Weekend Show – Resource Fund Managers Share What They Stocks They Like
With all the resource investment conferences this week in Vancouver we decided to feature two different Fund Manager focused on the resource space.
If you are in Vancouver this weekend please email Shad and I so we can meet up. Our email addresses are Shad@kereport.com and Fleck@kereport.com.
- Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital kicks off the show by sharing his thoughts on gold, silver, base metals, critical metals and the stocks he thinks are doing good work. We also discuss the trend of Japanese mining companies entering the North American market as well as a new interest in CRD deposits.
- Segment 3 and 4 – Tavi Costa, Portfolio Manager at Crescat Capital wraps up the show with a focus on the junior sector of resource stocks. We discuss the deals Crescat likes and the trends he is seeing in the market.
Exclusive Company Interviews This Week
- Aurion Resources – Scout Drill Hole Results From Risti Property And Update On Exploration At Helmi
- American Copper Development – Lordsburg Project Update, Including IP Results and The Upcoming Drill Program
- Reyna Gold – Exploration Samples At La Republicana, Las Carmelitas, and Western Targets report High-Grades of Precious, Base and Critical Metals
- Fury Gold Mines – Recapping The 17,000 Meter 2022 Drill Program With The Goal Of A 2Million Oz Gold Resource At Eau Claire
- Lion One Metals – A US$37Milllion Financing Facility Secured, What Does This Mean For The Mine Build?
- Newcore Gold – A Look Ahead To The Updated Resource, Planned For This Month, At The Enchi Gold Project
- Exploits Discovery – A Year Of Drilling In Newfoundland, Recapping The Key Areas and Targets
- NG Energy – An Operational Review Of 2022 And Growth Strategy For More Nat Gas Production In 2023
- Big Ridge Gold – Recapping 2022 Phase 1 Drill Program, Looking Forward To The Upcoming Resource Update In Q1
- Calibre Mining – Organic Grade Driven Production Growth Results From 2022 Operations And Further Exploration Upside In Nicaragua, Nevada, and Washington
- Kodiak Copper – Drill Results From The Gate and Prime Zones On The MPD Project in BC
- Capella Minerals – 4 Projects To Be Drilled This Year Starting With Kjøli Copper-Cobalt Project, Norway
- Stillwater Critical Minerals – Unpacking The Key Takeaways From The Stillwater West Resource Update
Yes, Matt is a sharp guy, and it is always nice to get his thoughts on the various commodity sectors he follows, and related mining stocks. I tend to agree that the overall market jubilation the last few months is likely not an “all clear” to pile back into general equities.
The reality is that there are so many younger generalist investors at many trading desks or just retail investors at home, that have simply not experienced a true bear market before. The 2008-2009 Great Financial Crisis was not a typical bear market, nor was Pandemic Crash of Feb-Apr 2020. Those were flash crashes, and V-shaped bottoms, that went up just as quickly as they went down, and it didn’t grind the overconfidence out of the generalists and only made them more sure that the Fed would always have their backs and that markets can only go up.
As a result, it has been entrenched in their psyche’s to assume every pullback is “the bottom” and they are constantly on the ready to pile back in. There has not been true despair and capitulation yet. We’ve not even seen the growth stock fanatics or meme stock reddit hordes truly give up yet.
Now, obviously, that has not served them well for the last year and half, as most of the frothiest sectors have been consistently pulling back since the 3rd and 4th quarters of 2021. Each dip that has been bought (by people proclaiming the bottom is in), has only resulted in more carnage to the downside, and I’m not sure we’ve seen the last of that yet. When one looks at many other economic metrics like manufacturing, real estate, retail sails, and the health of the consumer it is far from a rosy picture out there.
As for Matt’s point on the Lithium sector having reached frothy levels with 150 names jostling for investor attention, and gold and base metals companies pivoting to Lithium, etc… it is very toppy, and has been for over a year. The time to have been accumulating Lithium companies was 2016-2019 (or during the pandemic crash late Feb – early Apr of 2020). Things then soared higher for the balance of 2020 and kept on screaming into late 2021 in a huge crescendo of retail investors finally getting the memo (years late) and then piling into the sector.
