Futures are pointing to a lower open this morning after yesterday’s Nasdaq led rally. Energy was the worst performer yesterday as the fantastic five, FAANG stocks climbed and precious metals took a hit.
This pullback in precious metals may mean a good entry point, considering the bleak 2020 outlook painted by Fed July meeting minutes released just a few days ago.
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Per the minutes from the Fed July meeting, officials have reduced the growth forecast for the rest of the year. Fed officials at the meeting agreed,
“The ongoing public health crisis would weigh heavily on economic activity, employment and inflation in the near term and was posing considerable risk to the economic outlook over the medium term.”
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One interesting gold stock to consider is Eldorado Gold Corp. (EGO). Eldorado Gold is a gold producing and exploration company engaged in acquisition, production, sale and reclamation of mineral products primarily in Turkey, Canada, Greece, Brazil and Romania. It produces gold, silver, lead, zinc and Iron ore.
EGO share prices have taken a hit over the past month, which could mean a good entry point. The company has an expected earnings growth of more than 100% for the current year. Share prices are up 36.09% YTD.