Analyst Mickey Fulp told Kitco’s Daniela Cambone he likes copper, gold and uranium heading into 2013.
“Uranium is the most beaten up commodity on the planet right now,” said Fulp who was speaking at the San Francisco Hard Assets Investment Conference.
“I am picking away at uranium stocks right now because as a contrarian I like to buy when things are down.”
Uranium oxide has fallen to $41.25/lb, losing $10 over the last year. The uranium ETF, Global X Funds (NYSEARCA:URA), is off 25% for the year and trading at $6.10, just off its 52-week low.
Fulp says metals are in a “holding period” right now.
“The economy is not good, not bad. It is kind of in the blahs, so I expect the metals to hold.”
Until the end of 2012 Fulp sees problems for the junior miners due to the fiscal issues in Washington and investors taking tax losses.
“[W]hat we’ve seen post-Obama election is a massive exit from investors and speculators partly due to the fact we have these pending tax increases in the United States.”
Mickey believes gold and silver will go higher “due to fiat currency” but would not make any predictions on where it will end up.
“I am pretty sure the price of gold will be lower at the beginning of 2013 than at the end of 2013.”
See the full interview with Mickey Fulp>>
Chart from Google Finance. Disclosure: Michael McCrae has holdings in URA Global X Funds.
