Craig Hemke: Gold's Fascinating Run, Silver and Mining Shares Next?
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.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
Craig Hemke of TFMetalsReport.com discusses gold's spectacular run and what could get silver and mining shares moving.
Craig Hemke, publisher of TFMetalsReport.com, caught up with the Investing News Network to discuss what’s driving the gold price now and where it will go next.
The yellow metal has been on an upward trajectory for the last six months, registering fresh all-time highs nearly every month. However, it's faced resistance since hitting US$2,670 per ounce on October 1.
Hemke explained that this is likely the result of the market testing resistance at the US$2,650 level.
"We're pulling back and testing that level of support,” he said. “Technical analysis when you're in this area of new all-time highs is pretty tough to do. It doesn't surprise me that we've kind of paused here, but things could change pretty rapidly, both economically and geopolitically, in the next few days.”
On the back of numerous challenges at the global and national level, Hemke believes “all bets are off” in terms of gold's price run. However, the story is different for silver, as well as for mining shares.
“Probably the most frustrating thing for a lot of investors is silver is (just) kind of playing along, and the mining shares are playing along even less than silver is,” he said.
On the topic of when miners could catch up, Hemke discussed the surprising correlation between the price of silver and the value of the VanEck Gold Miners ETF (ARCA:GDX).
"Gold keeps going. Silver will eventually move as well. And when silver moves, the mining shares will move. Strange as that may sound," he said.
Watch the interview above for more from Hemke on gold and silver.
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Interview by Charlotte McLeod. Article by Georgia Williams.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Georgia Williams, 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.
