Lobo Tiggre Shared Thoughts On Gold’s New All-time High on PDAC

Published on: Mar 5, 2024
Author: Caroline Kong

In a recent interview with Investing News Network, IndependentSpeculator.com CEO Lobo Tiggre shared his thoughts on the recent price pullback in uranium and the record high price of gold.

Speaking at the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, he said that the most bullish commodities this year are uranium and gold, arguing that a pullback in the price of uranium is an opportunity for investors to buy, and that gold stocks are sure to catch up after all-time high gold price.

Tiggre pointed out that as investors’ fears of a global recession intensify, gold will surely serve as an important asset in times of economic turmoil. Gold’s resilience in the face of recession, coupled with current geopolitical tensions and the consumer debt crisis, paints a bullish picture for the precious metal.

According to the World Gold Council, demand for gold has reached unprecedented levels over the past year and is expected to be further accelerate in 2024, and the Federal Reserve is poised to lower interest rates this year, which will also help support gold prices.

Tiggre singled out the growing consumer debt crisis in the U.S., saying that this reliance on credit to meet basic needs signals deeper economic problems, in contrast to optimistic predictions of a soft landing or avoidance of recession. He noted that there is a huge disconnect between predictions of a soft landing and the reality of the pressures faced by the average consumer, foreshadowing the possibility of a significant downturn in the economy.

Data shows that Americans’ credit card bill balances surged to an all-time high of more than $1.05 trillion in the third quarter of 2023, while credit card delinquency and charge-off rates – the percentage of loans banks consider uncollectible – have already exceeded 2019 benchmarks by significant margins and are projected to continue to rise, according to a recent analysis by credit rating agency Moody’s.

All of this means that investing in gold is a necessity for 2024, according to Tiggre, and that there is room for a valuation repair in gold stocks. As for uranium, he expresses a bullish long-term outlook for the sector, highlighting strong demand from the green energy revolution and policymakers’ realization that nuclear energy is critical to meeting climate goals.

However, given the risks inherent in the uranium market, particularly geopolitical tensions affecting the supply chain, uranium prices remain attractive below $100 per pound.

Gold Mining Precious Metals Uranium