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John Feneck: Gold Setup is "Beautiful," New All-time High to Come

By Charlotte McLeodNov 30, 2023 10:00PM

Charlotte McLeod

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.

"We are saying as a result of what happened October 7 that you are going to see a new all-time high in gold next year, which is new for us," said John Feneck of Feneck Consulting.

Gold is above US$2,000 per ounce again, and John Feneck of Feneck Consulting believes it's set to move higher.

"I think the gold setup here is beautiful ... I've been very guarded on the price of gold — I've never talked new highs ever, I've never said US$2,500 this or US$5,000 that," he told the Investing News Network. "(But) we are saying as a result of what happened October 7 that you are going to see a new all-time high in gold next year, which is new for us."

Feneck noted that the banking crisis earlier this year added a new floor for the yellow metal; since then, the Israel-Hamas war, which broke out almost two months ago, has created even more safe-haven demand for gold.

"If it wasn't for Bitcoin doing so well, (artificial intelligence) doing so well, tech doing so well, in general you'd have an all-time high probably already in our view," he said. "But it'll just happen next year. We get more time to build positions."

In terms of gold, he mentioned Cartier Resources (TSXV:ECR) and US Gold (NASDAQ:USAU) as companies he's interested in, as well as Silver Tiger (TSXV:SLVR,OTCQX:SLVTF) on the silver side. Feneck is also looking outside the precious metals sector — his uranium holdings include Denison Mines (TSX:DML,NYSEAMERICAN:DNN), Uranium Royalty (TSX:URC,NASDAQ:UROY), Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) and the Global X Uranium ETF (ARCA:URA)

Watch the interview above for more from Feneck on gold, silver and uranium, as well as thoughts on First Tellurium (CSE:FTEL,OTCQB:FSTTF), Golden Metal Resources (LSE:GMET,OTCQB:GMTLF), Power Nickel (TSXV:PNPN,OTCQB:PNPNF) and Thunder Mountain Gold (TSXV:THM,OTCQB:THMG).

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: Forum Energy Metals is a client of the Investing News Network. This article is not paid-for content.

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.

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Editor's Picks: ECB Issues Gold Warning, Uranium Stocks Jump on Trump Executive Orders

It was a slow start to the week for gold, but it didn't take long for the price to pick up.

The yellow metal began the period at the US$3,220 per ounce level, but was gaining steam by Tuesday (May 20), briefly breaking US$3,300. Gold continued higher the next day, and after pulling back briefly on Thursday (May 22) was able to finish the week strong, changing hands at the US$3,360 level.

Bond market turmoil is one factor that's been influencing gold's price movements.

A Wednesday (May 21) auction of 20 year bonds was poorly received, with yields surging past 5.1 percent to reach the highest level seen since November 2023. Yields for 10 year and 30 year bonds were also on the rise, with the latter nearing a two decade high as stocks and the dollar took hits.

The upheaval in bonds came on the back of US President Donald Trump's efforts to get the One Big Beautiful Bill through the House. Slowing the passage of the wide-ranging domestic policy package were concerns that Trump's plan to cut taxes would significantly increase US debt.

"Make no mistake, the bond market will have its own vote on the terms of the budget bill. It doesn’t seem this president or this Congress is actually going to meaningfully reduce the deficit" — George Catrambone, DWS Americas

Last week's downgrade of US debt from Moody's (NYSE:MCO) also didn't help bonds. The agency bumped its rating down from AAA, its highest ranking, to AA1, which is one step lower. It expects even larger deficits in the US in the coming decade as government revenue stays flat and entitlement spending rises.

The One Big Beautiful Bill ultimately passed on Thursday by a very slim margin, receiving 215 votes in favor and 214 against. It will now proceed to the Senate, where it may face further obstacles.

Contained in the bill are tax cut extensions for both individuals and corporations, as well as provisions for removing taxes on tips and overtime. It also allows for tax deductions on American-made vehicles, and offers "Trump savings accounts" for newborns. The bill cuts funding to initiatives like Medicaid and the Supplemental Nutrition Assistance Program, better known as SNAP.

Preliminary analysis from the Congressional Budget Office, a nonpartisan organization, suggests that the bill will increase the federal deficit by US$3.8 trillion during the 2026 to 2034 period.

Bullet briefing — Trump signs nuclear orders, ECB issues gold warning

Trump executive orders boost uranium stocks

The uranium sector got a boost on Friday (May 23) after Trump signed several executive orders geared at overhauling the country's Nuclear Regulatory Commission and speeding up nuclear reactor deployment.

"It's a hot industry. It's a brilliant industry. You have to do it right," Trump told reporters about the nuclear energy sector. The executive orders also focus on initiatives to power up US uranium mining and enrichment, and will allow nuclear reactors to be built on federal land.

The news sent uranium stocks higher, with sector major Cameco (TSX:CCO,NYSE:CCJ) closing the day up 10.04 percent at C$80.55. Denison Mines (TSX:DML,NYSEAMERICAN:DNN) and Uranium Energy (NYSEAMERICAN:UEC) saw even larger gains of 13.49 percent and 25 percent, respectively.

The Sprott Uranium Miners ETF (ARCA:URNM) finished up 12.14 percent.

Gold a threat to financial stability?

A note from the European Central Bank (ECB) turned heads this week with the suggestion that certain dynamics could make the gold market a threat to financial stability.

Here's a key excerpt from the report:

While gold prices are driven by many factors, investors showed high demand for gold as a safe haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets.

The full ECB report is definitely worth a read if you have the time.

China's April gold imports surge

Gold's high price hasn't deterred buyers in China — new customs data from the country shows that April imports clocked in at 127.5 metric tons, an 11 month high.

That's also a 73 percent increase from the previous month, according to Bloomberg. The news outlet notes that China's central bank controls the flow of gold in and out of the country, so the strong increase is likely the result of fresh quotas given to some commercial banks.

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.

And 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.

Gary Savage: Gold, Silver — Next Price Targets and Long-term Calls

Gary Savage, president of the Smart Money Tracker newsletter, shares his long-term outlook for gold and silver prices, saying both metals could rise substantially higher.

He's calling for US$10,000 per ounce gold, while silver could hit US$500 per ounce in three to four years.

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.

Oil and Gas Investing

Eric Nuttall: Oil vs. Natural Gas Stocks, Plus 2025 Prices, Supply and Demand

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, shares his outlook for oil and natural gas, honing in on supply, demand and prices.

Global uncertainty has placed pressure on the oil market, and Nuttall said for that reason he sees natural gas stocks outperforming oil stocks in the near term.

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.

John Feneck: Key Gold, Silver Price Levels, 10+ Mining Stocks I'm Watching

John Feneck, portfolio manager and consultant at Feneck Consulting, shares his updated outlook for gold and silver prices, outlining key support and resistance levels.

He also discusses precious metals and critical minerals stocks that he's watching.

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.

Joe Cavatoni: Gold's Record Run No Surprise, Here's What's Driving Demand

Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, discusses the organization's latest report on gold demand trends, highlight key data points from Q1.

He also shares his thoughts on gold's record-setting rise, saying fundamentals remain strong.

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.

Charlotte McLeod

Charlotte McLeod

Editorial Director

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.