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Thursday, June 10, 2010

JPMorgan (NYSE:JPM) Raises Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) Price Targets

JP Morgan (NYSE:JPM) continues to like the gold market, and raised the price target on major gold miners Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM).

Analysts at the giant financial institution said that while it's "difficult to buy gold after its strength and close to record highs," everyone should have a position in the metal at these times, and recommend at minimum launching a starting position in gold.

The company is also looking for gold to hit $1,500 based on inflation increasing.

While Ben Bernanke attempted to sell the idea inflation wasn't a factor, it's hard to believe that when looking at the price increases in a number of areas.

For example, iron ore prices were raised again with Japan, which will push up the costs of steel.

I think it's a mixed bag at this time, and there is no way the amount of money that has been thrown into the economy can keep prices down for a long time, even in a low interest rate environment.

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