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Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (the ‘Company’ or ‘Blackrock’) is pleased to announce the appointment of Sean Thompson as Head of Investor Relations for the Company.

Mr. Thompson is a seasoned capital markets professional with over 17 years of experience in the metals and mining sector. He has a proven track record of driving shareholder value through strategic communications and stakeholder relationship management, particularly for high-growth, development-stage companies.

Prior to joining Blackrock, Mr. Thompson held senior Investor Relations roles at several highly successful precious metals developers that were ultimately acquired in significant M&A transactions: Atlantic Gold Corp.: acquired for C$722 million and Kaminak Gold Corp.: acquired for C$520 million.

His excellence in the field has been recognized by the broader investment community. Mr. Thompson was awarded ‘Best IR by a TSX Venture listed Company’ at the IR Magazine Awards Canada 2018 and received a nomination for the same award in 2016.

Most recently, Mr. Thompson served as Vice President, Corporate Development & Investor Relations at Westhaven Gold Corp. During his tenure, he was a key member of the leadership team that successfully transitioned the company from a grassroots discovery through to a positive Preliminary Economic Assessment (PEA).

Andrew Pollard, Blackrock’s President and Chief Executive Officer, commented: ‘With an updated preliminary economic assessment in view, a robust treasury, and permitting initiatives well-underway, Sean is joining the Company at a pivotal time as we seek to broaden our market profile. Sean brings an impressive track-record in broadening investor bases with other highly-followed precious metals developers, and we’re excited to welcome him to the team as we position ourselves as the next American silver developer.’

Mr. Thompson holds an MBA from Dalhousie University, providing him with the analytical depth required to help manage and communicate financial modeling and peer-group valuations across the gold and silver sectors.

In connection with Mr. Thompson’s appointment, the Company has granted him 200,000 stock options of the Company (‘Stock Options‘) pursuant to the Company’s Omnibus Equity Incentive Compensation Plan. Each Stock Option entitles him to purchase one (1) common share of the Company (each, a ‘Common Share‘) at an exercise price per Common Share of $1.53 and will vest as to one-third on each of the first, second and third anniversaries of the date of grant, expiring on January 29, 2031.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the advancement of the Tonopah West project towards development, including permitting and de-risking initiatives at the Tonopah West project; the intention to complete an updated Preliminary Economic Assessment on the Tonopah West project and the timing of completion thereof; the Company’s intentions to broaden its market profile; and the Company’s positioning as an American silver developer.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market, political, economic and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

For further information, please contact:

Andrew Pollard, President & Chief Executive Officer
Blackrock Silver Corp.
Phone: 604 817-6044
Email: andrew@blackrocksilver.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281989

News Provided by TMX Newsfile via QuoteMedia

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Investor Insight

Mayfair Gold is progressing its 100 percent-owned Fenn-Gib gold project toward production, with a development plan anchored by a robust 2026 pre-feasibility study (PFS). The company’s strategy emphasizes a smaller scale mine designed to accelerate permitting through Ontario’s One Project One Process platform and exploit near surface high-margin ounces in a capital efficient manner. The PFS only corresponds to 24 percent of the indicated gold resource leaving meaningful optionality for long term growth coupled with exploration upside across a broader land package.

Overview

Mayfair Gold (TSXV:MFG,NYSE American:MINE) is a development-stage company with the primary objective of advancing the Fenn-Gib gold project — a large, bulk-tonnage open-pit deposit located in one of Canada’s most prolific gold districts. The company’s technical team is executing on provincial permitting, Indigenous consultation, engineering and ongoing exploration to expand mineralization beyond the current pit constraints.

Mayfair Goldu2019s flagship Fenn-Gib gold project

Mayfair Gold’s flagship Fenn-Gib gold project is located within the established Timmins Gold District in Ontario, which has produced more than 100 million ounces of gold historically.

The PFS, prepared in accordance with NI 43-101 standards and filed in January 2026, outlines a base-case economic model with an after-tax NPV (5 percent) of C$652 million and an IRR of 24 percent, using conservative gold prices, and demonstrates rapid payback potential. Under a spot price scenario, project economics improve markedly, underscoring the asset’s leverage to higher gold prices. With over $200 million in annual free cash flow once in operation the company will have a robust source of capital to fund growth initiatives.

