John Rubino – Using Summer Doldrums Low Sentiment To Accumulate Quality At A Discount

John Rubino, publisher of his newsletter over at Substack, joins us for discussion on the macroeconomic forces moving the general markets, commodities, and precious metals in both the near-term and longer-term.   While the “summer doldrums” and low-volume weak sentiment in the commodity sector can be a drain in investors enthusiasm, John makes the case that now is the perfect time to be patiently accumulating the strongest quality companies that are on the discount rack along with the rest of the sector. 


We touch on the precious metals sector, but also dig into the energy sector getting his perspectives on the uranium, oil, and copper stocks that he sees as deep value with longer-term growth trends solidly in place.  John also points out that in particular, during time periods like this with so much macroeconomic uncertainty, that he likes the revenue generation of producing oil companies with dividends and the revenue generation from PM royalty companies that don’t have the operational project risks or labor risks that individual producers have.  


John is still interested in using a portion of his investing capital to continue acquiring the best-of-breed quality gold and silver exploration companies.  He specifically mentions New Found Gold (NFG) (NFGC), Snowline Gold (SGD) (SNWGF), Nevada King Gold (NKG) (NKGFF), and Dolly Varden (DV) (DOLLF) as companies in his personal portfolio that he feels are repeatedly putting out some of the strongest drill results.




    Jun 27, 2023 27:06 AM

    Another stock that John Rubino follows is i-80 Gold, and they just put out news that drilling following up at their CRD deposit discovery from last year is now approved.


    (IAU) (IAUX) i-80 Gold Receives Approval to Begin Drilling in the Hilltop Corridor at Ruby Hill

    27 Jun 2023

    Jun 27, 2023 27:08 AM

    John mentioned Dolly Varden as one of the quality exploration companies he’s been accumulating, and we just interviewed the CEO Shawn Khunkhun and posted that yesterday.

    For those that missed it, here is a link to that interview:

    Jun 27, 2023 27:43 PM

    The price of lumber has come way down as well as other commodities but in Canada our government keeps adding multiple layers of carbon tax on to fossil fuels and then allowing the carbon taxes to be taxed as though they were a taxable product, (tax on tax) so by the time lumber gets to its destination it is every bit as expensive as before and, in some cases more expensive. They aren’t done increasing the carbon taxes so the future will see more of the same. Those carbon taxes increase the price of everything, and the public is having trouble surviving. There is now very little money left for investing. DT

    Jun 27, 2023 27:57 PM

    I own all those stocks John mentioned.

      Jun 27, 2023 27:08 PM

      I own 21/2 😉

    Jun 27, 2023 27:02 PM

    Double top for SPY:GLD? We should find out very soon. It hit 2.457 as it tested fork resistance last Thursday and 2.458 as it touched it again today (relative to that rising resistance today’s high was lower than Thursday’s despite being nominally slightly higher)…

    Jun 28, 2023 28:38 AM

    Global Exchange Copper Stocks Sink To 15-year Lows

    Reuters – June 27, 2023

    “Headline LME copper stocks have slid from 100,100 tonnes to 77,050 over the last three weeks despite almost 30,000 tonnes of arrivals. What’s arriving is just as quickly turning around and going out again. Available tonnage stands at just 31,900 tonnes, enough to supply the global market for around 11 hours.”

    “Unsurprisingly, the stocks raid has ignited LME time-spreads, the benchmark cash-to-three-months period closing Monday valued at a backwardation of $31 per tonne. It’s the highest premium for cash since November last year.”

    “The drain on LME copper stocks is puzzling given weakening manufacturing activity in both Europe and the United States.”

    Jun 28, 2023 28:22 AM

    There was an article title on 321gold that is an important concept: Gold looks different in currencies other than USD. Not exactly the wording but the meaning. In other words, the US Markets have more Intervention than others resulting in false pricing and value. (Of course right now CNBS is marching current and former Fed Goons across the screen spreading false rhetoric). It sends Red Flags about the condition of the US financial system.

    Jun 28, 2023 28:00 AM

    There is a consistent and on-going managed money attack on Junior Miners. This orchestrated effort gives the appearance of an agenda to corner that Sector in the hands of Central Banking and Wall street interests. The Juniors are not a threat to the USD but they do hold massive value for the future of workd-wide economics. This activity is a form of theft going unaddressed by Regulators.

    Jun 28, 2023 28:27 PM

    The June contract for gold hit 1912 last Thursday and now the much more relevant August contract has finally done the same.
    Today could have been the low but the market is not yet showing any sign of that. Maybe there will be a quick 2 percent lower low to fill GLD’s weekly gap from March. Either way, we’re getting very close judging by silver’s outperformance lately. Silver’s low today was 3% above last week’s low while gold’s low today was .5% below last week’s low.

    Jun 28, 2023 28:30 PM

    BBB is quietly holding up very well. It finished 11 of the last 12 sessions at .18 which is 16% above its March and May lows.

    Jun 28, 2023 28:44 PM

    GDX finished one penny below its 200 day MA which probably means it’s going lower tomorrow. A gap down would bring buying that would be well worth watching for a lasting reversal.