Lobo Tiggre, CEO of IndependentSpeculator.com, shared his updated thoughts on both gold and uranium at the Vancouver Resource Investment Conference (VRIC), saying he remains bullish on both commodities in 2024.
Gold stocks were a hot topic at the event, with many investors wondering when they will move.
"I do think gold's going to go higher," said Tiggre. "I don't think gold's going to come down to meet the stocks, I think the stocks are going to come screeching back up to meet gold. The fact that the stocks are on sale is a good thing."
Looking at the metal itself, he said gold looks poised to move higher in the coming year.
"We're going into a situation that looks very bullish for gold, either because I'm right about a recession and recessions are very bullish for gold, or because the Fed is cutting rates and higher rates are supposed to be bad for gold, and lower rates are supposed to be good for gold. So that's kind of a win-win for gold," he explained to the Investing News Network.
"You go into that at a US$2,000 (per ounce) plus or minus gold price — I'm not going to give you a price forecast, but I'll say a mere 10 percent increase ... you do that again in 2024, just 10 to 15 percent, (and) you're looking at US$2,200 to US$2,300 gold. And that is so far above the last nominal high it would be making headlines left and right."
In terms of uranium, Tiggre described Kazatomprom's (LSE:59OT,OTC Pink:NATKY) recent news as "very material," saying that although it hasn't changed his marching orders, he's now more near-term optimistic on the sector this year.
"I was concerned about high prices curing high prices. We have the low-cost producers and projects in development coming online now ... and then we have the secondary supply that we talked about before, these funds and things that bought low to sell high — we don't know how much they're going to sell," he said. "All of that makes 2024 something of a question mark. But then you throw this new question mark on the supply side — it's more interesting to me."
Even so, Tiggre reminded investors not to chase stocks, and to keep an eye on the companies in their portfolios.
"It's just not true that the stocks have gone nowhere. If your uranium stock has gone nowhere — sorry, but you need to ask yourself some questions, look in the mirror — about your stock selection here. Because the price has proved highly material to the companies that can actually deliver value to the market now and in the near term," he said.
Watch the interview above for more from Tiggre on gold and uranium. You can also click here for the Investing News Network's full VRIC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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