Profit taking “natural” before election, says Feneck

Gold investors are taking profits while waiting to see the outcome of the Nov 5th US presidential election, John Feneck, Founder & CEO of The Feneck Commodities Report told Kitco Mining’s Digging Deep.
Feneck said it is natural to see investors take profits from gold’s run-up to within a few dollars of US$2800/oz this week, “particularly as we are two business days from the election,” he said.
The election between two very polarized candidates is overhanging markets, which shrugged off a non-farm payrolls job report that showed jobs growth is slowing in the US. “At any other time, this would have been bullish for gold, silver and mining stocks,” said Feneck.
Feneck is locking in profits and partially selling some of his mining stocks as a precaution.
He also praised Agnico Eagle Mines (NYSE:AEM) for beating analyst expectations with its third quarter to September 30 financial results, and expects even better results if gold prices continue to increase. “If gold goes to US$3,000/oz, Agnico will be killing it,” he said.
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[@WendyPuente-f4i]

Great interview!

[@InnovativeThinking05]

Hello I enjoy your videos. I am a miner and love to learn more about this topic here at Kitco. I hope one day I can join Paul or someone else and have a discussion about my approach to mining for gold.

[@chrisking9700]

I would love to know the thoughts of miners over this week. It's a shame to see Silver and Gold drop off