Gerardo Del Real,
Editor
Nov. 4, 2024
This is your Resource Stock Digest editor Gerardo Del Real here with some Monday coffee talking points.
What am I watching this election week?
Copper is trading in interesting fashion. It's at US$4.42 per pound as we speak, which I find interesting given the fact that the rest of the base metals, and commodities in general for that matter, have pulled back in recent trading.
Turning to the precious metals, gold continues to look strong at US$2,750 per ounce. Silver, at US$32.65/oz, has some catching up to do to reclaim that US$34 level, which I see as critical if the metal is going to make a near-term push towards US$38 and eventually beyond US$40 per ounce.
Ditto for platinum and palladium in terms of having some catching up to do. Both PGMs have pulled back significantly in the last week with palladium seeing the sharpest retracement following a strong second half of October.
The broader market appears to be in wait-and-see mode being that it is election day tomorrow. With all eyes on the election, it’ll be interesting to see how the markets react to whomever is elected next president of the United States however many days that may take. Needless to say, it’s going to be an interesting couple of days here in the US as things shake out one way or another — hopefully peacefully.
In terms of company-specific news, I'm looking for news out of Hannan Metals Ltd. (TSX-V: HAN)(OTC: HANNF) as their large-scale IP survey at the 100%-owned Valiente copper-gold project in Peru has now shifted about 25 km to the southwest from Previsto to the even more advanced Belen target. Fieldwork is additionally underway at both targets.
I'm also keeping an eye out for news from URZ3 Energy Corp. (TSX-V: URZ)(OTC: NVDEF). We’ve done well in the past with that same management team on other uranium speculations. With the band back together — this time around in Canada’s prolific Athabasca Basin — we’re expecting nothing but great things once again.
Last but not least, my single favorite silver-gold play, C$6M market cap Kingsmen Resources Ltd. (TSX-V: KNG)(OTC: KNGRF) is advancing the flagship Las Coloradas silver-gold project, which represents the consolidation of a historic, past-producing silver-gold-copper mining district in northern Mexico.
I’m looking forward to seeing the company’s C$1M financing close in short order, of which I am a biased participant along with several friends and family members. I’m expecting nothing but positive developments out of Kingsmen going forward here.
That’s what I’m watching this election week. Be safe and take good care out there everyone.
Let’s get it!
Gerardo Del Real
Editor, Resource Stock Digest