Jordan Roy-Bryne – Focusing Less On Macro Noise And More On Company Micro Fundamental Value Drivers

Shad Marquitz
December 20, 2023

Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss why he’s putting much less focus on the day-to-day macroeconomic noise, and much more focus on company-specific micro fundamental value drivers. 


We discuss how it is still important with gold and silver and precious metals stocks to have a broad sense of the macro environment, but that getting caught up in all the minutiae is not going to create big returns or even help on market timing.  Instead, Jordan makes the case that much more time and attention should be spent on researching growth-oriented junior producers and value plays in the developers that will have significant upside as the secular bull market in precious metals unfolds.




Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.

    Dec 20, 2023 20:32 PM

    Now we’re getting the kind of headlines that should make us cautious (short term cautious in my opinion).

      Dec 20, 2023 20:04 PM

      “…handpicked…” gold stocks

      Dec 21, 2023 21:21 AM

      Matthew – NatGas is in a bottoming formation (I think 13 December was the low).
      What is your perspective now? – BDC

      Dec 21, 2023 21:24 AM

      Hi Marc. Some interesting gold producers you mentioned in that one.

      Yes, Alamos Gold is a very solid and well-run larger gold mid-tier producer, and it’s one I’ve also owned in the past.

      As for New Gold, it’s not one I’ve ever owned, but as you mentioned, it could be a nice optionality play in the space, since it’s been a higher-cost producer that will have good leverage to rising metals prices.

      Same thing with Jaguar Mining. I’ve traded in and out of Jaguar Mining for a dozen years now, and it usually has a lot of upside and downside torque depending on PM sentiment and metals prices, but I sold it for a tax loss a while back and have been debating on whether to get back into it or not, but beefed up some other gold producer positions instead for the time being.

      Another somewhat higher cost gold producer, that is going to transition to a lower cost gold producer that I’ve gotten back into position with this year is Argonaut Gold, as they finally got Magino built and it should be ramping up into full commercial production in 2024, so I want to watch their quarterly production and financial numbers to see what kind of progress they make in the year to come.

      I’ve also got good positions going in Equinox, Calibre, and Karora, that you mentioned as I see them as quality gold producers. Calibre is operating in Nicaragua BTW (not Honduras), as well as Nevada, and now Newfoundland with the acquisition of Marathon Gold. We have Ryan on the show from Calibre fairly regularly for updates, and I’ve been trying to get Oliver from KRR back on the show again but we’ve had some scheduling hurtles. Hopefully in the new year.

      Steppe Gold you mentioned is a good looking growth oriented gold producer, and I was also in that, but sold it for tax loss purposes a few months back, and am looking to get back into that in the near future. I’m excited to see how things go this next year as they start working towards Phase 2 expansion.

      Despite the jurisdiction risk concerns in many West African countries, I still have some exposure to a few companies like Galiano Gold that you mentioned (and it has held up far better than most gold stocks during the corrective bear in gold equities), and I have positions in Thor Explorations (another growth-oriented producer in Nigeria & Senegal), and Fortuna Silver (with their gold production exposure in Burkina Faso & Côte d’Ivoire from where they acquired one of my favorite old companies Roxgold; and they just acquired Chesser Resources recently for their development stage gold project in Senegal). Other than that in West Africa, I do have a small position in Montage Gold, for their multi-million ounce development-stage Kone project in Côte d’Ivoire.

        Dec 22, 2023 22:05 AM

        Good comments and good points on a lot of those gold producers Marc.

        As far as Argonaut, my take is that most of their pain on the Magino cost overruns are now behind them, and the market definitely took them out to slaughter for that, but the valuation has become quite stretched to the downside now, and I see it is as a 3-4 bagger once it starts getting rerated higher on the better production figures. I was actually hoping that (AR) would go on the acquisition hunt after a few quarters of better production come in later next year, but yeah, an eventual business merger of Argonaut and Alamos would be a pretty solid combined company.

        As for Jaguar, I’ve mostly had profitable trades in, but the last chapter definitely didn’t go well, and my most recent position in it over the last year and half got almost chopped in half, so it was too big of a tax loss not to take in 2023, to wash out some gains I had in the Uranium sector and from gambling winnings in a few casinos. I’m a little less enthused about their growth profile than some of the other companies mentioned previously, so again, still debating on if it’s one of the horses I want in my stable for this next round. I feel better about the growth profile increases over the next 2-3 years in companies like Calibre, Karora, Equinox, I-80 Gold, Cerrado Gold, Argonaut, Steppe Gold, Thor Explorations, and Minera Alamos, etc… for the time being.

        I’m probably just going to throw all these thoughts on a brief article over at my substack page later today, while all this is on my mind. Cheers!

        Dec 22, 2023 22:23 AM

        I’ve met with the management team at Karora at a few recent conferences, and touch base with them periodically, but there is still plenty of growth on tap at KRR, just like there has been the last few years from 2020 to 2021 to 2022 and now to 2023, and better throughput and better grades.

        One of the key value drivers I’ve followed along with from proposed idea to successful execution is that earlier this year they finished their twin decline, giving the mining operations another way in and out of their Beta Hunt mine. Now that they’ve finished up getting more ventilation down into that part of the mine during the 2nd half of this year, they’ve set themselves up for a good production increase in 2024 and 2025.

        Additionally they’ve continued to nail it will the drill bit, not just finding new gold zones, but also all that high-grade nickel at the 50C area known as the Gamma Block of high-grade nickel. This area they have dubbed a “nickel mine within a gold mine” already has defined 35,000 tonnes of 2.7% nickel, with in-situ value around $1.3 Billion at today’s prices. I believe they are going to go from 500 tonnes nickel production to about 700 tonnes nickel production next year, so that is going to help in their overall profile once converted to gold equivalent ounces. Additionally, wherever they find nickel, they also keep finding more high-grade gold underneath it, so I anticipate that will further improve the future economics & development.

    Dec 20, 2023 20:41 PM

    The Water Engine:
    Toyota CEO: This new engine will destroy the entire EV Industry.

    Dec 21, 2023 21:53 AM

    Returned some old ones: Mawson, Erdene, Firefox and one new one Northwest Copper. After tremendous excitement my account is showing a +.01 gain. Must be the phony data reported on CNBS.

      Dec 21, 2023 21:48 AM

      I thought he worked public relations for the Philly Eagles. Stocks…hmmm.

        Dec 21, 2023 21:17 AM

        Franco was a tank and loved by all except those he ran over. I was an old Cowboy fan during the Landry days. I hated cold weather growing up and Dandy Don was my idle. Every time he went to Green Bay he would fumble the ball from center due to the ice, snow and him shivering. Once Landry went, I switched to College. Roll Tide at the moment.

        Dec 21, 2023 21:16 PM

        Steelers have a long standing reputation for hard hitting style of play that is still costing them fines today. Lynn Swann retired early for fear of concussion injuries from attempts to take him out of the game. Center Mike Webster died at age 50 and didn’t know who he was by age 48.

        Plenty of NFL widows have donated their husbands’ brains to a research center in the Boston area that does research on CTE (Chronic Traumatic Encephalopathy)

        Not mentioned in the media, but plenty of ambulance chasers have been lining up to make cases.

        Stopped taking football seriously in the ’80’s

      Dec 21, 2023 21:31 PM

      Added some Global Helium for those that like balloons that float into power lines.

    Dec 21, 2023 21:05 AM

    TSX.v daily is looking good pushing on the top bolly.