A group of gold miners stocks 'BAANG' are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.
— are better plays than mega-cap FAANG names as they might have reached their peaks and started losing steam." on Monday. These gold miners are "much like gold. So gold has broken out but it's still down way from its highs in the 1900 thereabouts and we think both gold and those stocks have more room."
Gold is trading above $1,400 for the first time since 2013 and it is up more than 12% year-to-date. The metal's strength is backed by safe-haven buying amid geopolitical uncertainties as well as the Federal Reserve's openness to rate cuts this year. The BAANG stocks are up a whopping 42% since May 10, the analyst said.
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