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Through all of the geopolitical turmoil, soaring inflation, hawkish Fed transformation and wild swings in investor sentiment, gold has continued to consolidate its gains.
In the process it’s building a handle on a technical pattern that — along with macro fundamentals — points to higher prices in the months ahead.
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I might be showing my age, but in pondering my approach to this month’s Gold Newsletter issue, the old saying “Patience, Grasshopper” popped into my head.
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The perseverance that Master Po advised for young Caine in the old Kung Fu television series seemed perfect advice for gold bulls today.
By the same token, I was also reminded of a cartoon my late, great friend Ian McAvity used to feature occasionally in his newsletter, one featuring two buzzards also addressing the issue of patience.
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The point being, it’s easy to advise patience, but it’s difficult advice to take after we’ve been teased and frustrated by the gold market for months.
But I’m here to not only advise just a bit more patience, but to tell you to take heart. Because....
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The Set Up Is Near Perfect
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Everything — from the technicals to the fundamentals — is setting up perfectly for gold, silver, commodities in general and mining shares.
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In a presentation for the latest virtual MoneyShow last week, I laid out why the Fed is trapped and powerless to fight inflation, why it will be forced to begin easing again, and why everything points for much higher metals prices.
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In the Q&A session, an attendee asked me what possible developments could derail my bullish scenario.
It was a great question. My mentor and late business partner Jim Blanchard always quoted Ayn Rand’s advice to “check your premises.” And of course, my friend Rick Rule is famous for counseling investors to ask, “what could go wrong?”
But this question hit me unawares, and for a second or two I was completely stumped. That alone should be worrying…but I began to come up with some scenarios.
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| | Westhaven Gold Corp. (WHN.V) was already one of today’s most widely-watched junior explorers for a number of reasons.
| | • It controls a dominant land package across the exciting new Spences Bridge Gold Belt in south central B.C., encompassing four large gold properties with numerous high-potential targets.
• The company had just released its first-ever maiden resource estimate on this property of over one million ounces of gold…with 75% of that resource in the higher-confidence indicated category.
• And it was trading for just a small fraction of its value after the big discovery hole on the South Zone of its property a few years ago.
| | Since that discovery, the company has been exploring for new, similar zones along trend…and it just announced that it may have found something even better:
| | Hole 212 hit 23.03 meters of 37.24 g/t gold and 209.52 g/t silver — including 1.12 meters of 294 g/t gold and 2,110 g/t silver — on the FMN Zone.
| | This appears to be not only the richest drill hit on the entire belt, but the best gold intersection anywhere in the world this year.
What does it mean? The FMN zone is directly along strike from the South Zone along the same key structure and has been outlined over 500 meters so far. With drill hits like this, it could soon rival the massive South Zone…and additional zones could be found along this multi-kilometer trend.
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Manipulation of the gold and silver futures markets, by either big players like JP Morgan or the government itself, certainly wouldn’t be surprising. But the macro forces in play seemed destined to overwhelm any paper-market manipulations.
A resolution to the Ukraine crisis would of course send the gold price lower, but at this point the markets have largely discounted this situation and any correction in gold should be shallow and brief.
Lower inflation numbers would be bearish for gold at this point, but likely also temporary. While the monthly CPI stats might not meet the elevated consensus expectations, there’s little chance that they won’t remain extremely high.
And of course, the Fed could dramatically accelerate its rate-hike campaign, as it is making some noise about doing. But that would only hasten the push-back from the financial markets and the day of reckoning in regard to the interest expense for today’s massive federal debt.
I think the gold market would be able to see that outcome and thus any price declines would be, again, small and temporary.
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In short, it’s always smart and valuable to check our premises...and I’m open to any suggestions from our readers as to other plausible developments that could send the metals lower...but the overwhelming weight of evidence continues to be bullish.
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In our just-released April issue of Gold Newsletter, I detail and examine the powerful fundamental and technical arguments now pointing toward a major rally in gold, silver and mining stocks.
Not only that, I also cover the latest developments for a number of junior mining stocks — and unveil two exciting red-hot recommendations.
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• A company that’s about to bring one of the world’s highest-grade open-pit gold mines into production…delivering about $60 million a year in free cash flow…and with relatively little development costs.
• Another company with a proven deposit — this one with 2.5 million ounces of indicated resources. The deposit was stuck in limbo for 18 years, and now this new junior is about to begin drilling it again…and following up on holes that had hit as much as 228 meters of 2.95 g/t gold!
A drill hole like that would make headlines in today’s market, and this company is about to drill in the same area.
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I reveal all the details on these exciting opportunities in the April edition of Gold Newsletter.
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You can learn all about these red-hot junior mining plays by subscribing to Gold Newsletter now.
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To get a full year of Gold Newsletter…and get immediate access to our exciting April issue packed with valuable investment intelligence and details on dozens of exciting junior mining plays…simply CLICK HERE or on the link below.
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I strongly urge you to act now to discover these exciting new recommendations and get positioned before they make big news in the days just ahead.
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All the best,
Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference
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