Bank of America says a more bullish outlook for gold and copper could benefit a handful of stocks. The firm increased its outlook for commodities in a Tuesday note, upping its year-end gold forecast to $2,317 per ounce, or a roughly 17% increase moving forward. Bank of America also sees copper climbing 8% in 2024 to $9,321 per metric ton. Indeed, on Tuesday, gold futures for June delivery hit a fresh record, while the copper contract for May touched its highest level since January 2023.
To play its bullish outlook for copper and gold, the firm also named a slate of stocks that could see a boost. Bank of America's top gold pick for the year is Agnico Eagle Mines . The firm reiterated a buy rating on Tuesday, with a price target of $85 per share, implying 39% upside from Monday's close. U.S.-traded shares have climbed 13% in 2024. AEM YTD mountain Agnico Eagle Mines stock. "North American gold producers have traded between 1 and 2 times NAV with 1.75-2.