That is where I personally called it a win for my portfolio and the sector and liquidated my 6 remaining Lithium stock positions in late 2021 because it had gone from a contrarian speculation, to acceptance, to more obvious to the main stream financial folks (even though the developing trend and supply/demand mismatch was obvious years before hand), to an all out speculative mania. There were massive 5x, 8x, 10x, 15x, returns in most of the quality stocks over that time period (2016 – 2021), larger mergers and buyouts started taking place, and personally, I just couldn’t stay invested in the sector or justify not harvesting the gains in late 2021.
Since then, many of the sector leaders have corrected by 20%-30%, but they definitely needed to and their valuations had swelled way up to bloated levels, and investors were out way over their skis continuing to pile into them. Sure in 2022, there were a few new DLE names that caught fire, and few more newer exploration stocks that caught fire, and had big runs, but it was not across the board, and most of the sector is still in the process of topping out, with far too many companies claiming “Hey everybody we’ve got Lithium too” and a lot of garbage projects, teams with no experience, Johnny come lately companies, and crap narratives getting traction. That is what happens at intermediate or major tops.
Like I messaged on this blog repeatedly in 2016, 2017, 2018, 2019, 2020…. we’d see about a dozen new junior lithium producers emerge and eventually some would become new mid-tier or major producers. That is precisely what we’ve seen, and out of the 8 I mentioned as likely, 6 of them actually did go all the way to cross the finish line as new producers, one is still a developer, and 1 of them failed to make it when it got to the pilot plant stage. I’d say getting 7 out of 8 correct in a sector few cared about at the time or when it actually mattered to get position was a pretty good call and having a pretty good handle on the sector.
This was also during a time period when most people (even famous resource investors doing interviews on big outlets) didn’t have a freaking clue about how the Lithium sector worked, who the real emerging players were, and the reality that yes some of these teams and projects were legit and were going to happen. Unfortunately, investors that listened to these “experts” dismissive opinions, and that we’d only ever need the “Big 3” lithium producers, missed the chance to position in the companies for one of the biggest moves up that we’ve seen in the resource sector in any commodity for the last few years. It was so frustrating to see prominent resource investors mock the Lithium sector repeatedly, even as late as 2018, 2019, and 2020 and said anyone believing we’d need any more companies were only selling “hopium” and “Scamium”. Well, those talking heads completely blew it, missed an amazing opportunity, and caused many others to miss it as well. So be it.
I’m sure a few of these DLE producers will prove their case and we’ll see a handful more new producers emerge in the next 2-4 years, but we definitely don’t need 150 Lithium stocks at this point, and with 5-6 large producers, 3-4 mid-tier producers, and 3-4 smaller producers, that is a much more stable situation that it was a few years back when there was only 3 big producers (thought to have an oligopoly on the sector). Also, many of the producers are still quite richly valued, and the development stage or exploration stage Li companies are way overvalued at this point. Maybe, I’m wrong about this, on a sector I’ve been right about for years now, down the companies that would make it, but I think the Lithium opportunity ship has mostly sailed at this point (barring a few select names).
Great comment, as always ex 🙂
So you think we are in a bear market rally and the final washout is still to come?
For me it’s really difficult to predict how 2023 plays out. The market is probably over optimistic at the moment. On the other side, even for a contrarian it is difficult to believe that we see the lows of Gold, $1620 again this year. So many predicting Gold over $2000 at the moment. Probably a good sign to be cautious.
On the lithium juniors I agree that there is a lot of crap around. Probably always the case in a hot market. I have a bit different opinion concerning the majors. SQM for example had a PE ratio of 7 at the beginning of the year. It is growing like a tech stock in a hype cycle. And it has a margin never seen before. SQM currently pays more tax than the largest copper producer in the world.
For the general markets, I do think there is stong probability that there is another leg lower, but there could be a further sugar rush higher when the Fed initially pauses.
For Gold and Silver, I believe we’ve seen the lows in Q4 of last year, and that we are in a new bull market where pullbacks should be bought.
