Connect with us

Hi, what are you looking for?

Future Money FateFuture Money Fate

Investing News

John Feneck: Gold Due for Sector Rotation, 10+ Stocks to Watch Now

The gold price has taken a hit this past week, but John Feneck, portfolio manager and consultant at Feneck Consulting, believes the market is due for a sector rotation that could stoke investor interest in the yellow metal.

Feneck has been saying for some time that the US Federal Reserve is serious about curbing inflation, and he hasn’t been surprised to see the central bank hold true to its higher-for-longer strategy. However, he pointed out that elevated interest rates are affecting many levels of the economy, and are setting the US up for a recession next year.

‘Gold is going to do extremely well in that kind of environment,’ Feneck said, noting that high-net-worth individuals haven’t forgotten the banking crisis earlier this year. With those two factors in mind, they may seek protection in hard assets.

He used September 15 as an example, saying that as the broad market went down as consumer confidence dipped; meanwhile, gold, silver and the VanEck Gold Miners ETF (ARCA:GDX) saw gains.

‘That’s the kind of price action we need to see more of, which is what we would call a sector rotation — money that’s in technology, in biotech starting to move from those riskier sectors into something like metals and mining,’ Feneck explained.

Aside from the gold market, he spoke about his recent visit to Ascendant Resources’ (TSX:ASND,OTCQB:ASDRF) Lagoa Salgada project in Portugal, and gave updates on the following stocks: Golden Minerals (TSX:AUMN,NYSEAMERICAN:AUMN), World Copper (TSXV:WCU,OTCQX:WCUFF), Vortex Metals (TSXV:VMS,OTCQV:VMSSF), Guanajuato Silver (TSXV:GSVR,OTCQX:GSVRF), Spark Energy Minerals (CSE:EMIN,OTC Pink:MTEHF), Canadian Critical Minerals (TSXV:CCMI,OTCQB:RIINF), Platinex (CSE:PTX,OTCQB:PANXF), First Tellurium (CSE:FTEL,OTCQV:FSTTF) and Forum Energy Metals (TSXV:FMC,OTCQV:FDCFF).

Watch the interview above for more from Feneck on gold, other metals and the companies mentioned above.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

You May Also Like

Stock News

In this episode of StockCharts TV‘s The Final Bar, Tony Dwyer of Canaccord Genuity talks Fed policy, corporate bond spreads, and why the level of interest...

Stock News

SPX Monitoring Purposes: Long SPX 8/9/23 at 4467.71. Long SPX on 2/6/23 at 4110.98: Sold 6/16/23 at 4409.59 = gain of 7.26%. Gain since...

Stock News

In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

World News

The vote in Ohio this week significantly set back Republican efforts to restrict abortion rights, no question. Voters strongly rejected Issue 1, which would...