Company Highlights

  • Robust Pre-feasibility Study: The 2026 PFS highlights compelling returns on a modest initial throughput design while leveraging a large resource base.
  • High-grade Early Focus: The staged plan targets higher-grade, near-surface material to optimize permitting timelines, construction risk, financing, and ultimately accelerate value capture.
  • Strategic Location: Fenn-Gib sits on the highly prospective Timmins Gold District, Ontario — a tier-one mining jurisdiction with established infrastructure and a long history of mining-related activity and supportive communities.
  • Strong Financial Backing: The company has a committed shareholder base, including Muddy Waters, Heeney Capital, Oaktree and Vestcor. With a tight share structure and strong Insider ownership of 35% there is clear alignment for long-term shareholder value creation.
  • Exploration Optionality: Mineralization at Fenn-Gib remains open at depth and along strike, with multiple underexplored targets identified across the property. This includes a Southern Block that has not been explored but sits directly on the prolific Porcupine-Destor fault.
  • Long-term optionality: With a truncated timeline to production the company will be in an advantageous spot for growth initiatives that can be funded with free cash flow.
  • CEO Nick Campbell, heads a technically strong and capital-markets-savvy team with a demonstrated ability to unlock value from high-quality gold assets (previously at Artemis Gold and Silvercrest Metals) and position projects for long-term growth.
  • COO Drew Anwyll is an experienced mine builder; he successfully permitted the Marathon PGM project in Ontario and was a senior executive during the construction, commissioning and start-up of Detour Lake, Canada’s largest gold mine.

Key Project

Fenn-Gib Gold Project

Fenn-Gib is Mayfair’s flagship asset, encompassing a significant indicated mineral resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, and additional inferred ounces. The project benefits from excellent access via Highway 101 and proximity to regional mining services.

The 2026 PFS centers on a 4,800 tonnes-per-day open-pit operation designed to process approximately 1.04 million ounces of gold, representing 24 percent of the total resource and reflecting a conservative, execution-oriented approach. Highlights from the study include:

  • After-tax NPV of C$1.37 billion and IRR of 38 percent at current spot gold prices.
    2.7-year payback period on initial capital costs under the base case (1.7 year payback at January 2026 prices)
Mayfair Gold 2026 Pre-Feasibility Study Highlights

In addition to economic studies and active dialogue with Indigenous stakeholders, the company has executed engineering contracts with industry providers to support mine planning, processing design, environmental baseline work, and tailings/water management — positioning the project for upcoming permitting and potential construction decision milestones.

Exploration Potential

Beyond the defined pit shell, Fenn-Gib hosts multiple zones including the Main Zone, Deformation Zone, and Footwall Zone, with geological continuity extending along strike and at depth. Newly identified targets such as the Southern Block along the Porcupine Destor-Fault present opportunities for future discovery drilling and resource expansion.

Management Team

Nicholas Campbell — Chief Executive Officer

Nicholas Campbell is a mining executive with more than 20 years of experience across capital markets, corporate development, and mine development. Prior to joining Mayfair, he served as vice-president of Capital Markets at Artemis Gold, executive vice-president of business development at SilverCrest Metals, and chief financial officer of Goldsource Mines. Campbell leads Mayfair’s strategic vision and execution as the company transitions Fenn‑Gib into a defined development stage.

Drew Anwyll — Chief Operating Officer

Drew Anwyll is a professional engineer with over 30 years of global mining experience in both project and operations leadership. His background includes senior technical and operating roles at Generation Mining, Detour Gold, Barrick Gold and Placer Dome. Anwyll’s track record includes leadership through permitting, construction, commissioning, and operational phases, anchoring Mayfair’s operational planning and execution.

Zayem Lakhani — Vice-president, Capital Markets

Zayem Lakhani brings more than 17 years of expertise in investment management, equity research, and corporate development. Before joining Mayfair, he served as portfolio manager and head of Canadian equities at HSBC Global Asset Management, where he oversaw the investment process for approximately $4 billion in capital across diverse strategies. Lakhani brings a unique network and an investor’s perspective to help position the company’s story.