For Lithium, I believe we’ve seen the majority of the upside play out the last few years, so there may be a little more to squeeze out, but I see better opportunities in other commodities.
If you think this guy you posted is good, check out the other Kitco posters. The only salvation from world disaster is precious metal sector.
Dan, calgary
Jan 27, 2023 27:19 AM
Chris Vermeulen, good video, 40 minutes long.
Reply
For those investors that don’t believe that The PDAC curse is real, every year it happens, thanks for reminding me again. This year I will sell some of my stocks around the end of February. Then it’s sell in May and go away which usually lasts until the end of July. DT
Yes, indeed DT. We actually had a good laugh about the PDAC curse on the call before we started recording, because even when they moved the conference to the summer last year, the curse still struck from June to July. Haha!
Still, I think Matt did a solid job of unpacking why we see a slow down in early March-April, after companies blow out all their news in Jan/Feb in preparation of conference season, when all the new buying that comes in at the beginning of the year that is repositioning after tax loss selling season in Dec decides to pull profits on gains a few months later, when the literal seasonality of the weather in the more remote areas of Canada or high elevation projects deal with no drilling due to snow and accessibility, and capital raising windows that usually open to kick of the year in the bullish Q1 Run, but then close again a few months later.
There have been so many years, even overall bearish years in the sector, where I’ve been well-served to have bought in late December during tax loss season or early January positioning, and then pulled profits in late February – March. Again, I usually put those profits to work for the spring fling in late April into May, so it’s about being nimble and looking for technical setups, and sure there were a few exceptions (most notably 2016), but for over a decade, that has been a somewhat reliable pattern. Rinse and repeat…
Hey Ex, if you and Cory come to Toronto for PDAC, get ready for a Canadian Winter, that means drinking a lot of beer. If you haven’t been to Toronto before you will enjoy your time here. Canadians like their American cousins. DT
Sounds like a blast DT, but I don’t think either Cory or I are going to PDAC this year. However, we will be at VRIC (the Vancouver Resource Investment Conference) this weekend. I’ll be there most of Sunday, and Cory will be there Sun morning, and in a few staggered meetings on Monday.
If people see us walking about, come say hi, or we can go grab a coffee or beer or walk around the show for a bit. I plan to say moving around to different areas and booths quite a bit though, like a charged electron. haha!
Ex,
MIF was busier than usual today. I see it as a bullish sign! I’m heading down to VRIC tomorrow as well. Make sure Cory treats you well in Vancouver. Lots of good restaurants in the area.
Thanks for the heads up on the MIF conference attendance. Yes, so many good restaurants in Vancouver for sure.
Agree with Matt Geiger, re. lithium. It’s not rare and only a matter of time before supply constraints iron themselves out. Chinese and Australian production should greatly increase this year.
The race to stake claims and for companies to suddenly rebrand themselves into lithium experts reminds me of the previous bubbles in items like cobalt, vanadium and graphite. It’s not going to end well for investors in many of these microcaps, IMO.
Agreed Nobody. Well-stated. We’ve seen this film before, and the ending is the same each time.
Semi index above 50 & 200 WMA. I don’t think there’s going to be any significant pull back till May. I wouldn’t short the general equities right now.
https://stockcharts.com/h-sc/ui?s=SOXX&p=W&yr=6&mn=1&dy=9&id=p93489903686&a=1340314734&r=1674938471886&cmd=print
Apple rounding top and divergence. Ran out of Innovation?
https://stockcharts.com/h-sc/ui?s=AAPL&p=W&yr=13&mn=1&dy=9&id=p99309892961&a=1340320809&r=1674939243112&cmd=print
I can’t wait to see the Fed’s effect on SOXX:XAU in a few days.
https://stockcharts.com/h-sc/ui?s=SOXX%3A%24XAU&p=W&yr=5&mn=0&dy=0&id=p54305682411&a=1340342899
SOXX is at a 23 week high but momentum based on the 40 week MA puts it at a 53 week high.
https://stockcharts.com/h-sc/ui?s=SOXX&p=W&yr=5&mn=0&dy=0&id=p70142699664
I would buy EEM over SPY (and have been lately)…
https://stockcharts.com/h-sc/ui?s=EEM&p=M&yr=14&mn=6&dy=0&id=p56167936256&a=1335060267&r=1674943496648&cmd=print
Premiums on EEM options aren’t good and bid/ask spread not favourable.
