BGL advanced over 8% on Thursday, making it the second best-performing stock on the main board. However, while we believe declining bond yields will be supportive of gold over the coming year, the prudent course of action over the coming days/weeks is to wait for confirmation that this week’s breakout by precious metals can be sustained. There have been plenty of failed market moves, or “pops”, in both directions over recent years.
- We can see BGL trading significantly higher through 2024/5, but the risk/reward isn’t exciting ~ at $2 in the coming weeks.
MM is bullish toward BGL over the medium-term
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