Gold soars to new heights, but miners are the real opportunity – VanEck portfolio manager
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Gold reached record highs for five consecutive days; Imaru Casanova, VanEck portfolio manager, noted significant volatility in August 2024; on August 5, a surprise rate hike from Japan's central bank triggered a global sell-off; TOPIX dropped 12%, the largest since 1987; S&P 500 and Nasdaq also declined; gold closed at $2,524.64 on August 27, up 11% over 10 years; NYSE Arca Gold Miners Index rose 2.44% in August, while MVIS Global Juniors Gold Miners Index increased by only 0.42%; gold stocks underperformed gold bullion; average margins expanded by 8% in August; Scotiabank estimates gold mining equities are at a 23% discount to spot gold; BofA Global Research reported a decline in new gold discoveries; Casanova suggested potential for gold price stability unless western investor interest increases; World Gold Council noted positive fund flows into North American gold ETFs; Casanova concluded that gold mining equities are attractive for recession-proof investments.

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https://www.kitco.com/news/article/2024-09-26/gold-soars-new-heights-miners-are-real-opportunity-vaneck-portfolio-manager