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Javed Mirza VanEck Gold Miners ETF GDX-N WATCH Oct 17, 2024

Gold.

Gold remains in an uptrend, past his target of $2600. He's a big fan of the Commitment of Traders data from the Chicago Board of Trade, which comes out weekly on Fridays at 3:30 pm. Commercial traders continue to reduce exposure on the way up. Though gold can push higher, we're getting to the end of this move in the intermediate term.

We've had a good move, but he's cautious at current levels. Vulnerable to at least a near-term correction. Some charts look great, such as OR, AGI, and WPM, and he'd gravitate toward those.

Javed Mirza

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COMMENT

Broad lithium play with LIT. Battery technology is the future. You want to buy on dips. For copper, COPX is a basket of copper focused fund. For broader precious metals, GDX would be his preference.

BUY

Depending on the vectors you want exposure to, these are his favourite ways to play the gold sector. He believes the world will be in a low interest rate environment for years to come. Gold will outperform.

TOP PICK

Representative, cap-weighted. Gold performs well coming into the new year. That, plus rising stock market and rising gold prices, and you could see gold miners do quite well. The run could extend into March and April.

PAST TOP PICK

(A Top Pick Dec 23/21, Up 26%) Nearing end of seasonal period so on following the mandate sold last position. But gold still has room to run and can do well.

BUY

options This ETF has hung in there even as gold has flattened. The market bought 10,000 of the April 29 expiring calls, going for 70 cents. This is a breakout. Goldminers will continue to rise and maybe make new 52-week highs.

DON'T BUY

Likes it as well as GLD in the gold space, but he doesn't own any gold. Gold does not hedge against inflation or war. Gold is doing nothing as Putin wages war and other countries like China arm themselves.

BUY

Likes gold bullion as hedge against US Dollar.
Gold stocks at 5 year lows.
Good time to buy.

BUY

ETF for gold producers.

XGD and ZGD are the Canadian go-to names. ZGD is equal weight, so the big caps don't run the show.

In the US, he likes GDX or GDXJ (for the juniors).

RISKY

He's not a big buyer in the gold space. His models look for intrinsic value. Gold does not have a dividend or cashflow or a revenue stream. Lots of excitement in the space, but it can be volatile over its history.

That being said, XGD or GDX are probably your best bets.

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Javed Mirza VanEck Gold Miners ETF GDX-N WATCH Oct 17, 2024

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