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.
"I think precious metals ... are going a whole lot higher. But I do think there is a little bit more potential downside pain in this space, which I think is an opportunity," said Chris Vermeulen of TheTechnicalTraders.com.
Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, shares his outlook for gold and silver, saying he believes the current cycle is only halfway through.
However, he thinks prices for both metals could fall further before resuming their uptrend.
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.
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.
Ronald-Peter Stoeferle of Incrementum shares takeaways from the latest "In Gold We Trust" report, emphasizing that gold is currently in a bull market consolidation phase.
Overall he believes the yellow metal is in the midst of a "golden decade" that will ultimately take it to his price target of US$8,900 per ounce.
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.
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.
Edward Sterck, director of research at the World Platinum Investment Council, says that although the year's first quarter brought the sector's first surplus in six quarters, the platinum market is still expected to be in deficit this year.
"We're expecting investment to return and recoup some of those Q1 losses," he said. "That's what results in the forecast for a deficit of about 300,000 ounces in 2026."
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.
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.
It was a bumpy week for the gold price, which dropped to the US$4,370 per ounce level midway through the period before rebounding back above US$4,500.
Silver put on a similar performance, bottoming out at US$72 per ounce.
Both precious metals were reacting to a complex array of dynamics, including the latest Iran war developments. The situation continues to fluctuate, and the declines in gold and silver came as the US and Iran exchanged attacks despite the ongoing ceasefire.
At the time of this writing on Friday (May 29), the two countries had reportedly reached a deal to extend the ceasefire by 60 days and start negotiations on Iran's nuclear program; however, neither side had officially confirmed acceptance, meaning the deal may not hold.
The rise in hostilities boosted the US dollar and oil prices midweek, with those moves increasing concerns about inflation and discussions around higher interest rates.
The release of the latest US personal consumption expenditures (PCE) price index data also contributed to rate conversations. PCE rose by a seasonally adjusted 0.4 percent month-on-month in April, and 3.8 percent from the year-ago period — the highest since May 2023.
Core PCE, which excludes the more volatile food and energy categories, was up 0.2 percent on a monthly basis and 3.3 percent from the same time last year.
Core PCE is traditionally the Fed's preferred measure of inflation, and market watchers use it to gauge what could be next for rates. In a potential shift, Kevin Warsh, who has taken Jerome Powell's place at the helm, prefers to look at trimmed averages. That approach removes outlier results, but analysts have suggested it may not provide an accurate picture of what's happening.
Going back to gold and silver — were this week's lower prices just a blip on the radar, or do they signal the start of a summer slowdown? I heard from Ronald-Peter Stoeferle of Incrementum and the "In Gold We Trust" report, who encouraged investors to temper their near-term expectations:
"I wouldn't expect too much for gold and silver over the next couple of weeks. Probably after the World Cup is done — I think then perhaps there's going to be more upside, but that's just correlation, not causation. Historically, mid-summer, somewhere at the end of July, beginning of August, has often been kind of the bottom for gold and silver, and especially the miners."
Looking longer term, Stoeferle's outlook is much stronger — he believes this is a "golden decade" for gold, and said that the metal is on track to meet his target of US$8,900.
Speaking of seasonality, I also heard this week from Justin Huhn of Uranium Insider.
As always, he gave a great overview of uranium supply, demand and price dynamics, emphasizing his bullish long-term outlook. But Huhn also said the market's cyclicality makes it "very tradable" — and in his view, right now could be a good time to consider buying low:
"It can be difficult to put money to work when the sector has pulled back, when the volatility is high, when sentiment is very, very poor. That's the time when you actually want to be buying, and it can be difficult to do that if you don't have a strong foundation and a strong outlook for what's coming in front of us. So you have to understand the physical market more than anything in order to have that conviction."
On the topic of uranium, major miner Cameco (TSX:CCO,NYSE:CCJ) has resumed full production at its Key Lake mill and McArthur River mine in Saskatchewan.
Operations were disrupted earlier this month by the partial collapse of a bridge in the area. It serves as the company's primary transport route for essential operating materials. The route has not yet been restored, but Cameco has been able to use a secondary pathway for delivery.
Although the incident had raised questions about Cameco's 2026 guidance, the company said its production expectations remain unchanged.
The Iran war continues to impact a wide variety of commodities, and this week aluminum was in focus as London Metal Exchange prices reached their highest level in four years.
The conflict has resulted in a global shortage of the industrial metal, with smelters in China working above their capacity to take advantage of the supply crunch.
Now, however, traders are concerned about output cuts in the Asian nation amid government inspections focused on energy use and emissions.
Sector participants are projecting that Chinese exports of the metal could hit a record of over 680,000 metric tons in the months to come after rising 15 percent in April.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
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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.
Dr. Stephen Leeb of Leeb Capital Management shares his outlook for gold, explaining how the yellow metal could get to US$18,000 per ounce.
"Gold's high point might not ever really be defined, because I think at the end of this period that we're in, you're going to find gold at the center of the world's monetary system," he explained.
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.
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.
Justin Huhn, editor and founder of Uranium Insider, shares his forecast for the uranium sector, weighing in on supply, demand and prices.
While the market is currently in a pullback, he believes the long-term outlook remains strong — and in the short term, he sees uranium as "very tradable."
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.
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.
