Gold Stocks Remain the Safest Bet With Widespread Vaccine Still Months Away

NEW YORK, Nov. 17, 2020 /PRNewswire/ — Pfizer and BioNTech’s potential vaccine announcement may have knocked gold off of its high horse temporarily, but analysts say the lasting effects of the global health crisis and the timeline for a widely available vaccine will continue to support gold prices. Even if the virus goes away, the economic damage has already been done. Since the beginning of the pandemic, the Fed’s balance sheet has ballooned to over $27 trillion and is expected to continue growing as the virus rages on. The dip in gold prices hasn’t had a detrimental effect on gold stocks, with producer Barrick Gold (TSX:ABX) (NYSE: GOLD ) recently beating earnings per share (EPS) estimates by 48%. In Q3 2020, IAMGOLD Corporation (TSX:IMG) (NYSE: IAG ) experienced a 45% increase in operating cash flow quarter-over-quarter, while Agnico Eagle Mines Ltd. (TSX:AEM) (NYSE: AEM ) increased its dividend by […]

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