Gold Miners Just Had Their Worst Crash Since 2020 — Buy The Dip? - video Dailymotion

Benzinga

Gold miners tumbled as gold plunged 5%, its worst drop since 2020. Analysts cite profit-taking and a stronger dollar, but some expect a rebound if $4,000 support holds, noting miners’ strong cash flow and undervalued fundamentals.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Gold miners suffered a steep sell-off on Tuesday as gold prices plunged more than 5%.

00:06Metal's recession since August 2020, according to Benzinga.

00:10Met at gold miners' ETF dropped 9.8%, while Newmont fell 9.2%.

00:15David Morrison of TradeNation said gold's decline is a technical correction,

00:19caused by repeated failures to break resistance from around $4,380 to $4,400.

00:24Luan Rusguana of Forex.com said gold's sharp drop followed its parabolic rally,

00:30driven by profit-taking, a stronger dollar, and improved global risks out of it.

00:35The next, Amara Casanova, said gold's rally still has room to run,

00:39supported by strong central make-buy and safe haven demand.

00:42Analysts, including Peter Spina and Tabby Costa, expect a blockbuster earnings season for miners,

00:48noting surging cash flow and valuations that remain below fundamentals.

00:51Analysts viewed Tuesday's gold miner crash as a pivotal moment for the sector.

00:56We found, if it's possible, a $4,000 support totals.

00:59A weak settlement or earnings could deepen losses.

01:02For all things money, visit Benzinga.com.

Gold Miners Just Had Their Worst Crash Since 2020 — Buy The Dip?

Category

Transcript

Be the first to comment

Recommended