Market News

Gold Stocks Gain Ground as the Metal Briefly Tops $2,000

Given everything we’ve seen over the last week or so, it’s no surprise that investors are looking for a bit of safety in an otherwise unsafe world. With gold itself recently clearing $2,000 an ounce, some are starting to wonder if a record-high gold price is just around the corner. In turn, others are starting to wonder if gold stocks may be the best way to play this sudden rise in the precious metal.

Certainly, there’s been cause for concern. With Silicon Valley Bank’s collapse, followed by Signature Bank, the idea that “my bank may be next” hit a lot of people hard. Throw in the recent UBS (NYSE:UBS) takeover of Credit Suisse (NYSE:CS), and that only made a murky picture even more foreboding. A flight to gold followed, allowing concerned bank customers, bank investors, and general onlookers to potentially hedge some of their losses with metal.

Only two of the best nine gold stocks, Osisko Gold Royalties (NYSE:OR) and Newmont Mining (NYSE:NEM) were down in today’s trading. Seven, meanwhile, gained on at least some level, as pulling gold out of the ground proved a much more valuable process than it had been since March of 2022, the last time gold cleared $2,000 an ounce.

Newmont, down the farthest in Monday afternoon trading, is still considered a Moderate Buy by analyst consensus. In addition, its average price target of $54.67 per share gives it 13.94% upside potential. On the other hand, Kinross Gold (NYSE:KGC) proved the winner for today. It may only be a Moderate Buy by analyst consensus, but its $5.28 average price target gives KGC shares 23.65% upside potential.


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