Gold Hits New Record High | Gold Giant Newmont Options Volume Jump | Is This The Turning Point For Higher Levels?

The gold price has surged 32% this year and more upside is probably ahead. Today gold hit a new all-time high for a gangbuster of reasons, from rising safe-haven demand, US election uncertainty, US rate cut certainty, to Hong Kong aiming to boost gold trading (which was announced yesterday), to global debt concerns rising, and central banks continuing to buy gold. And gold is still bullish. Many investors have been ignoring the signs that gold and gold stocks are looking pretty bullish.

Throughout history, gold stocks and ETFs only really gained firepower after a Fed rate-cutting cycle began. Global gold ETFs are still seeing net outflows so far this year. But now we appear to be at a turning point right now, perhaps where gold ETFs gain more assets and thus boost up gold stocks.

How are the tables turning for gold ETFs, suggesting retail investors are starting to wake up? Well, we are starting to see buying and fund flows increasing into gold ETFs on weekly and monthly basis. In particular, buying increased in ETFs such as the VanEck Gold Miners ETF $VanEck Gold Miners Equity ETF (GDX.US)$ and the iShares Global Gold Miners ETF $Ishares Inc Msci Global Gold Miners Etf (RING.US)$. This suggests that retail investors may finally be starting to wake up and expect higher gold prices and higher gold stock valuations.

Gold Hits New Record High | Gold Giant Newmont Options Volume Jump | Is This The Turning Point For Higher Levels?

Newmont - what to expect when expecting results? Options volume spiked in Newmont $Newmont (NEM.US)$ $Newmont Corp (NEM.AU)$ ahead of its earnings this week (October 23 US time after market close). This suggests traders believe the gold giant could report far greater numbers than expected. Newmont shares on average have risen 3.8% the day after its earnings. Let's see Newmont delivers. The market is looking for US$4.69 billion in record revenues to be announced. If it achieves that and guides for strength ahead, its shares will probably continue to search for higher levels. But over the longer term, the NEM shares are already up 95% from February.