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Gold Stocks Could Gain In Catch-Up Rally, Says Peter Schiff: 'Explosive Move Up Can't Be Far Away'
Gold Stocks Could Gain In Catch-Up Rally, Says Peter Schiff: 'Explosive Move Up Can't Be Far Away'
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Gold has been on a tear of late and An economist said on Friday gold miners have lagged the rally in the yellow metal and could soon play catch-up.What Happened: Gold’s record run hasn’t sparked interest in gold mining stocks, said economist and gold bull Peter Schiff. On Friday, gold futures settled at $2,186.20, up 0.97%. Despite the development, exchange-traded funds comprising gold mining stocks were essentially unchanged in the session. The VanEck Gold Miners ETF AMEX:GDX ended Friday’s session up 0.10% $29.64, while the VanEck Junior Gold Miners ETF AMEX:GDXJ fell 0.42% to $35.93, according to Benzinga Pro data.“An explosive move up can’t be that far away. So buy the miners before the crowd realizes what’s going on,” Schiff said.Delving into the potential reasons for a lack of reaction among mining stocks, Schiff said it could be due to investors selling these stocks to buy Bitcoin ETFs.Schiff also said he expects gold opening with a gap up at $2,200 on Monday. “This is more likely to be the case if Bitcoin crashes over the weekend,” he said.See Also: 5 Gold Stocks To Keep A Tab On: Given the likelihood of the Federal Reserve reversing its rate hikes, the gold rally could continue. Gold, denominated in the U.S. dollar, shares an inverse relationship with the dollar, which could lose steam when the Fed cuts rates. and could be a go-to asset when inflationary pressure remain stubborn. If the yellow metal adds further luster to it and gold miners follow it on the way higher, here’s a list of stocks that could be worth accumulating:B2Gold Corp. AMEX:BTGCenterra Gold Inc. NYSE:CGAUDRDGOLD Limited NYSE:DRDBarrick Gold Corporation NYSE:GOLDHecla Mining Company NYSE:HLNew Found Gold Corp. AMEX:NFGCNovaGold Resources Inc. AMEX:NGPan American Silver Corp. NYSE:PAASSeabridge Gold Inc. NYSE:SASandstorm Gold Ltd. NYSE:SANDThese stocks were screened based on the following criteria:Over $300 million market capAverage trading volume over 500,000Analyst rating of “Buy” or higherAverage analysts’ price target is 30% above current market priceRead Next: ‘You Buy Gold And Hope It Doesn’t Go Up’: Surge In Gold Prices Sparks Investor Debate On Long-Term ValuePhoto: Shutterstock© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.