Looking at YINN/YANG, good volume and premiums.
Funny you mention emerging markets. I was looking at CQQQ index and Monthly sure looks bullish.
That one sure moves compared to EEM but I do like that EEM has 150 to 200x the volume!
Tesla A wave bounce in progress?
https://stockcharts.com/h-sc/ui?s=TSLA&p=D&yr=3&mn=1&dy=9&id=p21957631990&a=1340344169&r=1674943604690&cmd=print
NatGas had a big 2 year bull market that is clearly now over. It ended with several bearish divergences as well as a huge double top.
https://stockcharts.com/h-sc/ui?s=%24NATGAS&p=W&yr=5&mn=0&dy=0&id=p78025600590&a=1340352664
BUT it does look ready for a worthwhile bounce…
https://stockcharts.com/h-sc/ui?s=%24NATGAS&p=D&yr=1&mn=7&dy=11&id=p14262139906&a=1065248041
Tavi really nailed it on 3 key themes on this weekend show interview, that we’ve been discussing for some time on the show and here on the blog.
1) The rotation out of Bonds and into Gold:
We’ve been discussing this since bonds hit their blow off top from the spring to the summer of 2020 (remember when the 10 year rates got down to 40 basis points and those became laughable low rates?). I started discussing then the eventually move out of bonds and into gold as the 40 year bond bubble had finally run it’s course and was going to burst.
I mentioned a few times that the classic 60/40 portfolio was doomed to fail, and that approach just had it’s worst combined performance last year in 125 years. (not a surprise to anybody that was paying attention to the macro trends in 2020 or 2021) When the Fed announced in 2021 it was planning on “tapering” it’s $120 Billion a month in bonds purchases, I kept asking guests on our show, who is going to step in to buy all those bonds. Many were not concerned or thought the Chinese or Japanese or Europeans would. Haha! Nope!
In early 2021 I even posted an article here on the KER titled “The Great Rotation From Bonds To Gold.” This is still a process that is happening, and will continue to happen over the next 1-3 years.
2) The rotation out of Growth and into Value:
Back in 2020 the “buy everything” mentality coming out of the Pandemic Crash was starting to get a bit nonsensical by year end, and it only accelerated into full-steam frothy euphoric exhuberance by mid 2021. I kept asking our guests and postulating on here starting in late 2020 and all through 2021 if valuations mattered, if the price moves were sustainable, if “Stay-At-Home stocks” and “Meme Stonks” and “Growth Stocks” and “SPACs” and “Tech Unicorns” and “Defi Stocks” and “Crypto Mining stocks” or “NFTs” were really worth even a fraction of where they were trading?
I kept getting back trite and flippant answers from pundits that “The markets are always right” or “Price doesn’t lie” or “valuations don’t really matter… until they matter.”
Well, by the 3rd quarter when many of those investing fads started rolling over quickly, I guess valuations did start to matter again. By Q4 when even the largest cryptos, large tech stock, and many sector leaders started rolling over, I asking and pointing out repeatedly and technically, if this wasn’t the markets finally having had their blow-off top? Most were hesitant to say so, because the message was buy the dip, but some sharp guys like Dana Lyons and Jesse Felder were quick to agree and point out that yes, it appeared the markets had topped and started a new bear market.
Then 2022 started on a sour note, with continued pressure to the downside, and really in 4-6 months, there were many previously high-flying cult stocks and sectors that were down 60%-90%. Sure the general indexes only pulled down by 25%-30%, but many individual names were just simply destroyed and had collapsed by 3/4 of their value in less than half a year, from later 2021 into early 2022.
So if the “market is always right” was it right at all-time highs in Q3 or Q4 2021, or was it right after 60%, 70%, 80%, or 90% pullbacks across thousands of names in just 4-6 months?
