It's been a good year for the Newcrest Mining Limited (ASX: NCM) share price.
Shares in the Aussie gold miner have rocketed 22.8% but many think it could be headed higher.
Global gold prices have smashed the US$2,000 per ounce barrier and continue to reach new record highs. Fears over coronavirus and rising inflation have driven the precious metal's recent rise.
That's good news for ASX gold shares like Newcrest and Saracen Mineral Holdings Limited (ASX: SAR).
But can the Newcrest share price beat it's current 52-week high and continue climbing in 2020?
Why one leading fundie likes the Newcrest share price
Fund manager Tribeca Global Natural Resources Ltd (ASX: TGF) is certainly bullish on the ASX gold share.
That's according to an article in the Australian Financial Review (AFR) quoting Tribeca's head of research, Todd Warren.
Mr Warren touched on many of the big themes driving gold prices higher. That includes the strong money supply and government stimulus, as well as a prolonged period of low interest rates.
According to the article, Tribeca is bullish on the Newcrest share price with some "exciting results" out of an exploration prospect.
There are other ASX gold shares on the investment manager's buy list. That includes Saracen shares after the miner's Super Pit acquisition late last year.
That asset, joint-owned with Northern Star Resources Ltd (ASX: NST), could prove to be a masterstroke.
With gold prices rocketing past US$2,000 per ounce, Saracen may have purchased that stake for an absolute steal.
Tribeca believes the Aussie miner can "strip out costs" from the Kalgoorlie site and generate strong returns.
Should you buy ASX gold shares?
The Newcrest share price currently trades at a price-to-earnings (P/E) ratio of 36.1. That's certainly cheaper than the 44.9 multiple that Saracen shares currently trade at.
Clearly, Tribeca and other leading fundies are bullish on ASX gold shares like Newcrest.
I personally won't be buying in, but I can see the appeal for tactical investors. I think a small allocation to gold shares could be a good hedge in the current market.
However, other companies with defensive earnings like Coles Group Ltd (ASX: COL) could also help protect against the downside this year.
