NEW YORK, July 6, 2016 /PRNewswire/ --
http://www.FinancialBuzz.com - Expected were concerns over the
stability of the global economy after the United Kingdom voted to leave the European
Union. While global stock markets rebounded from the initial panic
reaction, the aftermath concerns linger on, thus the continued rise
of gold prices. Market Vectors Junior Gold Miners ETF
(NYSEARCA: GDXJ), Brazil Resources Inc. (BRI.V), Direxion
Shares Exchange Traded Fund Trust (NYSEARCA: NUGT), Barrick
Gold Corporation (NYSE: ABX), Newmont Mining Corp
(NYSE: NEM)
Gold prices have had an incredible run so far this year. Futures
increased by about 24% year to date, and experts claim that there
is still upside. According to Yahoo Finance correspondence, Anthem
Blanchard, CEO of a popular precious metals dealer Anthem Vault,
stated, "The trade has really just begun here… I think it's very
limited, the risk. I think there's a ton of upside in the price. I
think in relative terms it's a very safe time to buy [gold]. I
don't see a lot of downside." Anthem Vault has about $2 billion in client assets under control.
Blanchard also had some opinions on the infamous Brexit vote,
saying that Brexit may start a chain reaction across the European
Union and other countries may have a similar vote. "So ultimately
that can create a lot of credit risk in the markets, a lot of
derivative risk and that bodes very well for gold and silver
demand," he added.
Meanwhile, gold exchange-traded funds and stocks have reached
new 52 weeks highs. Price per share of Market Vectors Junior
Gold Miners ETF (NYSEARCA: GDXJ) has crossed the $45 mark, which didn't happened since
July 2014. Junior gold companies in
particular have enjoyed very impressive run-ups. Shares of
Brazil Resources Inc. (TSX-V: BRI), continue to surge
alongside other Gold companies and ETFs, a 281 million market-cap
company, increased in value by about 640% year to date from
$.38 to $2.84. The stock is currently trading at all-time
highs.
Brazil Resources Inc. is a mineral exploration company with a
focus on the acquisition, exploration and development of projects
in Brazil, United States, Canada and other regions of the Americas.
Recent developments for the company include the new gold resource
for the Raintree West deposit within the Whistler Project Whistler,
located in South Alaska. The new
resource estimated deposit provides for a total inferred resource
of 1.991 Moz gold equivalent comprised of 1.428 Moz
gold equivalent below the 100 metre elevation (Zone A)
and 0.563 Moz gold equivalent above the 250 metre
elevation (Zone B).
The highly popular among gold traders and investors Direxion
Shares Exchange Traded Fund Trust (NYSEARCA: NUGT) continues
its positive reversal which started on January 20th, increasing in value by more than
700% since then.
Stocks of larger cap companies are back at trading at highest
prices since early 2013. Barrick Gold Corporation (NYSE:
ABX) crossed the $22 a share mark,
and Newmont Mining Corp (NYSE: NEM) is trading at above
$40 a share.
Gold price is seen as a safe haven for many investors, and the
metal will continue to be in demand for as long as the narrative of
concerns over global instability and especially in Europe continues to loom.
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