Darren Prins — Interim Chief Financial Officer

Darren Prins is a senior financial executive with extensive experience in corporate development, capital markets, mergers and acquisitions, financial reporting, risk management, budgeting, forecasting, and international tax planning. Prins has served as CFO for TSX, TSXV and NYSE‑listed companies across multiple industries, bringing strong financial stewardship to Mayfair’s funding and reporting functions.

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Chen Lin of Lin Asset Management explains what’s behind silver’s move into the triple digits, weighing in China’s key role in the market.

He also talks about taking profits in silver, and shares his outlook for gold and critical minerals.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

John Feneck, portfolio manager and consultant at Feneck Consulting, weighs in on recent silver and gold price milestones and shares his next targets.

He also discusses stocks he’s watching in sectors like silver, gold and ‘special situations.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Mayfair Gold (TSXV: MFG,NYSE American: MINE) is a development-stage company focused on advancing the Fenn-Gib gold project, a large, bulk-tonnage open-pit deposit situated in one of Canada’s most prolific gold districts. The company’s technical team is actively progressing provincial permitting, engaging in Indigenous consultation, advancing engineering, and conducting ongoing exploration to expand the deposit beyond its current pit boundaries.

The Preliminary Feasibility Study (PFS), prepared in accordance with NI 43-101 standards and filed in January 2026, outlines a base-case economic model with an after-tax NPV (5 percent) of C$652 million and an IRR of 24 percent, based on conservative gold prices, demonstrating rapid payback potential. Under a spot price scenario, project economics improve markedly, highlighting the asset’s strong leverage to higher gold prices. Once in operation, the project is expected to generate over $200 million in annual free cash flow, providing a robust source of capital to fund growth initiatives.

Mayfair Goldu2019s flagship Fenn-Gib gold projectMayfair Gold’s flagship Fenn-Gib gold project is located within the established Timmins Gold District in Ontario, which has produced more than 100 million ounces of gold historically.

Fenn-Gib is Mayfair’s flagship asset, encompassing a significant indicated mineral resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, and additional inferred ounces. The project benefits from excellent access via Highway 101 and proximity to regional mining services.

Company Highlights

  • Robust Pre-feasibility Study: The 2026 PFS highlights compelling returns on a modest initial throughput design while leveraging a large resource base.
  • High-grade Early Focus: The staged plan targets higher-grade, near-surface material to optimize permitting timelines, construction risk, financing, and ultimately accelerate value capture.
  • Strategic Location: Fenn-Gib sits on the highly prospective Timmins Gold District, Ontario — a tier-one mining jurisdiction with established infrastructure and a long history of mining-related activity and supportive communities.
  • Strong Financial Backing: The company has a committed shareholder base, including Muddy Waters, Heeney Capital, Oaktree and Vestcor. With a tight share structure and strong Insider ownership of 35% there is clear alignment for long-term shareholder value creation.
  • Exploration Optionality: Mineralization at Fenn-Gib remains open at depth and along strike, with multiple underexplored targets identified across the property. This includes a Southern Block that has not been explored but sits directly on the prolific Porcupine-Destor fault.
  • Long-term optionality: With a truncated timeline to production the company will be in an advantageous spot for growth initiatives that can be funded with free cash flow.
  • CEO Nick Campbell, heads a technically strong and capital-markets-savvy team with a demonstrated ability to unlock value from high-quality gold assets (previously at Artemis Gold and Silvercrest Metals) and position projects for long-term growth.
  • COO Drew Anwyll is an experienced mine builder; he successfully permitted the Marathon PGM project in Ontario and was a senior executive during the construction, commissioning and start-up of Detour Lake, Canada’s largest gold mine.

This Mayfair Gold profile is part of a paid investor education campaign.*

Click here to connect with Mayfair Gold (TSXV:MFG) to receive an Investor Presentation

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Investing in oil stocks can be a lucrative endeavor, but determining the right time to enter a sector known for volatile swings can be tricky.

Over the past five years, the oil market’s inherent volatility has been on clear display. Major declines in consumption brought on by the COVID-19 lockdowns was followed by oil prices surging to US$122 per barrel for Brent and US$115 per barrel for Western Texas Intermediate (WTI) in mid-2022, as the world economy began to recover and Russia’s invasion of Ukraine led to the consequent sanctions on Russian oil.

