Quick Take: Gold Miners Starting to Shine
NEW YORK (TheStreet) -- As gold prices have been rallying, the miners are finally starting to play catch-up, says Phil Streible, senior commodities broker at RJO Futures, along with TheStreet's Gregg Greenberg.
Streible was optimistic on the miners, now that gold has been recovering. Since the yellow metal got back above the 100-day moving average, the miners can finally return to profitability and increase production.
The metal had seen a large imbalance in supply and demand, due to many miners significantly slowing their production, particularly in South Africa.
With a lot of sector and asset rotation lately, Streible said that it will be interesting to see whether investors wait for gold to come in a bit, or chase it on a breakout over $1,400.He concluded by saying he expects the 10-year treasury yield to top out around 3% and that the Federal Reserve seems to be losing control over interest rates. This, along with talk of tapering, appear finally to be on the back burner, now that gold is rising. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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