Nick Hodge – Key NOIC Takeaways, Volatility From Macro Factors, 2027 Outlook On Gold, Silver, Copper, and Uranium
Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on macroeconomic factors moving the markets, his key takeaways from the New Orleans Investment Conference, and his outlook and portfolio management strategies in select gold, silver, copper, and uranium stocks.
We start off reviewing the investing themes that had his attention after attending last week’s New Orleans Investment Conference.
Nick addresses the encouraging trend of meeting new generalist entrants into the resource sector and seeing outside capital rotating into the sector
We review the typical talking points from the conference of US dollar debasement, sovereign debt, Fed policy, bonds and interest rates, along with the impact of US mid-term elections and weakness in the AI trade
Investor sentiment and pricing trends have remained bearish, which he sees creating opportunities to accumulate during this tax-loss selling season.
He remains more short-term bearish than bullish on many metals due to the background noise from macroeconomics and geopolitics, but reiterates that he is far more bullish for 2027 in gold, silver, and uranium.
With regards to his focus on private placements in junior resource companies Nick remains more focused on solid management teams and execution of their key workstreams, versus worrying about every price adjustment in their underlying commodity.
Next we pivoted to his fundamental and technical outlook in key metals for 2027:
He had warned that we could see gold break below $4,000 again and head down to test $3,900, which we just saw play out over the last week.
He had warned that we could see silver down below $55 again, in a washout move, before moving back higher again; which we also saw play out over the last couple weeks.
Nick outlines that he expects to see the recent Q3 GDP print of 3.4% as the high-water mark for growth, and that inflation is close to peaking when considering year-over-year rates of change. As growth and inflation peak and start rolling over in 2027, he anticipates the Fed will shift from hawkish to dovish, which may bring in the bottom and next upleg in gold, silver, and the precious metals stocks.
At the last NOIC at this time last year Nick had picked copper as the contrarian play for 2026, and it has had an undeniably great year. Having said that, Nick remains bullish on copper longer-term, but expects more potential short-term weakness tied to macro factors like a potential popping of the AI bubbl, and expects it to be stuck in sideways range trading in the $6s for the medium-term.
Nick is most constructive on uranium equities heading into 2027, as there is a “head-scratching” disconnect between the solid fundamentals for traditional nuclear power and where the uranium stocks are trading. Power utilities have started signing term contract at ~$100, and the spot price has been advancing to the high $80s - $90, and yet the uranium stocks have been essentially chopped in half during the course of this year.
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This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