In 2023, oil prices experienced significant volatility. Fears of a global recession gave rise to bearish sentiment over much of the oil sector and pushed Brent prices as low as US$67 and WTI as low as US$64 per barrel in the first half of the year. Despite a Q3 spike in Brent above the US$98 level and WTI above US$90, oil prices trended back down in Q4 to dip below US$78 for Brent and US$71 for WTI even with conflict escalating in the Middle East.

In 2024, the oil market experienced a relatively stable but downward-trending year overall. As tensions flared up between Iran and Israel in the Middle East, prices for Brent and WTI respectively peaked at around US$93 and US$88 per barrel in mid-April. In the second half of the year, record US production and sluggish global demand growth, particularly in China, pushed prices down to below US$70 for Brent and US$65 for WTI.

In 2025, volatility was very much in play for global oil markets. Some of the biggest factors driving that volatility were OPEC+ production hikes, weaker demand from major economies like China and US President Donald Trump’s tariff wars. Brent and WTI crude both started the year above US$70 per barrel but late in the year, Brent dipped below US$60 per barrel and WTI fell as low as US$55 per barrel.

Since the start of 2026, the price of Brent crude oil has climbed by nearly 9 percent to US$66.37 per barrel and WTI crude oil is up by 8 percent to US$61.90 per barrel as of January 14 as geopolitical risks continue to threaten supply despite broader market oversupply pressures.

In this article:

    How do energy stocks compare to broader equities?

    Energy stocks performed positively in 2025, with the S&P 500 Energy index posting a gain of 4.96 percent for the year, although the sector lagged that of the broader S&P 500’s (INDEXSP:.INX) gain of 17.25 percent during the same period. Still, this was an improved performance over the 2.31 percent returns the energy sector posted in 2024 compared with the 23.3 percent gains made in the broader S&P 500.

    Oil stock prices typically track oil prices, but that was not the case in 2025. Many major oil stocks performed relatively well in the face of declining oil prices. Those oil companies seeing share price appreciation were more likely to be led by fiscally responsible management teams that were able to achieve debt minimization and strong cash flows even with lower oil prices.

    What will be the story in 2026?

    Trends impacting the oil market in 2026 and beyond

    In 2026, the outlook for the global oil market is looking bearish, as analysts are projecting a decline in oil prices due to a supply surplus.

    In mid-January, the US Energy Information Administration (EIA) put forward a forecast predicting an average WTI crude oil price of US$52 per barrel for this year, and US$50 per barrel in 2027. As for Brent crude oil, the EIA forecast average prices of US$56 in 2026 and US$54 in 2027.

    These forecasts predict oil prices will decrease due to a number of trends, mainly rising inventories as production exceeds demand, a slowdown in economic growth and the adoption of renewable energy technologies. In addition, the geopolitical conflicts in Venezuela and the Middle East are expected to cause oil price volatility this year.

    Year of the glut?

    Arguably the biggest factor influencing the oil market this year will be the outsized surplus, leading some analysts to call 2026 the “year of the glut.”

    Deloitte is forecasting the largest oversupply in the oil markets since the COVID-19 pandemic.

    “The oversupply is real, and while demand and economies are waking up and moving forward, they’re not moving forward at the robust rates that we might hope,” Andrew Botterill, a partner at Deloitte Canada and lead author of the report. “We see ourselves in a big oversupply situation right now of about three million barrels a day. We should expect downward pressure on prices, especially in the first half of the year.”

    OPEC has a differing outlook for this year. Rather than a supply glut, the group of oil exporting nations sees a near balance emerging between supply and demand for 2026. Regardless, OPEC+ plans to pause its planned production hikes for the first quarter of the year.

    China’s oil demand

    As the world’s second most populous country, China is unsurprisingly the world’s second largest consumer of oil (after the United States) and the largest net importer of the energy fuel. With well over half of its imports coming from OPEC member countries, Chinese demand can strongly influence the oil market.

    China’s oil demand is forecast to slow this year as its economy struggles, and electric vehicles continue to replace internal combustion engine (ICE) vehicles on its roads. The Asian nation’s economy is continuing to struggle with a beleaguered property sector, declining consumer confidence and debt-burdened local governments. Still, the World Bank is forecasting a 4.4 percent growth rate for China’s economy in 2026.

    Although China continues to import oil, a large portion is going toward strategic stockpiling rather than industrial consumption. Goldman Sachs (NYSE:GS) expects the nation to add 500,000 barrels per day to its inventories over the next five quarters in order to bolster its energy security, Bloomberg reported in September.

