Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2023, the company reported net proved reserves of nearly 4 billion barrels of oil equivalent. Net production averaged 1,234 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

When global economic conditions become unpredictable, investors often flock to gold. Currently, the yellow metal is trading above $2,600 per ounce, up almost 27% for the year and not far from the highest level in the past 25 years. The rally in the yellow metal has been building for some time. During the first phase of the global pandemic, as uncertainty abounded, the spot price for an ounce of gold jumped 33% in six months and broke through the $2,000 level. Gold spot prices also spiked above $2,000 in early March 2022 due to the war in Ukraine, and are now at even higher levels as tension simmers in the Middle East and East Asia. Gold is near all-time highs in the wake of a rally in the dollar after the U.S. presidential election. The current price of gold reflects the perceived safety of hard assets amid the global conflicts, as well as expectations for lower U.S. interest rates -- which tend to weaken the dollar (the currency in which gold is priced). The outlook for additional Federal Reserve rate cuts also helps gold, as lower rates reduce the risk for a global economic recession and thus a potential decline in gold purchased for jewelry. Looking ahead, our forecast trading range for gold in 2025 is $2,800-$2,300, and our average forecast for the year is $2,600. This compares to average gold prices of $2,360 in 2024; $1,960 in 2023; $1,873 in 2022; $1,806 in 2021; $1781 in 2020; $1,400 in 2019; $1,265 in 2018; $1,277 in 2017; $1,258 in 2016; and $1,155 in 2015. As long as geopolitics and global economic uncertainty are part of the market conversation, gold is likely to remain at levels well above the historical averages of $1,150 since 2000 and $1,500 since 2010.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.