Investors are once again keeping a close watch on central banks around the world, as many of them are set to announce a series of potential rate hikes in the coming weeks, further tightening their monetary policies, and indicating more potential hikes before the end of the year.
With gold prices still lower than their peak from earlier in the year, investors remain speculative over the Fed's hawkish economic landing. Yet, a handful of traders are certain that spot gold performance could swing in a new direction once central banks wind down their monetary tightening.
The growing importance of sustainability and environmental goals has further increased the need for critical minerals such as lithium and copper for the production of electric vehicle batteries and other components. The global investment bank lowered its price target range from $97.00 to $93.00, with the bank having an overweight rating on SQM. However, potential shareholders could be in a comfortable position, with Deutsche Bank Aktiengesellschaft also reducing their price target from $95.00 to $90.00 back in April 2023, and giving the stock an overall “Buy” rating.
While the company is largely focused and driven by nickel exploration and production, diversification of its operations in recent years has seen them further grow its gold development projects in Australia. While there could be a potential upside for Horizonte, exploration projects still in the development phase could hinder positive net cash growth for the fiscal year. This could create further difficulties for investors looking to side with gold mining companies that could see long-term benefits, however, perhaps with Horizonte investors could be looking more at its nickel production, instead of relying on its gold business segment for future growth.
Based on the conglomerate's growth, share prices of BMV are up 28.80% to date, and witnessed a close 7% increase during July, as gold prices remained steady and reacted to the stronger dollar. While the country itself is fairly rich in natural copper reserves, seeing exploration projects taking shape all across the region, Antofagasta produces significant volumes of both gold and molybdenum.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
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