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The dollar edged up from its 15-month lows and precious metals are competing for new highs. Gold is up 24 percent year to date with its futures rising above $1100 for the first time yesterday. And silver's price is also up a huge 54 percent year to date.
Morningstar says lots of funds are increasing their holdings in gold and other precious metals to hedge against a weak dollar and inflation.
Are metals still worth investing in or have they already peaked?
“We continue to expect gold upside to $1,150 during the next 12 months,” says Art Hogan, managing director at Jefferies & Co.
Hogan believes gold shares will regain support after a generally good third quarter. As investors discount a higher gold price, given its monetary and historical value storage profile, Hogan anticipates gold-related equities and exchange-traded funds (EFTs) to better reflect improved realizations and scarcity value.
In addition, Hogan finds some miners very attractive as well.
“We would add to positions in Agnico-Eagle Mines [AEM
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] and Newmont Mining [NEM
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]. We continue to rate Barrick Gold [ABX
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] as 'Hold,'” he writes in his notes.
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Disclosures:
Disclosure information was not available for Hogan or his company.
Data is a real-time snapshot *Data is delayed at least 15 minutes