A activities to acquire ounces rather than undertake their own exploration and development projects.
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