Here’s a clue, the market is not always right, and rather follows herd behavior and emotional psychology. Markets can take valuations to levels that there is no rational argument for them to have gotten to, and same thing on the downside valuations that become comically mispriced. Short term markets are voting machines (frothy or negative sentiment), but longer term they are weighting machines (actually valuations do matter).
Nothing that fundamental happened to literally thousands of stocks from Q3 and Q4 of 2021 to Q1 and Q2 of 2022, to explain companies giving up most of their value in such a short amount of time. Valuations absolutely mattered in late 2020 and the first half of 2021, but investors greed and FOMO “Fear Of Missing Out” kept them from remotely considering the stupid valuations we were seeing in so much of the Growth sector. Simultaneously, and conversely, it was clear that many of the Value sectors in late 2020 and 2021, even after rallying some, were still historically undervalued.
When people say things like, “Nobody could have seen the shift coming from Growth to Value 1-2 years ago,” I’d strongly disagree. It was painfully obvious for anyone using reason and common sense to look at where growth markets had gone post pandemic crash, and when looking at how undervalued most value asset classes were historically; and really before the Pandemic even started.
Commodities have been at extreme multi-decade lows for the last few years, and there is always a reversion to the mean, so this process was overdue. The general equities had been on a run for a dozen years since the Great Financial Crisis, fueled by central bank interventions, fiscal handouts, low interest and borrowing rates, and easy money all around. Well, after the wild party, comes the hangover, and it finally had run it’s course by 2021, and the first headaches showed up. Then they were full on migranes in 2022. It’s not out of the real of possibilities that some people just completely loose their heads completely in 2023/2024.
3) The PMs and related stocks will likely diverge from general equities if it is a true secular bull market in real terms (PMs versus other asset classes).
Tavi agreed that the PMs, the mining stocks, and even the junior mining stocks could outperform general equities in the years to come, even if the bear market continues, and general equities keep correcting downwards. Jordan Roy-Byrne has made the point on our show for quite some time, and both Tavi and Jordan provided the multiple times in history in prior cycles where we saw the PMs and mining stocks diverge and outperform general equities, so there is definitely a precedent for it having played out that way in the past, and so it is not a fallacy or erroneous reasoning to postulate it could happen again.
People that would point to recent pullback as proof that it won’t, where everything pulled down together and pulled back up together, don’t really have a grasp on the reasoning behind the eventual divergence. These folks suffer from recency bias to a short-term period, where mining stocks suffered with general equities, but seem to miss the obvious outperformance of both gold and silver above all other asset classes classes for 2022 on an annual basis, except 10-year bond yields.
The setup has not been the same… yet… as prior periods in history, but is quickly approaching a similar period, near the last phases of monetary tightening, when stagflation is abundant, as the general stocks are ready for more protracted bear market, and with a backdrop of a recession, then the PM sector eventually diverges, as central banks eventually capitulate and have to start easing again as a result of the weakened economic picture.
It would be a scenario (and maybe even a potential for 2023 or 2024) where the generalists finally realizes the bear market is going to stick around longer than they expected, and many HODLer’s finally capitulate and give up on the markets, as concerns of the recession worsening and muted economic outlook continuing simultaneously intensify. Again, that is not without the realm of potentiality for this year or next, all things considered.
Tavi also made the additional point, which Brien Lundin has often made, that while they think it is possible for the PM sector, including the mining stocks, to diverge and outperform general equities in that type of environment, that they don’t think it is necessary or required for PMs to do well. I’d agree with that addendum also. Sure, while the PMs could diverge and outperform in the previously outlined macro scenario, they also could just keep trucking higher based on the monetary and fiscal policy we already have, based on loss of confidence in central bankers to control all aspects of the massaged markets. Just the insane and mathematically unpayable debt loads and debt servicing costs on the higher interest rates is finally going to rear it’s head, even after a pause over the next 12-24 months, and policy makers will realize the 800 lb gorilla in the room still needs to be fed.
