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Video / 10 September 2013 at 13:21 GMT

These mining shares could soar

Lea Jakobiak

Mining stocks may be down about 10% this year, but Saxo Bank’s Peter Garnry believes they're undervalued by about 30%. That means, he says, that long term they will prove to be interesting investments. In terms of specific stocks, he suggests looking at "the big ones"; Rio Tinto, BHP Billiton and Vale.

The main reason for the decline is because commodity prices have been hit by a slowdown in China, the world's largest consumer of metals. And prices for gold and other precious metals have also been affected over speculation that the Federal Reserve will soon start tapering.

But encouraging figures showed that In China, industrial output rose 10.4 percent in August from a year earlier. And as Peter explains, as soon as the momentum changes, miners will "present huge opportunities for investors".

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5y
bhowe bhowe
Peter, what's you take on this. Do you think the mining sector ( GDX) foretells the future of GOLD? Yesterday, after the open, gold went up, while the miners went down? Price of oil falling and gold rising should have been favorable for the miners. On the charts below, GDX left, XAU right. What's your take on this?

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