John Feneck, portfolio manager and consultant at Feneck Consulting, shared his latest thoughts on the gold sector, saying that with the yellow metal’s price reaching all-time highs now is a good time to buy gold stocks.
“Gold has now trended higher for months. Last year it was forming a base at US$1,900 (per ounce), this year it’s forming a base at US$2,300 to US$2,400. And this is for weeks and weeks and weeks,” he explained.
“When you see this kind of basing pattern in any chart it’s called consolidation — it’s a really good chart pattern to look for where you’re building a base that you can build off of usually — not the other way where it crashes and burns.”
Watch the interview above for more from Feneck on the resource sector and the companies he’s eyeing.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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