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's very obvious to me that we're going back to the S&P 500 being in parity with the gold price ... gold's going to double at some point in terms of relative value to the S&P 500, and it's probably going to outperform," said James Henry Anderson of SD Bullion.
James Henry Anderson, senior market analyst at precious metals dealer SD Bullion, shared his thoughts on gold and silver, including what factors are moving the metals right now and where they could go in 2024.
In his view, the precious metals sector is undergoing a tectonic shift with far-reaching impacts. "Ultimately I think US$2,400 (per ounce gold) is going to be looked back in time as being cheap," he said.
Watch the interview above for more of Anderson's thoughts on gold and silver.
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.
Gold demand surged to a record high in 2024, driven by buying from central banks and individual investors.
Data from the World Gold Council's (WGC) latest report on gold demand shows that in 2024, total annual demand for gold, including over-the-counter transactions, reached a record-breaking 4,974 metric tons (MT).
Annual demand was up by 1 percent year-on-year from 2023's 4,945.9 MT.
Central banks added more than 1,000 MT of gold to their reserves for the third consecutive year, while investment demand hit a four year high, supported by a strong performance in gold exchange-traded funds (ETFs).
Central banks remained the largest drivers of gold demand in 2024. As a group, they made cumulative net purchases of 1,045 MT in 2024, with the fourth quarter alone accounting for 333 MT.
The National Bank of Poland led the upsurge, purchasing 90 MT of the yellow metal in 2024, while other emerging market central banks also contributed significantly to the overall total.
This heightened demand from central banks marks a continuous shift in the global monetary system, with central banks increasingly favoring gold as a hedge against currency volatility and geopolitical tensions.
2024 was the third year in a row in which central banks' gold purchases exceeded 1,000 MT, marking a notable increase compared to the pre-2022 average of 473 MT.
Despite questions about future demand, central banks are expected to maintain their purchasing momentum into 2025, particularly as geopolitical risks continue to influence policy decisions.
Gold's appeal to individual investors also remained robust in 2024, particularly in gold ETFs.
Investment demand for the precious metal reached 1,180 MT for the year, a 25 percent increase from 2023, with ETFs drawing significant inflows, especially in the second half of the year. These inflows were driven by factors including lower interest rates, geopolitical instability and a strengthening gold price.
In contrast to the previous three years, during which gold ETFs experienced substantial outflows, 2024 saw near-stagnant holdings by the end of the year, showing a marked shift in investor sentiment.
Market participants increasingly turned to gold as a safe haven, and the US market in particular witnessed considerable ETF inflows, driven by the relative weakness of the US dollar and concerns over inflation.
While investment demand soared, the jewelry sector struggled in 2024, with global jewelry consumption falling by 11 percent to 1,877 MT. The significant gold price rise during the year led to lower volumes of gold jewelry being purchased, as consumers found it increasingly difficult to afford the yellow metal.
The weakness in jewelry demand was global, though India saw relatively smaller declines compared to China, which experienced a significant drop of 24 percent from 2023.
However, the value of gold jewelry consumption increased by 9 percent, reaching a record high of US$144 billion. This allowed jewelers to achieve higher sales figures, with a marked contrast between demand volume and value.
In the technology sector, demand for gold grew by 7 percent in 2024, which the WGC attributes largely to the increasing adoption of artificial intelligence (AI) infrastructure.
Gold used in electronics rose by 9 percent year-on-year, contributing to the technology sector's solid demand. Overall, total annual gold demand from the tech sector came to 326 MT.
While gold’s role in industrial applications is a smaller portion of overall demand, its usage in advanced technologies continues to grow, underlining its importance in cutting-edge sectors like AI, electronics and renewable energy.
Gold supply saw modest growth in 2024, rising by 1 percent to a record 4,974 MT, a new high for the data series. Both mine production and recycling were up compared to the prior year, with recycling climbing 11 percent.
