Nick Hodge – Macroeconomic Thoughts, And Precious Metals Haves and Have Nots

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review his outlook on the macroeconomic landscape, and then delves into the precious metals mining stock “haves” and “have-nots.”  We start off reviewing the mixed economic data, where he stills sees concerning data being overlooked by many generalist market participants, and thinks a recession is still very much on the horizon in the medium-term. 


We then have a broad discussion on how commodities may still remained muted heading into the economic contraction, even though he is bullish on them in the longer-term.  Nick sees gold as one of the stand-out commodities, which is really more of a currency and monetary metal, and is seeing value in the quality gold equities. This leads to a discussion on why he likes the quality gold developers and producers at this point in the cycle, more so than taking on the additional risk of earlier-stage explorers that don’t have any defined resources or economics around their projects.  He names Artemis Gold (ARTG), Bravo Mining (BRVO), Perpetual Resources (PPTA) and SSR Mining (SSRM) as companies that he sees as quality and part of the “haves” group of gold stocks. 




1 Comment
    Jul 08, 2023 08:46 AM

    Rising Liquidity Points To Yield-Curve Trend Change

    Simon White – Bloomberg macro strategist – Friday, July 07, 2023

    “Increasing excess liquidity indicates that the nascent steepening in the 3-month vs 10-year yield curve will continue. The yield curve in this cycle has wrong-footed many in the depth and persistence of its inversion. We have to go back to the early 1980s to see a curve this inverted.”

    “The 3m-10y yield curve has shown tentative signs of bottoming in the last two months – with today’s ADP jobs data adding to steepening pressure – and the rise in excess liquidity posits it should keep steepening.”

    “There have been a few false starts, where it looked like the curve was durably steepening, only for the Fed to renew its hawkish credentials. However, this time we have seen a pronounced upturn in excess liquidity which has often preceded yield-curve steepenings.”