Gold is due for a comeback even if the global equities space rallies following a recent correction, according to Wells Fargo, which projects to see the precious metal rise another 7 per cent from current levels.
“We suspect that gold could very well continue to rally as we exit 2018 and go into 2019, even if stocks do too. Our rolling 12-month gold target is $1,300—roughly 7% higher than today’s prices,” Wells Fargo head of Real Asset Strategy John LaForge said in a report published on Monday.
Goldplat plc (LON:GDP) is an AIM quoted gold producer with two market leading recovery operations in South Africa and Ghana and an operational gold mine in Kenya. The Company produced 42,857 ounces of gold during FY 2017, with 40,285 gold equivalent ounces sold and transferred, resulting in an operating profit from continuing operations of £2.9m for the year. This result does not benefit from the increased processing capacity that was achieved at the Kilimapesa Gold Mine towards the end of FY 2017, with operational profitability achieved during last two months of FY 2017. Accordingly, the Company believes it is well placed to build upon production and profitability during FY 2018.