Gold is still exploding higher.

Last trading at $2,252.25, it could see $2,500 near term. 

For one, central banks are still loading up on gold.

Two, Goldman Sachs just said that the Federal Reserve’s meeting “reinforced the market’s (and ours) expectations that three cuts are likely this year, lending renewed support to gold to test and surpass March’s earlier record high,” they said, as quoted by Yahoo Finance.  The firm also upgraded their 2024 gold forecast to $2,300 by the end of the year.

Three, safe-haven demand for gold continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election. 

“I think it’s a really exciting moment in gold,” Joseph Cavatoni, market strategist at the World Gold Council told CNBC. “What’s really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts.”

That’s great news for gold investors and gold stocks, such as Barrick Gold (GOLD), Newmont (NEM), and Royal Gold (RGLD), for example. It could also boost gold mining ETFs, such as the Sprott Gold Miners ETF (SGDM) and the following:

VanEck Vectors Gold Miners ETF (GDX)

One of the best ways to diversify at less cost is with an ETF, such as the VanEck Vectors Gold Miners ETF (GDX). Not only can you gain access to some of the biggest gold stocks in the world, you can do so at less cost.  With an expense ratio of 0.51%, the ETF holds positions in Newmont Corp., Barrick Gold, Franco-Nevada, Agnico Eagle Mines, Gold Fields, and Wheaton Precious Metals to name a few.

Sprott Junior Gold Miners ETF (SGDJ)With an expense ratio of 0.35%, the Sprott Junior Gold Miners ETF (SGDJ) seeks investment results that correspond to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges.