Randy Smallwood: Gold Ready to Step Up, New Deals in the Works for Wheaton

Gold Investing

"2023 I think is the time that gold starts taking up that mantle and starts stepping up," said Randy Smallwood of Wheaton Precious Metals.

Market turmoil has pushed the gold price back above US$1,900 per ounce, and Randy Smallwood, president and CEO of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) believes that the yellow metal now has a strong base to stand on.

"We keep on building higher platforms, higher basements that we're building off of," he told the Investing News Network at the the Prospectors & Developers Association of Canada (PDAC) convention, held recently in Toronto.

"In my feeling, 2022 was some of the strongest US dollar numbers we've seen in terms of how it was trading relative to every other currency," he continued. "2023 I think is the time that gold starts taking up that mantle and stepping up. It has performed very well in the face of a very strong US dollar — I think the US dollar's probably too strong and that bodes well for gold."

Looking over to Wheaton's path in the year ahead, Smallwood said in a previous interview that he was looking forward to securing new streams in the first half of 2023. While he couldn't talk about specifics, he said talks continue to progress.

"We're exclusive on a number of different opportunities, which means we're down to final negotiations," he said. "There's never a stream until we get a signature on paper, but we are close on several, and we are very busy on that front."

Smallwood also spoke about Wheaton's 2022 production and sales results, saying that after some challenges last year he believes the company has turned the corner and will see "nothing but growth" moving ahead.

"I think that's really the best aspect of what we released back in February. It was not so much about what we did in 2022, but where we're going — we've got such strong growth over the next while," he commented.

Watch the interview above for more of Smallwood's thoughts on the gold market, as well as Wheaton's planned activities in 2023. You can also click here for the Investing News Network's full PDAC playlist on YouTube.

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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

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