Commodities

VanEck: Miners’ Margins Grow as Gold Soars to Fresh Highs

Posted on by Andrew Packer

Gold prices have set new all-time highs. Since it first soared higher in April, the metal consolidated around $2,350. In August, gold started to trend higher again, breaking over $2,500 per ounce for the first time.

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    • Gold’s price looks set to rally further. Investors remain concerned about inflation, which may trend higher as interest rates come down. And commodities in general appear to be in a bullish uptrend, which can last for years.

    Add in the current geopolitical risk right now, and gold looks attractive. Central banks remain robust buyers of the metal. Those big buys can help keep prices trending higher thanks to the strong demand.

    When gold prices rise, the prices of gold-related investments tend to also perform at least as well as gold, if not better.

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    That includes gold mining stocks. Since a company’s costs are relatively unchanged over a quarter, a boost in gold prices tend to move directly to a company’s bottom line.

    That can mean higher profit margins. So far, for the second quarter of 2024, gold miners have beaten earnings estimates about 80% of the time.

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    • Investors can buy individual gold mining stocks such as global giant Barrick Gold (GOLD).

    Or, investors can take a wider approach with a diversified gold miners ETF, such as the VanEck Gold Miners ETF (GDX), which owns a basket of leading gold stocks.

     

    To view the full analysis on gold’s move higher, click here.

  • Special: Every Time the Government Releases Jobs Data... Make This Trade the Night Before!