LIVE MARKETS-Gold miners: mind the gap
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GOLD MINERS: MIND THE GAP
Gold XAU= is shining bright.
The precious metal has been hitting one record high after another this year, spurred by central bank buying and safe-haven demand. The latest peak this morning at $2,869.68 per ounce.
Yet, gold miners are having less of a ride and for J.P.Morgan this means current prices still offer a good entry point, given the strong outlook for the metal, particularly if trade tensions and tariff risks continue to unsettle markets.
"Although recent investor marketing indicates a bullish gold outlook is widely shared, there is less conviction or consensus on how to be positioned in the sub-sector," note JPM analysts.
"Thus, we still see a compelling entry point for the EMEA Gold Miners given they screen exceptionally cheap with >10% FCF yields and pose fewer operational risks following recent guidance updates," they added in a research note.
JPM notes that since reiterating its bullish view three months ago, gold has risen around 4% and gold miners are largely flat. Its top pick is now Fresnillo FRES.L.
(Danilo Masoni)
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