Gerardo Del Real,
Editor
Oct. 28, 2024
This is your Resource Stock Digest editor Gerardo Del Real here with some Monday coffee talking points.
What am I watching this Halloween week?
I’m definitely watching to see if gold is able to make a spirited run to the US$2,800 per ounce level. It’s already really impressive to have it at US$2,730 despite a dollar index that’s firmly above the 104 level.
I’m also watching for a sustained silver breakout. Once again, silver is just a tad below the US$34 per ounce level and has been holding US$33 beautifully. A move to US$35 looks to be right around the corner and, if it can hold that, I think we’ll see a run to US$38 in rather quick fashion.
Also, don’t look now but the PGMs, platinum and palladium, are starting to trend higher. Both metals are up quite substantially the last couple of months. And that’s on the heels of a couple of quarters of some pretty tough sledding, signaling a clear bottom in the PGM space.
We’ve also been calling for a bottom in the lithium sector, and we’re starting to see tangible signs of that now, including an uptick in M&A.
My two favorite lithium holdings of which, of course, I am a very biased shareholder of — Patriot Battery Metals (TSX: PMET)(OTC: PMETF) and Q2 Metals (TSX-V: QTWO)(OTCQB: QUEXF) — both had excellent news today. I expect both companies to continue to catch a bid in this market in what’s looking like a heck of a counterintuitive play for contrarians.
That's what I'm watching, folks.
Excellent movement across the metals-sphere and tons of positive company-specific news hitting the wire.
Have a great and safe Halloween week everyone.
Let’s get it!
Gerardo Del Real
Editor, Resource Stock Digest