Adrian Day –  Key Factors For Gold, Gold Stocks, Royalty Companies, Strategic Stakeholders, Mergers, And Acquisitions

Shad Marquitz
December 19, 2023

Adrian Day,  Founder of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund, joins us to focus on the macro drivers for the gold price, and how that relates to gold stocks and precious metals royalty companies.  We start by recapping the big changes in Fed policy from last year to this year, with the shift to monetary tightening in the prior year, and now the anticipated shift to monetary loosening.  The discussion then shifts to what factors he feels will cause gold and PM sector to have a sustainable breakout; getting into monetary issues, geopolitics, and supply/demand factors.


Next we pivot over to the environment for the larger royalty companies in the sector like Franco-Nevada (FNV) and Wheaton Precious Metals (WPM), and how the types of transactions they did decades ago have shifted over time to the present environment.  Adrian also weighs in on how is viewing the environment in some of the smaller to mid-size royalty companies, like Elemental Altus (ELE.V), Altius Minerals (ALS.TO), and Orogen Royalties (OGN.V) that utilize a prospect generator model to build baskets of royalties, and if we’ll see more consolidation in the sector and more merger and acquisition transactions.


 This ties into a discussion on M&A in the gold mining stocks and which companies will be acquired, and which juniors may be next in the ongoing theme of 2 nearby junior companies combining into larger companies of scale and size. Adrian highlights the potential synergies between G2 Goldfields (GTWO.V) and Reunion Gold (RGD.V), as well as Aurion Resources (AU.V) and Rupert Resources (RUP.TO) as ones he has his eyes on due to their proximity.  The topic is discussed of whether strategic stakeholders are a good thing, or can also be a prohibitive things in future acquisitions.


Wrapping up Adrian outlines the types of companies that he feels most attractive in today’s environment, with the key themes being the larger precious metals royalty companies, gold producers, and gold juniors that actually have some revenues coming in or the adequate access to capital.  He sees bargains across the board, but reminds investors to still be selective as not every company will rally in a precious metals bull market.




Click here to learn more about Adrian Day Asset Management

    Dec 19, 2023 19:36 PM

    Adrian Day — Gold: Expectation vs Reality

    Soar Financially w/ Kai Hoffman – Nov 8, 2023

    “Explore the intricate dance of gold markets with industry expert Adrian Day in an enlightening interview. Adrian & host Kai Hoffmann cut through the noise to discuss gold’s performance, its role against inflation, and the geopolitical forces at play. Tune in for a deep dive into gold’s true place in today’s volatile economic landscape.”

    Dec 19, 2023 19:39 PM

    𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝟐𝟎𝟐𝟒 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐂𝐨𝐦𝐩𝐢𝐥𝐚𝐭𝐢𝐨𝐧:

    Morgan Stanley:
    Goldman Sachs:
    J.P. Morgan:
    Bank of America:
    BNP Paribas:
    Deutsche Bank:
    Wells Fargo:
    Russell Investments:
    Mackenzie Investments:
    National Bank:
    Merrill Lynch:
    BNY Mellon:
    Fidelity International:
    IG Wealth Management:

    Dec 19, 2023 19:32 PM

    Ex, amazed at what you and Cory put up on this site. You guys could train Robots to be productive.

      Dec 19, 2023 19:43 PM

      Ex is the sole survivor of an alien spacecraft sent to earth. He lives in a dimension not of sight but of mind…………………………….! DT😉

        Dec 19, 2023 19:39 PM

        Yep, it’s been lonely for me after the crash-landing… but I’ve grown to like the humans here on Earth in the physical realm.

        As you mentioned though… for relaxation, I do go hang out in an alternate dimension…

        Thanks for keeping me in mind when I flicker out of phase…. 😉

      Dec 19, 2023 19:36 PM

      Much appreciated Lakedweller2. We’re both working hard to keep bringing on more quality guests, companies, and content to the KER crew.

    Dec 20, 2023 20:12 AM

    Good one Marc and thanks (I think). Ha!

    Yeah, I saw Alice Cooper back in 2017, and he sang that song in a straight-jacket.

    It would have been cool to have seen him back in his prime, but I was only a little kid in the 1970’s so it took me until the 1980’s and 1990’s to start appreciating his music. I guess it is still a very fitting tune for the world we live in today.

    Dec 20, 2023 20:18 AM

    The KE Report used to have Rick on quite a bit more in the past, but I believe the last time Cory scheduled him to come on with us in the recent past was back in February of 2021. I was thinking we may have had him on in 2022, but can’t seem to find it in our search feature (but we have a bug where 1 week out of every month’s past interviews are just flat out missing, so maybe it fell on one of those weeks). I’ll see if Cory wants to have Rick Rule on again in the new year though.

    As for Doug Casey, he’s not been on the show in a decade.

    We do get Brent Cook on the show periodically though, and are on a more regular interview frequency with his business partner at Exploration Insights – Joe Mazumdar (a very sharp guy).

    Cory and I did sit down with Brent in November at the New Orleans Investment Conference and recorded an interview. Here is that link (segments 3 & 4 on the weekend show):

        Dec 20, 2023 20:41 AM

        Speaking of Rick Rule, here is a recent interview with him:


        Investing in 2024: Rick Rule’s Gold, Oil, and Uranium Forecast

        Wealthion – Dec 19, 2023

        00:00 – Introduction
        04:19 – Future Energy Prices and Government Policies
        06:05 – Russian Commodity Market Influence
        07:31 – M&A Trends in Oil Sector
        08:08 – Long-term View on Oil & Gas Investments
        09:21 – Bullish Stance on North American Natural Gas
        11:00 – Investment Strategies in Natural Resources
        13:15 – U.S. Policy Impact on Oil Industry
        14:16 – Uranium Market Dynamics and Investment Potential
        16:17 – Future of Uranium Production and Prices
        18:27 – Impact of Russian Uranium Imports Act
        19:10 – M&A Activity in the Uranium Sector
        20:01 – Potential Acquirers in Uranium Industry
        21:32 – Junior Uranium Companies and M&A Trends
        24:58 – Rick’s Take on Gold Investing
        26:34 – The Impact of Quantitative Easing and Debt on Gold
        28:36 – The Real Inflation Impact on Gold
        30:13 – Why Gold Is Essential in Today’s Economy
        31:44 – Gold Price Movements and Future Predictions
        32:51 – Competing Asset Classes and Gold’s Position
        34:01 – Crypto vs. Gold
        35:38 – New Asset Classes and Investment Trends
        39:31 – Comparing the 1970s to Today’s Economy
        41:16 – Natural Resource Investment Opportunities
        43:19 – Rick Rule’s Outlook for 2024 Investments
        44:09 – Best Metals to Invest in 2024
        47:54 – Closing Remarks and Wealthion Services