Setting the Stage for an Upward Gold and Base Metals Outlook

Aug. 28, 2023 - 1 minute
Greg Barnes speaking on MoneyTalk Live.

Greg Barnes, Head of Mining Equity Research, TD Securities, returns to MoneyTalk Live to share his current insights on the commodities industry. While gold prices have decreased steadily over several months, Greg discusses the positive effect we might expect when interest rates start to drop – and if that could happen before 2024. Also discussed are the effects on mining industry stocks that result from political and economic pressures in Africa, South America, and right here at home with Ontario's Ring of Fire.

Key Takeaways

  • High U.S. Federal Reserve interest rates have been tough on gold and base metal prices. If interest rates start to ease next year, it would be a good time to be holding gold.
  • There's a relationship between equities and the move on gold that might help investors anticipate when lower interest rates are coming.
  • Even with uranium prices reaching decade-highs, sanctions on nuclear fuel exports from the east could cause prices to move even higher.
  • Booming industries like EV and energy transition are helping to offset lower demand for base metals while China copes with slowing economic growth.

This episode was recorded on August 23, 2023.

This material is intended to provide commentary on securities markets discussed herein.

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Portrait of Gregory Barnes


Managing Director and Head of Mining Equity Research, TD Cowen

Portrait of Gregory Barnes


Managing Director and Head of Mining Equity Research, TD Cowen

Portrait of Gregory Barnes


Managing Director and Head of Mining Equity Research, TD Cowen

Greg joined TD Securities in December 2005 as the firm's base metals analyst. He currently covers the Canadian large capitalization base metal, gold and fertilizer mining companies and has been an equity analyst for 21 years. Prior to joining TD Securities, Greg worked as a mining analyst for several Canadian independent brokerage firms.