Gold has been strong lately, and gold stocks have been following gold's lead. It seems like gold is following its upside trend today as well, as the current surging oil futures made gold prices relatively cheaper for foreign investors who use other currencies.
However, some analysts believe this is far from being over and expect even higher values for the price of gold. Clément Gignac, National Bank Financial 's chief economist and chief strategist, believes that gold prices will reach $1,500 an ounce within the next 12 to 18 months. Nick Barisheff, portfolio manager of the Millennium Bullion Fund, shares the same belief and anticipates that gold could even touch the $2,000 to $3,000 mark in the "next two to three years."
As gold moves higher, so have gold stocks, with some big names trading up to set new 52-week highs Thursday evening:
- Streettrack Gold Trust (NYSE: GLD) – set a new 52-week high yesterday of $98.73;
- Agnico Eagle Mines Ltd. (NYSE: AEM) – set a new 52-week high yesterday of $78;
- Goldcorp Inc. (NYSE: GG) – set a new 52-week high yesterday of $44.85.
Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.
Entrepreneur's Journal: Key steps for telesales success
The week in preview: Focus returns to earnings: Alcoa, Chevron, Family Dollar
Comfort Zone Investing: Survival of the fittest -- letting some banks fail
