RE:NEM New Rating - Strong Buy PT $45.77 USDFor those who think they've missed the Newmont Gold train, it's had a nice little run up since it bottomed in Februrary but is no where close to where it's headed. Remember this post I posted in February when NEM was still trading at $30 bucks and I said NEM had bottomed 'Technically' and it seemed hard to believe? Then the Newmont CEO talked about how Newmont was a 'Generational buying opportunity'. The skeptics sat and watched while others took these queues and bought.
Well, Morningstar's target of $45.77 US is still a long way from the current nearly $37 US price it's trading at today so although the train may have left the station, it's still chugging slowly down the tracks and those that are still not convinced it is leaving best decide whether to jump aboard or wave goodbye.
I'm expecting NEM / NGT to break above its 200 DMA of $38.18 US or $51.47 CAD very soon. Maybe as early as tomorrow. Gold is now above $2300 as I write this.
Are You Ready?
HB77