Now that summer is gone, a typically slow season for gold, Jefferies & Co. said the fall factor is playing a factor in the increase in gold prices, and they like gold mining giant Barrick Gold (NYSE:ABX) in the sector.
"The combination of monetary, supply demand, and technical drivers should allow gold and silver prices to achieve higher highs and greater lows over next 12-18 months. As investors discount a higher gold and silver price, we expect precious metal-related equities to better reflect improved price realizations and scarcity value," said Jefferies in a note to clients.
Barrick was at $46.10, gaining $0.20, or 0.44 percent as of 11:23 AM EDT.
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