The WGC states that the outlook for gold supply remains strong, with expectations for robust mine production and potential increases in recycling rates in the coming year.
The gold price reached an average of US$2,386 per ounce in 2024, a 23 percent increase from the previous year. In Q4, the average price peaked at US$2,663, contributing to a total value of US$111 billion for the quarter.
The WGC's report comes as the gold price hits new records, and in an interview with the Investing News Network, Joe Cavatoni, senior market strategist, Americas, at the WGC, shed light on the metal's price drivers.
"I think many investors are seeing the benefits and the merits of having gold as a diversifying asset in their portfolio," he said. "I think they're understanding that the risk shocks you might see to risk assets will continue to be something that will develop over the next two to three months at a minimum as we start to hear and see policies unpacked."
Watch Cavatoni discuss the WGC's latest report.
Cavatoni also pointed to expectations of lower interest rates as a motivating force for gold.
"All of those factors are stacking up to continue to be a very strong performance driver for gold," he said.
Tariff uncertainty is also contributing to gold's movement. The US has placed additional tariffs on China, and although it's deferred tariffs on Canada and Mexico for the time being, much uncertainty remains.
In Cavatoni's opinion, it will be key for sector participants to tune out distractions.
"I think the key thing right now is that you can clearly see the benefits of gold in a portfolio that's diversified. You can see the benefits of having it as a component of your allocation mentality, and I think overall what I'd say is that clients, investors and those who understand the gold market need to understand there'll be a lot of noise," he noted.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, 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.
In a conversation with the Investing News Network, Don Durrett of GoldStockData.com outlined his outlook for gold and silver prices in 2025, saying he sees both metals going much higher.
However, there could be a pullback before that happens. Although gold and silver prices are thriving now, Durrett believes a "rug pull" could take gold down to the US$2,350 to US$2,400 per ounce level.
After that happens, gold will be "off to the races," with silver following. He anticipates gold rising to the US$3,200 to US$3,400 range, while silver could make it anywhere between US$45 and US$65 per ounce.
In closing, Durrett listed his 15 "must-own" silver stocks:
Watch the interview above for more of Durrett's thoughts on those topics and more. You can also click here to view our Vancouver Resource Investment Conference 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.
Chris Taylor, known for his success at Great Bear Resources, is now turning his attention to France.
Taylor has been appointed CEO of Aquitaine Metals, a Vancouver-based company focused on gold and antimony exploration in the Limousin Mining District, a historically significant mining region in Southwest France.
With a Phase 1 drill program set to begin in early 2025, Aquitaine Metals is looking to confirm historical high-grade gold zones and assess the antimony potential at its 100 percent owned Limousin project.
Under Taylor, Great Bear made a district-scale gold discovery at what was then known as the Dixie project in Red Lake, Ontario. The find led to the company's C$1.8 billion acquisition by Kinross Gold (TSX:K,NYSE:KGC) in 2022.
He's now bringing his experience to Europe, where France is seeking to revive its domestic mining sector.
Speaking to the Investing News Network, Taylor gave an overview of his endeavors over the past couple of years post-Great Bear, also providing a snapshot of what's to come at Aquitaine Metals.
"I was looking for something big," he explained during the conversation. “Great Bear was a great success story, and ... if I was going to charge back into the fray and sit in the CEO chair again, I wanted to have something that would be significant — a significant project of size, something with clear tier-one potential."
The Limousin project is located in Nouvelle-Aquitaine, about 40 kilometers south of Limoges. The area is known for its historical gold and antimony production, with mining activity dating back to 500 BCE.
The region hosts more than 900 ancient mining sites, indicating a long history of extraction.
Aquitaine Metals has access to a large historical database that includes a wide array of information, such as 222,000 meters of drilling, as well as over 66,000 drill core and 60,000 operational grade control assays.
Watch Taylor discuss Aquitaine Metals' plans.
“It is the best potential gold project I have ever seen in a very, very long time — if not ever,” Taylor remarked.
