Gold and silver have come under pressure as markets price in the possibility of higher interest rates and a stronger focus on economic growth. However, Kiener argues that the long-term fundamentals remain intact.
“Normally it’s great time to accumulate. I think we always believe in stacking during weakness,” he said.
Kiener noted that inventories of precious metals remain extremely low, particularly in silver, where supply constraints continue to persist. He pointed to the large gap between prices in Asian markets and those in the West as a sign that physical supply remains tight.
“We have weakness, we have oversold markets, and we have a tight market,” he said.
While investors have recently focused on interest rate expectations, Kiener believes inflation could soon return to the dominant market theme. If inflation surprises on the upside, demand for non-yielding assets such as gold and silver could strengthen again.
He also expects governments and central banks around the world to continue supporting economies facing weak growth, creating another potential tailwind for precious metals.
“I think that will create the next upside. The next upside will probably make new highs,” Kiener said.
The bullish view extends beyond bullion. Kiener said mining stocks have corrected sharply despite generating strong cash flow, creating attractive opportunities for investors willing to look beyond short-term volatility.
He remains constructive on industrial metals such as copper, aluminium and zinc as well, citing ongoing supply-demand imbalances and low inventories. While prices may remain volatile in the near term, he does not expect deep corrections.
On crude oil, Kiener believes prices have likely found support around the low-$70-per-barrel range. Although markets have cheered up easing geopolitical tensions in West Asia, he noted that global inventories remain low and will need to be replenished, which should help support prices.
