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Gold Will Touch Higher Lows and Higher Highs: Analyst
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Special to CNBC.com
Gold hit a new nominal high near $1,100 an ounce on Friday, and Michael Dudas, metals and mining analyst at Jeffries & Co., thinks the precious metal will continue to touch higher lows and higher highs. (See his gold-related stock picks, below.)
"Certainly in commodities you do get overbought and oversold conditions," he said.
"But certainly the print on the unemployment number this morning gives bulls some more ammunition: that the Fed's going to continue to be accomodative for a long period of time."
Along with the US central bank announcing that it will keep interest rates at near zero for "an extended period," the India central bank's purchase of 200 tons of gold show that the metal is, in a sense, becoming a currency, Dudas said.
"I think central banks and investors continue to be underweight gold in their portfolios, and that could lead to some re-rating, as people continue to fear excess liquidity," he said.
Dudas Likes:
Newmont Mining [NEM
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Agnico-Eagle Mines [AEM
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More Market Views:
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Other Gold Stocks:
Kinross Gold [KGC
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Goldcorp [GG
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Barrick Gold [ABX
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Disclosures:
Dudas does not own any shares of the stocks mentioned above.
Data is a real-time snapshot *Data is delayed at least 15 minutes