Gold stocks were shining again today as prices kept up their recovery on Iran ceasefire hopes.
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The VanEck Gold Miners ETF (GDX) was up 5.56% today with major holdings Agnico Eagle Mines (AEM) up 4.44%, Newmont Mining (NEM) up 5.9%, and Wheaton Precious Metals (WPM) up 4.95%.
The spot gold price was up 2.45% at $4,784.37.
The gold price continued its move back towards $5,000 on hopes that the Iran war, which began on February 28, could be over within the next two to three weeks. That was the comment coming from President Trump today. He noted that the U.S. would accomplish its primary goal, to prevent Iran from having a nuclear weapon, before walking away within that timeframe.
Gold investors like that prospect as it could reduce oil prices and the threat of higher inflation. That in turn would take the pressure off the Federal Reserve from hiking interest rates in response.
Gold investors like lower interest rates.
The President will address the nation tonight with commentators unclear what will be said. It could be a re-iteration of his comments that the war is coming to an end or even that he is ramping up the pressure with a ground operation.
More clarity from the White House would be welcomed by the markets.
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