Also if we do see a continued rotation out of bonds and into gold, of central bank buying of gold, of de-dollarization into gold, and of the realization finally that cryptos are not digital gold, then those are only other sources of demand, beyond the desire for safety outside of the fiat system.
Look, if gold and silver prices go up breaking out to new highs, then clearly, the mining stocks are going to soar, and only then, will generalists wake up and get the memo, bring into the next wave of demand to push the sector even higher. This will happen either way, in a rebounding stock market, or if the stock market continues correcting (as long as it is not a flash crash from some unforeseen black swan event).
Overall really great points from Tavi and really good points for investors to consider.
Good points Ex; but in reality what moves and sustains any market? Large funds. Retail and boutique hedge funds can influence PM market only so much. When we start hearing pension and large money piling en masse into mining stocks then we will see the likes of Barrick and Agnico trading like Tesla. I have my core positions in senior miners but mostly I’m treating this up leg with trading lenses. Don’t forget, this is a 2 card Monte with bullion banks!
Precisely. As large institutions and pension funds continue dumping bonds and pick up a small allocation 1-3% to gold and related PM ETFs over the next 2 years, then that is another wave of buying we’ve not even seen enter the sector yet, and likely won’t until both metals break out to new highs.
2 weeks of down movement in my predestined range. Not time to go up yet unless they Devine a higher low. Just livin the life …
Visualizing The New Era in Gold Mining. Comparing new Gold focused Development Projects in the Americas. Sustaining supply gold for the future. Here is a list of 15 or 16 projects gearing up to increase the supply of Gold. I noticed my “Darkhorse” was listed here. Orea Mining’s gold ounces are 5 million not 3.8 million. They also have a lot of room for expansion and infill drilling. The metallurgy for recovery at Montagne d’OR in French Guiana is around 92%. 55.1% of this deposit was owned by Nordgold Mining but they were forced out by The French Government and the whole deposit has been handed back to Orea Mining. Orea previously owned 44.9 % of Montagne d’OR and were the initial developers before Nordgold JV with them. Orea is in the last stages of securing the whole project once again and a cash dispensation will be deposited in a locked account for Nordgold until the final appeal by The French Supreme Court is overturned once again. Orea is selling for 11 cents for a 5-million-ounce proven high-grade gold deposit. DT
https://www.visualcapitalist.com/sp/visualizing-the-new-era-of-gold-mining/
Pardon !!!!! buy the dolly.
I’ll take two Dolly Parton’s! 😍
You cant HAND’EL that weight ….. LOL
I prefer Dolly Varden.
BINGO.
Dolly getting pumped by wealth report this weekend.
Checking out something else.
Starting the 3rd week of “daily down”. Most of previous gains wiped out and leading the red stocks today are 4 of my green stocks. Appears targeted and predictable and not random
Online news show REDACTED has started touting PM stocks recently. The last several weeks DOLLY HAS BEEN HIGHLIGHTED, Since then, the stock is up 40+ %
Clayton Morris, host, & wife, formerly of Fox weekends, does a very solid, professional, no nonsense, thorough infomercial for Dolly. And it’s showing up in stock volume as well as price.
As I said above also getting big pump by wealth report on weekend and this morning.
Yeah, I caught up with the IR contact for Dolly Varden at the VRIC and she was appreciative of the number of interviews we’ve done with Shawn over the last 2 years.
The one we just put out in late December was a nice summary of the exploration program for this year:
I’d submit that their continued flow of positive drilling news the last few months has been behind their continued trek higher (along with improving sentiment and silver and gold metals prices the last few months).
Todays news was another zinger with more high-grade gold from the Homestake Project, that they bought off Fury Gold last year. Nice!
