Newmont Mining keeps getting cheaper

In this series of posts in April 2022, (when the stock was $84) I wrote that I expected Newmont Mining to decline tot he $64-$68 region and made mention of its 200 week moving average.

I haven’t bought any Newmont yet.

The decline to my $64 price target was seen well within my 9 month timeframe and it has since barrelled down to $58 in the past few weeks.

Whilst the $58 region does provides some support, $52.70 – $53.00 is a wonderful price to accumulate Newmont shares.

That price will coincide with my work that suggests Gold (in USD) falls a further 4.5% or so, to the US$1,660 – $1,670 mark.

July 12, 2022

by Rob Zdravevski

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