2024 Looks Better for Gold, but Here’s What’s Working Now

Brent Cook thinks 2024 will be a better year for gold, but what’s working in the meantime?

“Drill results still work,” he said at the New Orleans Investment Conference. “But what’s surprising, and what I think the real opportunity is right now, is there’s a lot of companies that have solid deposits that work at these metal prices, they make money. And … they’re cheap. So I’m looking actually higher up the food chain than I normally look.”

He’s interested in companies with high-quality deposits as they are likely to become takeover targets for majors. That means assets that have high margins, are permittable and are in good jurisdictions with strong infrastructure.

He mentioned Finland-focused Rupert Resources (TSX:RUP,OTCQX:RUPRF) as an example, saying, “They’ve got an open-pit deposit that’s running in the order of 2.5 grams, I think it’s about 3 million ounces. That’s something a major company is going to want to buy in my opinion. And you can get it for probably a third of what the real NPV is right now.”

Cook is an economic geologist as well as the founder of Exploration Insights, which he now runs with Joe Mazumdar. Although he’s not usually an optimist, he said he thinks the precious metals sector is “bouncing along the bottom.”

“I do think we’re at a changing point in the gold price, and hopefully that filters down to the mining companies,” he said.

Watch the interview above for more of Cook’s thoughts on gold and the resource sector. You can also click here for the Investing News Network’s full New Orleans Investment Conference playlist on YouTube.

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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.