_____________________________________________________________________________
(TSXV: DV) (OTCQX: DOLLF) Dolly Varden Silver Reports Multiple Gold and Silver Intersections at Homestake Ridge, with 46.31 g/t Au and 70 g/t Ag over 25m, Including 1,145 g/t Au and 826 g/t Ag over 0.48m
30 Jan 2023
https://ceo.ca/@newsfile/dolly-varden-silver-reports-multiple-gold-and-silver
Here is some What-it-is worth info I have been looking into somewhat. QH of Crescat has been talking about a “Silver Squirrel” company and recently made a trip to Bolivia. Friday he suggested that his trip was successful in that Crescat entered into some kind of silver deal. Someone on Ceo.ca produced a document showing Quenton Hennigh as the “President” of an entity that has entered into a ownership transfer of the San Cristobal mine in Bolivia from Sumitomo to an “unnamed entity”. Sumitomo has worked with QH before so that part is no surprise.
Recently Peter Marrone of Yamana was made an Advisor to Eloro and also recently has taken possibly a 10% position. Marrone has talked interest in Eloro silver and tin possibilities having world class potential. Crescat of which QH is an advisor has a decent position in Eloro, and Kevin Smith of Crescat has mentioned that they are glad to have Marrone aboard and Smith believes that Eloro is undervalued (as if most every miner isn’t undervalued). QH indicated he would follow through with a “deep dive” on their Silver Squirrel involvement in a couple of weeks, but has of yet verified any of the activity involving San Cristobal. He did tell everyone to Google and see if they can figure out what is going on. He said Friday that Crescat has been trying to get the project for about a year…so we don’t know for sure if it is San Cristobal although possible and if Eloro is even part of the deal and it is all Crescat. But, not sure if Crescat wants to operate a mine.
There you go for some information. Now what to make of it. (I added some to Eloro whether they are related or not. Eloro appears to be a good project on its own merit. Can readjust later if there is another option to all this.)
Forgot: QH said Tavi wanted “silver” in the portfolio and he thinks he found the project. The issue will be who is final owner to what ever QH did (most likely in the name of Crescat ….????)
I found an article in Spanish that could be translated and it referred to 3 mines that are now under the the Canadian company San Cristobal Mining. It talked about a silver, lead and zinc resource with a 17 year mine life. Sumitomo was involved as owners. It wasn’t clear beyond “Canadian Company” is now the owner. It is located near or in the Potosi area of Bolivia which has a history of a lot of resource.
There was a Press Release by Sumitomo on January 23, 2003 which indicated the transfer of 3 “holding companies” 1) Commercial Meales Blancos AB of Sweden 2) SC Minerals Bolivia SRL of Bolivia and 3) Summit Minerals GmbH Swiss Confederation To the Canadian company San Cristobal Mining. Not sure whether San Cristobal Mining will have a life of its own or be absorbed into an existing mine as nothing mentioned.
Chasing rabbits. Go ask Alice.
Alice has got rabbits?
So Alice is gone and so are the rabbits. Hard to move forward.
My biggest loss last decade, South American Silver , nationalized by the Socislist govt , and surrendered a pittance after years of litigation in the World Court , I’m wondering if that reconstituted property may be involved. Not just silver there but a substantial gallium reserve
The Spanish article mentions Sumitomo entered San Cristobal in 2006 and turned it into a wholly owned subsidiary in 2009 from an “operating company”. No history included.
I was thinking Crescat invested in either Santacruz Silver or Cartier Silver…..I think we can rule out New Pacific….
Could be. I know Cartier and Santacruz are in Bolivia but I got the impression it is more of an acquisition than an investment. But, I don’t know as it hasn’t been made public. However, the Sumitomo Press Release transferring San Cristobal to a Canadian company with QH as President was released on January 23rd which could be a clue … Do Not Know. (I am following it as my account does the same thing every day no matter what I own. The news has not impacted Eloro, so it either is sell the news or “it don’t matter”) Current Portfolio value -$146.31. Entirely different Positive and negative stocks from Friday … but same results.
Daily financial blurb by “Jacob” (Singapore):
https://www.youtube.com/@AsianQuicktake/videos
Thanks for the good interviews
Interesting that Matt sees a pullback in the general market
That fits with DOC‘s strategy shorting the general market
Does DOC still is 80% in cash?
Matt seems quite ahead of the market with only 10% cash
Not agree with Matt on lithium. Lithium plays recently had already a pullback of 20-30%