Gold stocks were higher today as investors tried to decipher President Trump’s mixed messages on the future of the Iran war.
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The VanEck Gold Miners ETF (GDX) was up 0.86% today with major holdings Agnico Eagle Mines (AEM) down 0.23%, Newmont Mining (NEM) up 1.68%, and Wheaton Precious Metals (WPM) up 0.39%.
The spot gold price was up 0.51% at $4,540.
The gold price has fared badly in the current conflict between the U.S., Israel and Iran. A rising oil price has brought with it the fear of higher inflation and the prospect of higher interest rates to combat that concern.
Gold tends to do better in times of low interest rates.
What has been surprising is that this concern seems to have overshadowed gold’s traditional status as a safe haven for investors during troubled times like these.
However, the uptick in the gold price could signal either a return to that status or some encouragement from President Trump’s assertions that peace talks were continuing to go well with Iran.
However, on the other hand he has mentioned the possibility of U.S. ground troops being deployed in Iran to secure oil supplies.
Investors are cautiously waiting on the next major development.
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