How High Will Gold's Historic Records Go?

1. Renegade Gold Inc., StrikePoint Gold Inc., and Pasofino Gold Ltd. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Renegade Gold Inc., StrikePoint Gold Inc., and Pasofino Gold Ltd.
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* Disclosure for the quote from the Clive Maund article published on June 20, 2024

1. For the quoted article (published on December 31, 2024), the Company has paid Street Smart, an affiliate of Streetwise Reports,  US$1,500.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

* Disclosure for the quote from the Clive Maund article published on December 31, 2024

1. For the quoted article (published on December 31, 2024), the Company has paid Street Smart, an affiliate of Streetwise Reports,  US$3,000.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

It's been starting to look like a Golden Age for gold, Shad Marquitz of Excelsior Prosperity wrote on February 10.

"The first blast above US$2,900 in history, the highest intraday level, the highest daily close, and the highest weekly close. That's strong," Marquitz wrote. "But the key takeaway is that gold is continuing to plow up to new all-time highs once again."

The yellow metal has been in an uptrend for 16 months, having rallied by 63% since October 2023, according to a Reuters report by Clyde Russell. It has accelerated since Trump was re-elected, with an increase of 16% since mid-November.

But how high will it go?

"A rush to invest in gold sent the commodity's price to US$2,790 in October 2024, a record at the time, but after falling back a little late last year, the early months of 2025 have seen the price of gold smash through those levels," Senior Writer Dan McEvoy said in a piece on MoneyWeek February 10. "On 10 February, the gold price broke through the US$2,900 barrier for the first time, reaching a high of $2,906.20, and some experts believe that the next major milestone, US$3,000, is possible."

Prem Raja, head of the trading floor at Currencies 4 You, told McEvoy, "The target of US$3,000 is very much in sight and, as we know, when times are uncertain, investors flock to safe-haven assets such as gold to hedge."

Indeed, gold's upward drive has been fueled by safe-haven demand as U.S. President Donald Trump's new tariff threats amplified trade war and inflation concerns, according to Anmol Choubey of Reuters.

"Obviously, the tariff war is behind the rise; it just reflects more uncertainty and more tension in the global trade situation," Marex analyst Edward Meir said, according to Choubey.

Bullion has already hit its seventh record high this year. According to Choubey's report, Phillip Streible, chief market strategist at Blue Line Futures, said gold's 45-degree rally since December might create a self-fulfilling prophecy of further price increases, potentially leading it to raise its forecast to around US$3,250 or US$3,500.

'A Perfect Storm' for Gold

With the increases, McEvoy pointed out that bars of gold bullion, typically weighing about 400 ounces, are now worth more than US$1 million each.

Those fears of a global trade war and rising inflation are adding "upward pressure to the price of gold, which is often seen as a safe haven asset in times of disruption as well as a hedge against inflation," McEvoy wrote.

"It's a perfect storm for gold," Faisal Sheikh, managing director at Monmouth Capital, told McEvoy. "Trump's tariffs, if enacted in a serious manner, are likely to cause inflation, at the same time as increasing uncertainty, both catalysts for demand for gold."

Also contributing, central banks worldwide have been buying up gold, and the metal is increasingly important in industries like nanotechnology and artificial intelligence (AI).

Analyst Says PM Stocks Will Benefit, Too

Writing on February 10, Technical Analyst Clive Maund also noted that this uptrend has further to go.

Long-term charts going back to the start of the millennium show that "compared to the Great 2000s bull market in proportional terms, i.e., in percentage terms, gold has hardly risen at all over the past year."

"There's plenty of uneasiness about what lies ahead, burnishing gold's appeal as a store of value in a hard-to-predict environment," noted Rick Mills of Ahead of the Herd in a piece on February 12. "Whether the dollar keeps rising will be important, as a strengthening U.S. currency makes bullion more expensive for many buyers. Among the biggest questions are how resilient the US and Chinese economies would be to a trade war, as well as the ripple-on effects for monetary policy if tariffs reignite inflation."

And as inflation continues to be a worry, Marquitz noted that gold "is a way to stem the bleeding from the loss of fiat purchasing power, as much as it is a hedge against financial and geopolitical uncertainty."

While most precious metals stocks themselves have not seen the complete benefit of this yet, Maund said charts show relief could be on the way for some of them, including several companies detailed below.

"We see on the six-year chart for GDX (VanEck Gold Miners ETF, below) that it is in the latest stages of a big Cup & Handle consolidation pattern that is remarkably similar to the one that has formed in silver over the same period, but in the case of GDX it has yet to break out of it," Maund wrote.

Maund continued, "The importance of this cannot be overstated — it means that with regards to precious metals stocks, there is everything to go for once GDX breaks out the top of this big Bowl pattern; it can be expected to slingshot higher, resulting in spectacular gains in many PM stocks, especially in large and mid-cap stock in the early stages in the early stages of the runup."

Renegade Gold Inc.

According to the company's September 2024 investor presentation, Renegade Gold Inc. (RAGE; TSX: TGLDF; OTC: 070:FSE) is positioned as a leader in the gold rush in Ontario's Red Lake district with a robust exploration program.

Its Newman Todd project is a focal point, supported by over US$60 million in historical exploration data and a 25,000-meter drill program targeting untested high-grade zones.

