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Gold put on a ‘tremendous’ performance in 2023, and John Feneck, portfolio manager and consultant at Feneck Consulting, believes the yellow metal increasingly has a protective role to play for investors.
‘I do think that we’re living in a world where gold has a place now,’ he said, acknowledging that it’s been frustrating to see gold stocks fail to perform. ‘I would just encourage people to be patient on the gold equities side.’
Silver hasn’t fared as well as gold, and Feneck said that’s because it’s been trading more like an industrial metal over the last two years. While US$30 per ounce is a level many market participants are looking for, it needs to pass US$24 first.
He mentioned the VanEck Gold Miners ETF (ARCA:GDX) as a solid portfolio component, but also listed several gold and silver stocks he believes have potential: Goliath Resources (TSXV:GOT,OTCQB:GOTRF), Cartier Resources (TSXV:ECR,OTC Pink:ECRFF), Guanajuato Silver Company (TSXV:GSVR,OTCQX:GSVRF), Silver X Mining (TSXV:AGX,OTCQB:AGXPF), AbraSilver Resource (TSXV:ABRA,OTCQX:ABBRF) and Aftermath Silver (TSXV:AAG,OTCQX:AAGFF).
Feneck is also interested in energy, and listed a number of companies involved in various aspects of that space.
Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) is a uranium company, while First Tellurium (CSE:FTEL,OTCQB:FSTTF) is focused on tellurium, a commodity used in solar panels. Meanwhile, SolarBank (CSE:SUNN,OTCQX:SUUNF) is a solar play.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.