Gold Could Test $2,050 in New Year 2024

Nov 29, 2023

Gold prices are above $2,000 – and could push even higher.

According to Goldman Sachs, the yellow metal could test $2,050 in the next 12 months.

“The potential upside in gold prices will be closely tied to U.S. real rates and dollar moves, but we also expect persistent strong consumer demand from China and India, alongside central bank buying to offset downward pressures from upside growth surprises and rate cut repricing,” the firm said, as quoted by Kitco.com.

That’s been great news for the gold stocks and ETFs we’ve been mentioning.

That included Barrick Gold Corporation (GOLD), which just rallied from $15 to $16.57; Newmont Corp. (NEM), which rallied from $34 to $38.18; and Royal Gold (RGLD), which ran from about $106 to $119.24. Even gold ETFs have been hot, including:

VanEck Vectors Gold Miners ETF (GDX): With an expense ratio of 0.51%, the ETF holds positions in Newmont Corp., Barrick Gold, Franco-Nevada, and Agnico Eagle Mines. Over the last few weeks, the GDX ETF ran from $27 to $29.79.

Sprott Junior Gold Miners ETF (SGDJ): With an expense ratio of 0.35%, the Sprott Junior Gold Miners ETF (SGDJ) seeks investment results that correspond to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges. Over the last few weeks, the ETF ran from about $26 to $28.02.

If Goldman Sachs is right about $2,050 gold, all of these stocks and ETFs could push higher, too.

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