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The View From The Montana Log-Cabin As Gold Stalls Below $2,700, but $3,000 still in play as near term target

By Nigel Somerville | Sunday 29 September 2024


Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Gold closed the week at $2,658 – up yet again on the prior week’s weekly record high at $2,621 (and thus at another weekly high) – but in a week it reached $2,685 and didn’t press on through $2,700 it was a bit of a disappointment. Gold stocks dipped at the end of the week as can be seen on the chart below of Gold vs the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers). What happens short term is anybody’s guess.
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