Is it Time to Buy ASX Gold Stocks?
Gold had a stellar start this year with precious metal gaining more than 6% in January alone. Gold prices are climbing to new highs because of convergence of different factors mainly tariff fears. The markets witnessed rise in gold prices as safe haven demand for gold was underpinned by concerns over the implications of the trade tensions.
In his most recent action, United States President Donald Trump revealed his intention to impose 25-percent tariffs on steel and aluminium imports leading to aggravation of a possible trade war.
While the US imports nearly a quarter of the steel it uses, the country heavily relies on imports of aluminium, since almost half of all aluminium used in the US is imported.
Earlier, 25% import tariffs were levied on Canada and Mexico, but were held back temporarily. However, 10% levy of China was effected provoking retaliatory tariffs from Beijing.
The gold stocks have also seen decoupling of its current prices from those of gold, resulting in low stock prices compared to gold prices. Since such aberrations don’t last long, gold stock prices could potentially surge.
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