Gerardo Del Real,
Editor
Aug. 19, 2024
This is your Resource Stock Digest editor Gerardo Del Real here with some Monday coffee talking points and thoughts.
I’m most definitely watching to see if gold holds that US$2,500 per ounce level. It's a key psychological number that I believe provides a heck of a floor. I think it's going to be a great end to the third quarter and an amazing fourth quarter setting us up for a spectacular 2025 in the precious metals space.
Naturally, I'm watching to see if silver can break through the US$30 level, currently at US$29.33 an ounce.
Copper seems to be regaining its footing. I think the copper market senses that stimulus is coming, rate cuts are coming, and infrastructure incentives across the world from China to the US are likely coming. Again, much like the precious metals space, I’m looking for copper to go on a pretty significant run here.
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Turning to company-specific news, last week, I mentioned I was watching Q2 Metals (TSX-V: QTWO)(OTC: QUEXF). I think you now have a better idea of why the stock is up some 40% after drilling 120.3 meters at 1.72% lithium including 19 meters at 2.06% lithium in the first assays reported from the spring 2024 drill campaign at the 100%-owned Cisco lithium property in James Bay, Quebec.
James Bay is heating up once again as the QTWO team just continues to knock it out of the park. Congrats to the guys and gals over there… and really excited about the remaining assays.
I was a bit early last time but I think the lithium equities have likely bottomed. And this is another example of why I always try to explain that you have to know what you own. Those who sold QTWO at 25-cents thinking lithium was soft and didn’t have the patience to wait for the turnaround… well, congratulations, you just missed a 200% return here probably by the end of this week.
We helped finance QTWO at the 10-cent level, at the 25-cent level, and at the 50-cent level. We just helped finance it a couple of weeks ago, and we're now up pretty significantly since then as the stock price has nearly tripled since August 8th.
I’m expecting more assays soon out of the Cisco property, and I’m fully expecting those results to continue to impress.
Also out of James Bay, we’re paying close attention to Patriot Battery Metals (TSX: PMET)(OTC: PMETF) where we’re awaiting assays from the recently discovered high-grade Vega Zone at their flagship.
Lots of value in the uranium space as well with U3O8 prices holding steady above US$80 per pound.
That's what I'm watching this week, folks. Have a great one out there!
Let's get it,
Gerardo Del Real
Editor, Resource Stock Digest