Peak Picks: How to Mine for Value in June 2025 with Dennis da Silva

Inside the Portfolio of Dennis da Silva: Why Gold, Gas, and Growth Are Back on the Menu

Editorial Team (ET)June 6, 2025

Dennis da Silva, senior portfolio manager at Middlefield Limited, has his eye on a familiar territory—resource stocks. In a market fraught with geopolitical tremors, unpredictable U.S. trade moves, and choppy commodity waves, da Silva believes that gold and natural gas remain the lighthouses for investors looking to navigate safely through the fog.

Navigating Volatility with Precious Metals

With gold prices still perched above the US$3,000 mark, the market narrative has shifted from whether to own gold to how much of it to hold. Da Silva sees upside—significant upside. Even though gold recently retreated from its record highs, it's still clocking more than 20 percent gains since November’s U.S. Presidential Election. The uncertainty surrounding Donald Trump’s return to the White House and his chaotic tariff regime has amplified investor interest in tangible, inflation-resistant assets.

Da Silva points to a telling disparity. The S&P/TSX Composite Index has an 11 percent weighting in gold and silver stocks, yet most institutional portfolios are still hovering around just 3 to 5 percent exposure. The misalignment, he argues, presents a re-rating opportunity of 20 to 30 percent as investors play catch-up.

Gold

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