Newmont: Raising My Price Target As Gold Hits Record Highs
NEMNewmont(NEM) Seeking Alpha·2024-08-27 11:09
RiverRockPhotos The soft US economic landing appears to have rocky implications for the US Dollar Index (DXY). A decent macro growth backdrop along with a weaker greenback is a bullish recipe for spot gold. Heading into the final week of August, the precious metal traded at more all-time highs, above $2525 per ounce. Certainly, lower real interest rates have been a tailwind, too. I reiterate a buy rating on Newmont Mining (NYSE:NEM). I am raising my intrinsic value target from $50 last November to $65 b ...