climbed for months and reached a record high of $4,398 per ounce on October 20. It then saw a rapid decline to $3,890 on October 28.
The metal rallied through November with a 6.4% gain. The first days of December showed some hesitation, even if the general trend remains upward.
The meeting will be held tomorrow evening and a rate cut seems very likely. Investing.com’s rate barometer shows a greater than 80% chance that the FOMC will move in this direction, and many expect more easing through 2026.
This supports gold. A Fed rate cut generally weakens the U.S. dollar. A weaker greenback drives up gold prices because the metal is valued in U.S. dollars.
A Fed rate cut also diminishes the attractiveness of bonds and money market products, as their yield advantage over gold fades.
This view, combined with massive central bank buying and a tension-filled geopolitical environment, has caused several major banks to predict new record highs for gold. Many expect the metal to surpass $5,000 an ounce next year.
Goldman Sachs and Bank of America both forecast $5,000 by the end of 2026. JP Morgan puts its forecast at $5,200.
Gold still looks attractive to investors even though its price is near its all-time high. A stronger bullish trend in gold would also boost mining and metals stocks.
10 mining stocks with strong upside potential
We started looking for opportunities in this sector with Investing.com’s stock screener. We performed a search based on the following criteria.
US market Metals and mining industry Market capitalization of over $200 million Upside potential of over 20% according to InvestingPro Fair Value InvestingPro Health Score greater than 2.5/5
In this research, we used InvestingPro metrics, including Fair Value and Health Score, which are only available to InvestingPro subscribers with a PRO+ plan. Fair value provides an average of several recognized valuation models for each stock, while health score evaluates several financial metrics to measure the overall strength of a company.
This research allowed us to find 10 opportunities.
These stocks are trading at…
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