Metal & Mining ETFs at a 52-Week High: Here's Why
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2024
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Source: NASDAQ.COM
- Rally in Metal and Mining Space: Various mining stocks and ETFs, including silver, gold, copper, and uranium, are near their 52-week highs, with gains ranging from 3.6% to 6%.
- Reason Behind the Rally: The weakening of the greenback due to renewed Fed rate cut hopes has boosted bullion prices, leading to a surge in related mining ETFs.
- Silver Price Surge: Silver prices have risen over 11% this month, hitting an 11-year high, driven by safe-haven demand and industrial uses amid supply concerns.
- Copper Price Rally: Copper reached a record high due to supply shortages, increased demand for renewable energy, and its role in data centers and AI applications.
- Gold Rebound: Gold prices strengthened on expectations of Fed rate cuts, geopolitical tensions, and central banks' increased demand for gold as a reserve asset.
Analyst Views on UUP
Wall Street analysts forecast UUP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for UUP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 27.270
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Current: 27.270
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
