Gold is only getting started, says Canaccord’s Currie
Gold’s monumental rally in recent months is far from over, as the precious metal continues to play an instrumental role in today’s financial landscape, according to Cam Currie, senior investment advisor at Canaccord Genuity’s Currie Metals & Mining Group.In a wide-ranging interview on The Northern Miner Podcast with host Adrian Pocobelli, Currie shared his bullish outlook on precious metals, emphasized the strength of mid-tier miners, and unpacked how global debt and monetary shifts are reshaping the role of gold in institutional portfolios.Gold in a new paradigmCurrie believes gold’s breakout to all-time highs in recent months is only the beginning of a longer-term structural move. “We’ve seen a tectonic shift,” he said, pointing to how central banks, especially outside the US, are reallocating reserves away from US Treasuries and toward gold.“There’s $300 trillion in global debt,” Currie warned. “Gold has no debt, no political baggage, and no printing press behind it.”He also highlighted the upcoming implementation of Basel III regulations in July, which will classify gold as a Tier 1 asset—putting it on par with sovereign debt for reserve purposes. “That’s a game-changer,” said Currie. “Once gold is accepted as collateral, it unlocks a lot of institutional interest.”Mid-tier miners in sweet spotWith gold’s momentum rising, Currie sees particular value in the mid-tiers and developers in the mining sector. “These companies are generating strong cash flows, have little or no debt, and are trading at steep discounts to their net asset value,” he said.At Canaccord’s recent mining conference in Nevada, Currie noted that many management teams are focused on discipline: paying down debt, initiating dividends, and preparing for index inclusion. “As more ETFs include these names, we expect a re-rating,” he added.He also flagged that some of the sector’s strongest performers have not been the household names. “Newmont and Barrick are still the poster children in the US, but the best performers have been Agnico Eagle, Kinross and Lundin Gold,” Currie noted.Silver, copper offer further upsideWhile gold is leading the rally, Currie also sees silver as a compelling play, calling it “the poor man’s gold.” With silver lagging gold and trading at over 100-to-1 on a price ratio basis, he expects it to catch up. “Historically, that ratio moves toward 60-to-1 or even 50-to-1,” he said.Currie is also bullish on copper in the long term, though he expressed some caution in the near term due to macroeconomic risks.“We’re still in the recession camp,” he said, referencing weak industrial demand and geopolitical tensions. But looking ahead, he cited electrification, AI infrastructure, and the lack of new mines as long-term drivers. “There’s a real supply problem coming.”Digital gold a breakout catalystCurrie also revealed that the World Gold Council is progressing with its long-discussed blockchain-based gold product—a digital, traceable, vault-backed version of the metal. “They’re starting to float marketing campaigns,” he said. “It’s coming.”He believes this initiative could bring a new generation of investors into the space. “Bitcoin is being called digital gold. But now we’re about to get actual gold in digital form—with full title and backing. It’s going to shift the narrative in a huge way.”Institutional awakening to comeDespite gold’s record highs, Currie observed that institutional interest remains muted. “Only 1% of US family offices have gold in their portfolios,” he noted. He attributes this to a mindset rooted in the dollar exceptionalism and the dominance of equity and tech investing.However, as bond markets show strain and long rates rise—without the US dollar strengthening—he believes that narrative is beginning to shift.“We’re on a new trajectory with gold,” Currie said. “This freighter has turned, and it’s going to keep going for a long time.”Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
