More Upside for Newmont Mining (NEM)
09/23/2010 12:01 am EST
Shares of Newmont Mining Corp (NEM) have been on a steady climb since October 2008—when they were near $26 per share—to Tuesday’s close at $64.13 per share. There is probably more upside ahead.
With gold and silver sales on fire, gold is at all-time highs and silver at 30-year highs. Metals mining companies are in demand by investors who want to play this sector while not owning the actual bullion itself.
Newmont Mining, while a volatile pick, has broken out to new all-time highs. Its last rally high reached a close of $61.95 back in January 2006. The close on Tuesday, September 22 was at $64.13.
Tuesday was also an outside trend continuation day, adding fuel to the already hot fire.
In the short term, Newmont Mining should reach at least $68.99 in coming months, though the journey is not likely to be a smooth one.By Frank Kollar of FibTimer.com