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Adrian Day: Gold Stock Investors Capitulating, Dramatic Change Coming Soon
"At this point, people who believe in the soft landing, people who believe in the tooth fairy — they simply cannot ignore that the economy is slowing," said Adrian Day of Adrian Day Asset Management.
Speaking to the Investing News Network, Adrian Day, president of Adrian Day Asset Management, weighed in on the factors driving gold in 2024, emphasizing that the monetary side of the equation is most important.
He's explained previously that the gold price is likely to move even higher when the US Federal Reserve starts cutting interest rates, and in his view the central bank's higher-for-longer strategy is steadily losing steam.
"At this point, people who believe in the soft landing, people who believe in the tooth fairy — they simply cannot ignore that the economy is slowing," Day said at the Prospectors & Developers Association of Canada (PDAC) convention.
"Everything you look at, whether it's new jobs claims, continuing unemployment claims, new home sales, manufacturing — the list goes on and on and on — pretty much every indicator you look at is trending downwards. I don't think people can ignore anymore that we're heading towards a recession and it's not going to be too far away."
He also touched on geopolitics, the upcoming US election and central bank buying, saying they will also impact the gold price this year. In particular, he anticipates turmoil and potentially violence leading up to voting day.
Aside from that, Day shared his thoughts on sentiment in the gold space, saying that the last remaining gold stock investors now seem to be capitulating. "I think this is going to change very, very soon, but more importantly it's going to change very, very dramatically," he said. "But at the moment it seems as though investors are looking for the bad news."
Watch the interview above for more of Day's thoughts on what's next for gold and gold stocks. You can also click here for the Investing News Network's full PDAC 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.
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
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With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Learn about our editorial policies.