Gold crushing all-time highs

Hey everybody,

This is your Resource Stock Digest editor Gerardo Del Real here with a few quick morning notes on what I’m watching this week.

I will most definitely be keeping an eye on the price of gold. It was a curious move last week that saw gold hit the US$2,250 level — an all-time high — despite the fact that the dollar index has firmed up and now is flirting with the 105 level.

I don't think it's a coincidence that oil surged some 2% in the last trading day of March. It’s now above the US$83 per barrel level. 

Folks, inflation is absolutely still a force to be reckoned with as anyone who’s been to the grocery store of late knows too well.

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And so I say all of that to say I believe gold is sniffing out that uptick in inflation. The Fed has turned dovish despite inflation’s stickiness… and I think that’s a trend we’ll see continue throughout the year.

Throw in geopolitical uncertainty and a hotly contested presidential election just for kicks… and what you get is a perfect storm for what I’m calling a continuation of this commodity supercycle.

It’s interesting and, frankly, welcoming to see some of the small-cap equities starting to perk up — particularly in the gold space. Hence, plenty of opportunities ahead in this bifurcated market… so make that list, check it twice, and get it done because I think these depressed prices in the junior gold equities are about to become a thing of the past. 

I'll also be watching to see if uranium can keep the upward momentum it regained last week after putting in what looks to be a pretty consistent floor around the US$82 to US$83 per pound level. 

In terms of lithium, we saw auctions by a number of majors that are delivering premiums of roughly 20% to the spot price. I continue to believe that district-scale lithium assets in North America should and will continue to command a premium due in part to the Inflation Reduction Act and all of the financial incentives that come along with building out a North American battery supply chain.

I covered that and a lot more in last week’s Commodity Supercycle webinar. If you missed that, you can catch the replay here

Let's get it!

Gerardo Del Real

Gerardo Del Real
Editor, Resource Stock Digest