Gold’s Hottest Year Since 1979: JPMorgan Sees 80% Upside For Miner - Fresnillo (OTC:FNLPF)

Core Viewpoint - Gold is experiencing its hottest year since 1979, with Fresnillo Plc benefiting significantly from this trend, showing a year-to-date gain of over 300% and potential for an additional 80% upside according to JPMorgan [1][2][5]. Company Performance - Fresnillo has outperformed its gold peers by approximately 200%, making it the top performer in the FTSE100 both year-to-date and year-over-year [2]. - JPMorgan upgraded Fresnillo to Overweight in April 2024, indicating strong confidence in the stock's future performance [2]. Market Drivers - Key drivers for Fresnillo's performance include macro tailwinds and positive tail risks for gold, which are expected to support further price increases [3]. - The gold price has surpassed JPMorgan's forecast of over $4,000/oz, with potential scenarios suggesting prices could reach $6,000/oz if foreign-owned U.S. assets shift into gold [3][4]. Investment Outlook - With the current gold rally being the most significant since 1979, Fresnillo is positioned as a top pick for investors looking to capitalize on this trend, supported by JPMorgan's view of an 80% potential upside [5].