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McEwen, Meding: Buying Gold Juniors Now, Watching Copper Demand Build
"I find this is the time to be buying, and I have been buying juniors and adding to positions in companies," said Rob McEwen of McEwen Mining.
Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies.
For McEwen, the price trajectory for both metals is "higher," although copper's gains won't be immediate.
When it comes to gold, he has a long-term price target of US$5,000, and although the metal is well below that level, McEwen believes it's moving in the right direction with strong reasons to buy backing it up.
He also discussed the disconnect between the gold price and gold stocks, commenting, "I find this is the time to be buying, and I have been buying juniors and adding to positions in companies. You just need to bear in mind it's cyclical, and when it wants to run there are some very attractive gains to be made — and the stocks are cheap right now."
For his part, Meding shared updates on McEwen Copper's Argentina-based Los Azules copper project.
The company is looking to raise $100 million to move forward at the asset, whose backers include carmaker Stellantis (NYSE:STLA) and Nuton, a Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) venture. According to Meding, the plan is to release a feasibility study for Los Azules by the first quarter of 2025.
"There is a very interesting demand scenario coming up for copper, and I think that Los Azules is the right project at the right time — lots of additional blue sky," he said, noting that the limits of the orebody haven't yet been found.
McEwen's closing words focused on strategy. "The mining sector has been ignored. It's often been said that contrarian investors make money in the market. Now's the time to be a contrarian — buy what's ignored," he said.
Watch the interview above for more from McEwen and Meding on gold and copper.
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.
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MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 2337.93 | +0.46 | |
Silver | 27.18 | +0.02 | |
Copper | 4.59 | +0.05 | |
Oil | 83.66 | +0.09 | |
Heating Oil | 2.56 | 0.00 | |
Natural Gas | 1.92 | +0.28 |
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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.
Learn about our editorial policies.