Newmont Corporation NEM

National Bank Raises NGT PT to $71 CAD from $54

[HoneyBadger77]

.....BUT be cautious.

Unless the price of gold goes significantly higher from the $2,350 level today I don't see NEM / NGT going much higher than US $41 C $55.00 in the short term.  It seems the average analyst PT is about US $46 and CAD $64 which is probably about right but nothing goes straight up and a little pullback would probably be a good thing.

Based on today's high of C $54.46, NGT has risen 36.3% from its 52 week low of C $39.96 only a few weeks ago.  I'm very bullish on gold but the technicals, RSI in particular, is showing the stock is now Overbought and you can bet the short sellers are just waiting for some negative news to jump on this thing and take it back down to the low $50's CAD before it resumes its upward trend.  I expect NGT to retest its 200 DMA of $51.38 within a week or so.

Newmont price target raised to C$71 from C$54 at National Bank - TipRanks.com

When the anlayst PTs are as sporatic as they are, that tells me they don't really know and are guessing where gold will go just like we retail investor minions.  Late last week Barron's posted an article on MSN that the gold had topped out around $2,300 and then last night another Barron's analyst article states that he the charts have confirmed his projection that gold is going to at least $3,600 to $4,000.  To me it looks like Barron's was planning to go short last week but then when gold suddenly spiked up some more, they decided it was best to join in on the hype train and go long for a bit.  Now today gold isn't spiking (at least yet) so it'll be interesting to see what Barron's next gold price target will be.

Gold Prices Are at Record Highs—and They’re About to Shoot Even Higher (msn.com) 

In reality, the price of gold is being driven by geopolitics and the ongoing wars in Ukraine and Middle East and the increasing instability around the world and unfortunately we will be the last to really know what's going on until it's going on.  If gold does spike to $3,600 to $4,000 as now projected by Barron's, worrying about our gold stocks will likely be the least of our worries.   We also need ot get past this weeks economic data events.  With the S&P at/near an all time high, my advice is tread carefully.

My opinion only, please DYODD.

HB77

[ecolo101]

You can easily say q that $71 is based on hope alone ha ha ha.... more realistically I would say that $60-61 will be reach on gold getting close to $2400. why because , silver copper and other metal produced are all adding to the bottom line as their respective price are improving as well. Silver could easily this time around surpass gold.  i am just hope for a better leadership to

[HoneyBadger77]

Looks like CAD $55.20 on April 9th was the short term top for Newmont NGT as I mentioned was likely in my Apr 8th post.  Yesterday, NGT opened and quickly dropped to a low of $52.20 when the US inflation numbers came in higher than expected and it looked like the Fed lowering interest rates in June is now on hold until at least September. But the gold bulls quickly brushed that news off and

[ecolo101]

Nice comment! The best way to participate is to buy slowly on a pullback to get a decent average price. Last year during this period we were between $41 and $51. A year later because of poor mgmnt we are $10 lower.  How much can we do? Not much... But looking at recent commodity price rally we should get better results as long as they keep mine efficiency on target.  And they are paid

[HoneyBadger77]

Thanks ecolo101. Based on the chart below (if it posts with the rest), NEM earnings are projected to move sequentially higher in 2024 and then higher but flat throughout 2025, at least that's what it looks like right now.  Of course the change in the price of gold will affect this.  The geopolitical events driving gold's stellar rise will be the main driver for gold price and