The gold price was able to make a strong move towards the end of the week, jumping well above the $1800 mark before closing at $1819.95 per ounce.
The Fed will now probably dare a taper start and begin to cut the QE program by about $15 billion. Fed Chairman Powell made it clear, however, that the Fed will make adjustments if necessary. The interest rate policy will not change.
Furthermore, inflation seems to have arrived in the population’s minds, as it must be obvious to everyone that, for example, when going to the supermarket or the gas pump, it must now be paid more than before. With regard to the winter months in the northern hemisphere, this could be a painful experience for the population.
Who would like to hedge against the falling purchasing power has a good alternative with gold, especially since gold has not yet reacted to the rising inflation in contrast to other commodities. The time will come when even the bankers with their paper gold can no longer hold the prices. Who wants to participate in the gold market with leverage can do this with shares of gold miners. Shares of the gold miners have had to experience a real sell-off at the beginning of the year and are still relatively cheap to have. Some shares could rise again somewhat after their low but are still priced below their potential. How have the stocks of gold producers performed this week?
Gold Mining Stock Performance
SSR Mining Inc. (NASDAQ: SSRM): SSR Mining Inc. is a leading free cash flow gold-focused company with four operating facilities in the U.S., Turkey, Canada, and Argentina.1
Alamos Gold Inc. (NYSE: AGI): Alamos Gold is a Canadian gold producer and operates gold mines in Canada and Mexico. In addition, the company has projects in development status in Canada, the U.S., Mexico, and Turkey.2
Barrick Gold Corporation (NYSE: GOLD): Barrick Gold is the world’s second-largest gold producer, headquartered in Toronto, Canada. Barrick operates gold and copper mines and has projects in 13 countries in North and South America, Africa, Papua New Guinea, and Saudi Arabia.3
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