Gold’s record-setting surge continued with a new high on Friday. Notably, economist Peter Schiff pointed out a lag in gold mining stocks despite the yellow metal’s rally, suggesting a potential catch-up on the horizon.
Recent Trends: While gold futures closed at $2,186.20, up 0.97% on Friday, ETFs housing gold mining stocks showed minimal movement. The VanEck Gold Miners ETF (GDX) closed the session up 0.10% at $29.64, and the VanEck Junior Gold Miners ETF (GDXJ) dipped 0.42% to $35.93, based on Benzinga Pro data.
Sharing his perspective, Peter Schiff predicted an imminent explosive surge in gold miners, urging investors to act before the crowd catches on.
Schiff attributed the muted response in mining stocks to a possible shift of investment from these stocks to Bitcoin ETFs, reflecting a broader market dynamic.
Anticipating a bullish start for gold at $2,200 on Monday, Schiff hinted at a potential correlation with Bitcoin’s performance over the weekend.
Explore More: Best Gold Stocks in the Current Market
Prospects Ahead: Given the Federal Reserve’s potential reversal in rate hikes, the ongoing gold rally could extend further. Gold, tied to the U.S. dollar, often sees gains when the dollar weakens during rate cuts.
Furthermore, gold serves as a reliable hedge against inflationary pressures, often becoming an attractive asset in such economic climates.
With gold’s shine likely to grow brighter and gold miners anticipated to follow suit, here are some key stocks worth considering:
- B2Gold Corp. (BTG)
- Centerra Gold Inc. (CGAU)
- DRDGOLD Limited (DRD)
- Barrick Gold Corporation (GOLD)
- Hecla Mining Company (HL)
- New Found Gold Corp. (NFGC)
- NovaGold Resources Inc. (NG)
- Pan American Silver Corp. (PAAS)
- Seabridge Gold Inc. (SA)
- Sandstorm Gold Ltd. (SAND)
These stocks were selected based on specific criteria:
- Market cap over $300 million
- Average trading volume exceeding 500,000
- Analyst rating of “Buy” or higher
- Average analysts’ price target at least 30% above the current market price
Related Article: ‘You Buy Gold And Hope It Doesn’t Go Up’: Surge In Gold Prices Sparks Investor Debate On Long-Term Value
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