    Renewable energy’s market share

    Renewable energy sources are increasingly taking up a larger share of the overall energy mix, although oil and gas continue to represent the largest share of the pie.

    Another consideration is the continuing growth of electric vehicle sales. Global sales reached a record 20.7 million units in 2025, up 20 percent over 2024.

    However, the growth rate varied significantly by region. For example, the US market experienced a mere 1 percent growth rate, while the Canadian EV market saw a 41 percent decline in sales. On the other hand, EV sales in China grew 17 percent, and in Europe they grew by 33 percent.

    Despite the record growth, EVs still remain an economic luxury for the general North American consumer concerned with not only the price, but also the lack of charging infrastructure. US President Donald Trump’s negative stance toward the renewable energy sector is also hindering growth in the US market.

    As of 2026, ICE vehicles still dominate the global vehicle market compared to EVs, and that looks set to continue in the near future. In a late 2025 survey of potential car buyers from 28 countries, 50 percent of respondents said they plan to buy an ICE vehicle in the following 24 months, while 14 percent planned to buy an EV and 16 percent, a hybrid vehicle.

    US oil production

    After reaching record levels in 2025, US oil production is expected to decline this year. According to the EIA, the country’s oil production came in at 13.61 million barrels per day in 2025. That number is forecast to lower to 13.53 million barrels per day in 2026 as lower prices for the commodity are reducing the incentive for oil companies to drill new wells.

    US foreign policy and interventions in Venezuela and the Middle East are also likely to influence global oil markets this year.

    Venezuela, largest oil reserves in the world

    In January 2026, US forces removed Venezuelan President Nicolás Maduro from the country and the Trump administration seized control of Venezuela’s state oil company. The US government is now moving to liquidate up to 50 million barrels of heavy crude oil from Venezuela on global markets, with funds from the sales added to US accounts. It also said it plans to modernize and upgrade the country’s oil infrastructure and electricity grid to increase Venezuela’s oil production, which totaled 800,000 barrels per day in 2025.

    Venezuela holds an oil reserve of 303 billion barrels, and if the administration were to succeed in these plans it could have major implications for oil prices in the years ahead. Additionally, an influx of Venezuelan oil lowering global prices could further disincentivize domestic production in the United States.

    However, analysts warn it will take many years, tens of billions of dollars in capital expenditures and buy-in from US oil majors to restore the country’s once vibrant oil industry due to the state of the neglected infrastructure.

    This would also require US oil majors to take the risk of investing in these upgrades. Venezuela’s heavy crude is suited for US Gulf Coast refineries, including major refiners like ExxonMobil (NYSE:XOM). However, Exxon’s CEO commented that the country is currently ‘uninvestable’ and the company would require durable investment protections and buy-in from the Venezuelan people to begin operations in the country.

    “Industry estimates suggest production could recover toward 2 million barrels per day (up 500,000 – 1 million bpd from current levels) within one to two years under favorable conditions,” according to a report by TD Securities. “Beyond that, at least $20 billion worth of investment and a timeline spanning towards 10 years would be needed to add an incremental 500,000 bpd worth of production, with some $50 billion – $60 billion of investment required to return to 1998 levels.”

    Middle East conflict

    There are a number of major geopolitical conflicts playing out across the globe that have the potential to impact both oil production and transport, leading to higher prices for the commodity. Conflicts in the Middle East, responsible for a vast majority of global oil production, are of great consequence to the market.

    So far in 2026, Iran is the center of conflict in the Middle East due to widespread protests against the government, which the government has responded to by killing thousands of protestors. Initially, the US weighed military intervention in response, and threatened tariffs on countries doing business with Iran. The ramifications of the Iran-US tensions have the ability to impact other regions of the market, especially China.

    By the end of January, Trump was considering ‘airstrikes aimed at Iran’s leaders and the security officials believed to be responsible for the killings, as well as strikes on Iranian nuclear sites and government institutions,’ CNN reported.

    Is now a good time to invest in oil stocks?

    The investment landscape for oil stocks in 2026 is complicated by ongoing geopolitical and economic uncertainties. Another major complication is the projected supply glut that has the potential to depress prices.

