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We Are On The Edge

We Are On The Edge

 Submitted by QTR's Fringe Finance

At the beginning of the year, I not only laid out 24 stocks that I would be watching for the year based on what I thought the macro...

Retail sentiment flipped into extremely bullish territory (82/100) for Barrick Gold Corp after the miner reported upbeat production figures for the second quarter. The rise in sentiment was supported by extremely high message volumes (85/100), highlighting overwhelming enthusiasm among retail investors. Shares of the firm have risen over 4% on the news.<figure class="image"><img style="aspect-ratio:933/250;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/GOLD_6b069da6b3.png" alt="Stocktwits sentiment meter in extremely bullish territory for Barrick Gold" width="933" height="250"><figcaption>Stocktwits sentiment meter in extremely bullish territory for Barrick Gold</figcaption></figure> The company said its preliminary Q2 gold production stood at 948,000 ounces, and Q2 copper production reached 43,000 tonnes. It also disclosed preliminary Q2 sales of 956,000 ounces of gold and 42,000 tonnes of copper.According to the firm, the preliminary Q2 gold production was higher than the first quarter due to increased production at its Turquoise Ridge facility, following the completed maintenance at the Sage autoclave in Q1. Continued ramp up at Porgera and significant increases at Tongon, North Mara, and Kibali also helped the rise in production figures. Barrick Gold said the production increases were partially offset by planned lower production at its Cortez and Phoenix facilities.For 2024, the firm believes its gold and copper production is expected to progressively increase each quarter with a higher weighting in the second half.Record gold prices have renewed investor attention in gold mining stocks recently. Weak economic data and relatively dovish commentary from the Fed have fueled speculation that a rate cut may be announced as early as September. That’s helped push Stocktwits sentiment for popular miner ETF $GDX into “bullish territory” again on high message volumes.<figure class="image"><img style="aspect-ratio:773/223;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/GOLD_2_79e5415361.png" alt="Stocktwits sentiment meter for VanEck Gold Miners ETF" width="773" height="223"><figcaption>Stocktwits sentiment meter for VanEck Gold Miners ETF</figcaption></figure>As for Wall Street’s expectations, Jefferies recently raised the price target on Barrick Gold to $23 from $22 while maintaining a ‘Buy’ rating on the stock. With the stock currently trading near the $19 level, the revised price target presents an upside potential of nearly 20%. &nbsp;Photo Courtesy: Jingming Pan from Unsplash

Why Retail Investors Turned Extremely Bullish On This Gold Mining Stock

Barrick Gold announced an upbeat set of preliminary production numbers for the second quarter and said the prospects look good for the rest of the year. Meanwhile, record gold prices driven by rate cut expectations are keeping retail bullish on the stock.

Equity

Gold Price on May 10: Rate Advances Amid Optimism of a Fed Rate Cut

Bloomberg / Contributor / Getty Images

 Key TakeawaysThe spot price of gold rose Friday as Atlanta Federal Reserve Bank President Raphael Bostic suggested policymakers remain on track to reduce...

Why gold ETFs are an option to bonds as inflation lingers

With government spending running wild and inflation stubbornly high, investors should consider dialing back their bond exposure in favor of gold using exchange traded funds. 'You need to hedge...

VanEck Gold Miners ETF (GDX, $31.62) RSI Indicator left the overbought zone on March 28, 2024

This is a signal that GDX's price could be shifting from an uptrend to a downtrend. Traders may consider selling the stock or exploring put options...

VanEck Gold Miners ETF (GDX, $31.62) Stochastic Oscillator left the overbought zone on March 28, 2024

This is a signal that GDX's price trend could be reversing, and it may be an opportunity to sell the stock or take a defensive position...

VanEck Gold Miners ETF (GDX, $31.62) Aroon Indicator entered an Uptrend on March 28, 2024.

Over the last three days, A.I.dvisor has detected that GDX's AroonUp green line (see chart) is above 70, while the AroonDown red line is below 30. When the green line goes above 70 while the red line...

VanEck Gold Miners ETF (GDX, $30.96) Aroon Indicator entered an Uptrend on March 27, 2024.

VanEck Gold Miners ETF (GDX, $30.96) price may drop as it broke higher Bollinger Band on Mar 27, 2024

This price move could be a signal that GDX may fall back below the higher band and head toward the middle band. Traders may consider selling the stock, shorting the stock, or exploring put options...

VanEck Gold Miners ETF (GDX, $29.85) entered Uptrend as Momentum indicator ascends above 0 level on Mar 26, 2024

This indicator may be signaling GDX's price has momentum to move higher, since its current price moved above its price 14 days ago. Traders may consider buying the stock or exploring call options...

Volume	15.9M
52-Wk High	$39.41
52-Wk Low	$25.62

GDX VanEck Gold Miners ETF

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