Gold stocks have rallied amid elevated inflation and high-interest rates, but one investor thinks there’s still more upside to be had within the sector.
Speaking with BNN Bloomberg's Amber Kanwar on Monday, John Ing, president and chief executive officer of Maison Placements Canada Inc., noted more investors might seek safety in gold amid ongoing geopolitical tensions.
He added that the rising cost of living and record debt levels in the U.S. could drive more money managers to invest in the precious metal.
“What’s bothering everyone is inflation and interest rates. Both of them are sky-high, but they’re going to go a lot higher,” he said.
He recommended Agnico Eagle Mines Ltd. (AEM), Barrick Gold Corp. (ABX) and Lundin Gold Inc. (LUG) as his three hot picks in the gold sector.
Ing, his family members own Barrick and Lundin stocks whereas his investment banking clients and his firm do not. He, his family, firm and clients do not own Agnico Eagle shares.
Check out the full video at the top of the article to learn more.