David Erfle: Why the Gold Price Bounced and What Could be Next
Investing News, Released on 10/6/22 (Recorded on 10/4/22)
This interview was filmed on October 4, 2022.
The gold market is getting exciting again after what's essentially been six months of consecutive price declines, said David Erfle, editor and founder of Junior Miner Junky. Speaking about the yellow metal's recent fall down to the US$1,622 per ounce level, he called it a "false breakdown" and said it was significant to see gold get back above the US$1,675 level. "That's what happens with the gold sector - it does this every single time there's a major bottom," Erfle told the Investing News Network. "You have a false move first to get everybody out of the boat, and then when most everybody's out that's when it reverses."
0:00 - Intro0:30 - Gold sentiment and Beaver Creek takeaways3:14 - What types of gold stocks does David like?7:00 - Gold price has reversed after false breakdown9:59 - Newmont above US$52 key for generalists14:13 - Watch gold/silver ratio, gold/S&P ratio17:18 - David's thoughts on silver and copper20:00 - Final advice and outro
David Erfle is a self-taught mining sector investor. He stumbled upon the mining space in 2003 as he was looking to invest into a growing sector of the market. After researching the gains made from the 2001 bottom in the tiny gold and silver complex, he became fascinated with this niche market. So much so that in 2005 he decided to sell his home and invest the entire proceeds from the sale into junior mining companies. When his account had tripled by September, 2007, he decided to quit his job as the Telecommunications Equipment Buyer at UCLA and make investing in this sector his full-time job. David founded the Junior Miner Junky subscription-based newsletter in April, 2017 and writes a weekly column for precious metals news service Kitco.com.
David Erfle: Why the Gold Price Bounced and What Could be Next added by Herman James on 10/06/2022View all posts by Herman James ?+'