Aquitaine Metals’ Phase 1 drill program will target high-grade gold zones at the Laurieras and Moulin de Cheni mines, focusing on the Pierrepinet and Douillac ore zones. The company aims to verify historical datasets and assess the economic viability of both gold and antimony extraction at the site.
Antimony, which often occurs alongside gold in stibnite form, is a critical mineral used in military applications, fire retardants and high-tech optics. With supply chains increasingly under scrutiny, the EU has identified antimony as a strategic raw material due to its economic importance and supply risks.
France has historically been a significant mining jurisdiction, with gold, silver and base metals extraction dating back to the Roman era. The Limousin Mining District has been one of the country’s primary gold-producing regions, with commercial mining activity continuing into the 20th century.
However, declining commodities prices and regulatory hurdles led to the closure of many operations.
Taylor explained that despite the country’s mining slowdown in the past century, its historical background in the space makes it a strong candidate for a production renaissance.
“Currently, there’s no real mining industry in France, but it is something that the government and the EU are very eager to get going again, because of the recent geopolitical changes," he said.
In recent years, Europe’s push for raw materials security has led France to reconsider its approach to domestic mining. The government has expressed support for projects that align with strategic resource independence, particularly in critical minerals like antimony. Moreover, the country has recently taken steps to streamline permitting and support domestic resource development to reduce reliance on foreign mineral imports.
In 2023, the French government implemented new policies to revive domestic mining and accelerate green energy projects, including plans to revive copper mining and fast track lithium and geothermal energy projects to reduce import dependency and meet climate targets. France, like other European nations, is increasingly viewing critical minerals as a matter of national security amid global geopolitical tensions and rising competition for resources.
As part of these efforts, France is considering cutting the permitting process in half for mining, geothermal energy and carbon dioxide storage projects. The country is also exploring the use of depleted oil and gas wells for carbon storage.
These policy shifts signal a broader commitment to revitalizing the country’s domestic resource sector — a trend that could benefit Aquitaine Metals and other companies seeking to develop new mining projects.
With Taylor at the helm, Aquitaine Metals is preparing to begin drilling in early 2025.
As mentioned, the company’s strategy is to confirm high-grade mineralization identified in historical records and expand its understanding of the Limousin project’s gold and antimony potential.
If successful, the project could play a role in France’s broader efforts to establish a domestic mining industry capable of supporting both local and European demand for critical minerals.
For Taylor, this marks a new chapter — one that builds on his previous success in Canada, while bringing modern exploration methods to one of Europe’s most historically significant mining regions.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, 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.
Lynette Zang, CEO of Zang Enterprises, sees volatile times ahead, and she shared with the Investing News Network how she's preparing to weather the storm.
"This is a very dangerous time. I mean, it's extremely dangerous, whether you're in the market or you're wondering what to do," she said on the sidelines of the Vancouver Resource Investment Conference.
"You've got to get to safety. And safety is sound money — physical silver, physical gold. They have different functions, but for me this is a battle royale. I'm going to the sidelines, I've got my safety net."
Zang also outlined how she's approaching the other core tenets she's focused on: food, water, energy, security, barterability, shelter and community.
Watch the interview above for more of her thoughts on those topics. You can also click here to view our Vancouver Resource Investment Conference 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.
Andy Schectman, president of Miles Franklin, outlined his latest thoughts on the BRICS nations, sharing his thoughts on whether the bloc's plans will be affected by Donald Trump's return.
"I think these entities think in terms of decades and centuries, whereas we think in terms of days, weeks and much smaller increments," he told the Investing News Network.
"So no, this will not stop their drive to accumulate gold and to lessen their dependence on the dollar."
Schectman also noted that gold and silver are still underowned in the US, and explained what could trigger more buying. In his view, it could take an event as significant as a major bank bail-in.
Watch the interview above for more on what Schectman sees coming in 2025, as well as how to position. You can also click here to view our Vancouver Resource Investment Conference 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.
