Are metals still worth investing in or have they already peaked?
“We continue to expectgold 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 and Newmont Mining . We continue to rate Barrick Gold as 'Hold,'” he writes in his notes.
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Disclosure information was not available for Hogan or his company.