The project has delivered exceptional high-grade results, including 19.7 grams per tonne gold (g/t Au) over 9 meters and 89.9 g/t Au over 2.3 meters, with significant potential for expansion.

Recent drill results from Newman Todd include a high-grade intersection of 14 g/t Au over 7.3 meters. The company plans to focus on follow-up drilling at Newman Todd while also targeting new exploration across its Red Lake properties, including the Gullrock property and the central Red Lake land package, located near significant projects like Kinross's Great Bear Project and Evolution Mining's operations.

The company's strategic land package in the Red Lake District spans 1,260 square kilometers. Gullrock remains underexplored and lies along the Red Lake Mine trend.

The company's strong technical team and proximity to established operations offer a compelling framework for growth, with Newman Todd and other projects providing a steady stream of exploration milestones.

According to the company, around 3.44% of the company is with management and insiders. 

The rest is with retail.

It has 53.17 million shares outstanding with a market cap of CA$7.96 million. It trades in a 52-week range of CA$0.72 and CA$0.14.

StrikePoint Gold Inc.

StrikePoint Gold Inc. (SKP:TSX.V; STKXF:OTCQB) found visible gold at three locations while exploring its Hercules project, which is in Nevada's Prospective Walker Lane Gold Trend just 20 kilometers east of the Comstock Lode where at least 8.3 million ounces of gold (Moz Au) were produced.

"One of the significant outstanding features of the Hercules Gold Project is the scale of the gold and the scale of the property," President and Chief Executive Officer Michael G. Allen said. "Visible gold has been documented at surface at three separate widely spaced locations."

Previous geophysical surveys also indicated the presence of "an extensive alteration zone that is approximately 13 kilometers long and 6 kilometers wide that is coincident with the known mineralization, all of this is contained within the 100-square-kilometer property," he said.

Fortunes generated by the Comstock Lode in the 19th century played a big role in the growth of Nevada and San Francisco.

Results from drilling at Hercules in 2020-2021 include 89.92 meters of 0.65 g/t Au and 12.51 g/t Ag from 27 meters, and 30.48 meters of 1.63 g/t Au and 18.27 g/t Ag from surface, the company said.

*Technical Analyst Maund wrote on June 20, 2024, that Cuprite and Hercules are "big reasons" to look at the stock.

Maund noted that given the positive news of the Hercules acquisition and the "bright outlook for gold itself," a significant reversal to the upside can be expected for the company.

"It is clear that investors are being presented with an exceptional opportunity here with StrikePoint Gold being at very low level and on the point of reversing to the upside," he wrote. "We, therefore, stay long, and the stock is rated an Immediate Strong Buy; in addition, this is a stock that is considered to be worth going overweight on."

Refinitiv provided a breakdown of the company's ownership and shares structure, where management and insiders own approximately 1.49% of the company.

According to Refinitiv, Executive Chairman Shawn Khunkhun owns 0.28% of the company, President and CEO Michael G. Allen owns 1%, Director Ian Richard Harris owns 0.07%, and Director Adrian Wallace Fleming owns 0.02%.

Refinitiv reported that institutional and strategic investors own approximately 12.64% of the company, including 2176423 Ontario Ltd. with 7.17%, Pathfinder Asset Management Ltd. with 4.81%, and U.S. Global Investors Inc. with 0.66%.

According to Refinitiv, the company has 41.59 million shares outstanding and a market cap of CA$7.06 million. It trades in a 52-week range of CA$0.12 and CA$0.90.

Pasofino Gold Ltd.

Canadian-based mineral exploration company Pasofino Gold Ltd.'s (VEIN:TSX.V) primary focus is the Dugbe Gold Project in Liberia, West Africa, which is situated within the Birimian gold belt, a highly productive geological region.

The project contains a measured and indicated resource of 3.3 Moz gold, averaging 1.37 g/t Au, and additional inferred resources that offer potential for further expansion. A feasibility study completed in June 2022 demonstrated robust economics, including a pre-tax NPV5% of US$690 million at a base gold price of US$1,700 per ounces, increasing to US$1.76 billion at US$2,400 per ounce.

Liberia's mining-friendly environment further supports the project's development. The Dugbe Gold Project benefits from proximity to Greenville Port, upgraded access infrastructure, and a Mineral Development Agreement that provides a 25-year mining right with favorable tax and duty terms.

The feasibility study also outlined plans for a conventional gravity-CIL processing plant with a capacity of 5 million tonnes per annum, targeting gold recoveries of 80-85% over a 14-year mine life.

*On December 31, Technical Analyst Maund emphasized that Pasofino represented an Immediate Strong Buy, citing its undervaluation and robust development prospects.

Maund also noted Dugbe is situated in the prolific Birimian Gold Belt, an area known for attracting significant international interest. The company has already received substantial interest from external parties conducting due diligence and site visits, he wrote.

According to Refinitiv, eight insiders together own about 60% of Pasofino. The largest shareholder is Hummingbird with 50.78%, followed by ESAN with 9.6%.

The other three investors of the Top 5 are Pasofino Deputy Chairman Stephen Dattels with 3.97%, Pasofino Chairman Daniel Betts with 1.28%, and Pasofino Director Robert Metcalfe with 0.66%. Richards owns 0.59%.

The company has 117.03 million outstanding shares and 38.19 million free-float traded shares.

Its market cap is CA$58.39 million. Its 52-week high and low are CA$0.80 and CA$0.35 per share, respectively.