    Whether analysts take a bearish or a bullish view on the outlook for global oil stocks in 2026, all would agree that investors will find the best value in high-quality companies with strong balance sheets that can weather lower pricing environments.

    Lower share prices can offer a buying opportunity for investors who believe oil stocks will eventually recover and are open to holding the stocks long-term.

    How to invest in oil stocks?

    Of course, investors will need to do their own due diligence to determine if oil stocks are right for their portfolio and which stocks are the best bet.

    Finally, exchange-traded funds (ETFs) offer an excellent avenue to investing in the oil sector as they allow for exposure to a diversified portfolio rather than a single stock. There are several oil ETFs available to investors, including options such as the iShares Global Energy Sector ETF (ARCA:IXC), the United States Oil Fund (ARCA:USO), and the SPDR S&P Oil & Gas Exploration & Production ETF (ARCA:XOP).

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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    Gold and silver’s historic price rises are raising questions about the broader state of the world.

    For Mark Moss, the surges reflect a deeper breakdown of trust in sovereign currencies.

    “The real driver is not inflation,” the investor and commentator emphasized during a fireside chat at the recent Vancouver Resource Investment Conference. “The real driver is trust.”

    Many investors remain focused on short-term price signals and conventional indicators, such as real interest rates, while overlooking deeper forces shaping capital allocation. According to Moss, the current state of the market favors long-term allocation. In his view, conviction — not timing — should guide investment decisions.

    “You can’t borrow someone else’s conviction,” he said. “You have to start to learn to build your own thesis, and then you have to learn to look to find things that either confirm that thesis or deny that thesis.”

    Precious metals are continuing a powerful price rally that began last year.

    The gold price broke above US$5,500 per ounce for the first time on Wednesday (January 28), while silver broke through the triple-digit level last week and has continued rising, passing US$119 per ounce.

    These moves are happening amid escalating geopolitical and policy uncertainty. However, Moss cautioned against focusing on shorter-term gold and silver price drivers, instead pointing to what he described as a fundamental dilemma facing governments with rising debt burdens — a dynamic he said is reshaping global capital flows.

    Referencing comments by hedge fund founder Ray Dalio at the World Economic Forum in Davos, Switzerland, Moss described a “rock and a hard place” scenario. Governments face a choice between allowing debt crises that risk defaults and asset collapses, or continuing to expand money supply in ways that erode purchasing power.

    “Either they have option one, the rock, which is a sovereign debt crisis, asset prices plunging — that’s what everybody’s kind of thinking. The markets are going to crash. My home values, my retirement value is going to crash. But the problem with that is they lose everything. They get wiped out, they have massive civil unrest,’ he said.

    “And then the hard place is they can print the money. And so of course, they’ll always choose to bring the money.’

    As a result, large institutional and sovereign investors face losses whether governments default or inflate, prompting a reassessment of traditional reserve assets. Moss said gold has emerged as one response to that reassessment, alongside broader interest in commodities and critical minerals. He further pointed to continued central bank gold buying as a signal that confidence in fiat currencies and the post-war financial order is weakening.

    According to the World Gold Council, central banks have been purchasing gold at record levels in recent years.

    Moss cited Poland as a notable example, describing it as a close US ally that has nonetheless been accumulating gold aggressively. Other large entities are following the same strategy — Tether, the world’s largest stablecoin issuer, recently revealed that part of its long-term plan is the stockpiling of gold in a Swiss bunker.

    Gold’s rally is built on a strong multi-year advance. After starting 2025 at around US$2,640, the price had climbed to roughly US$3,200 by April before trading in a narrow range through the summer.

    Momentum returned in late August, carrying gold above US$4,300 by mid-October. While the price briefly dipped below US$4,000 during a subsequent pullback, the retracement proved shallower and shorter than many market watchers expected. Gold resumed its ascent in mid-November and accelerated sharply toward the end of 2025.

    Right now, the status quo is in favor of precious metals.

    Regardless, Moss returned to the importance of taking a long-term perspective, stating that investors who fixate on short-term price moves risk missing the broader shift underway as trust dynamics change across the global economy.

    “If you’re trying to understand why the price of gold dipped from US$5,000 and now it’s US$4,800, I can’t really help you with that,” Moss said. “But we understand the direction that’s at hand.”

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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