Weekend Show – Randy Smallwood & Matt Geiger – Metals Equities: A Lay Of The Land For Resource Stocks From A Major Company Executive & Fund Manager
Welcome to The KE Report Weekend Show -Holiday Special. Since it’s the end of the year it’s a great time to reflect on the current state of the markets and look ahead to 2025.
This Weekend Show provides some invaluable insights into metals equities as I feature an executive from one of the largest royalty companies in the space and a fund manager focused on metals equities. I hope you all enjoy this weekend’s show and take away some valuable information to use for investing in 2025.
As always please keep in touch with me through email. My email address is Fleck@kereport.com.
- Segment 1 and 2 Randy Smallwood, President and CEO of Wheaton Precious Metals (TSX | NYSE | LSE: WPM) kicks off the show to discuss the state of the market for precious metals equities. We cover market cycles, the unconventional bull run in gold, the unique streaming business model of Wheaton, and the critical role of geopolitical and economic factors. Randy also touches on the significant buying trends from Eastern markets and addresses the challenges and opportunities within the sector.
- Segment 3 and 4 – Matt Geiger, Fund Manager and Managing Partner at MJG Capital wraps up the show by recapping a couple of his best and disappointing investments in 2024, and sharing his 2025 big picture themes. Key 2025 themes include the impact of central bank buying, potential spillover into broader metals, and the ongoing M&A boom. We also address jurisdictional risks in regions like the Ivory Coast and Peru and consider the potential for money rotation into lesser-known metals like tin.
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Click here to visit the MJG Capital website to learn more about Matt’s fund.
Happy Holidays and Merry Christmas to all the crew here at The Ker Report. Let the bells ring out and the banners fly! DT 🤣🤣🤣
What a shocker. Maserati boy is finally not going to help keep JT in….any coincidence that it will take til after February ends before that happens and he gets full pension if he stays in til February 25???
Jagmeet is going to hold us all hostage until he gets his gold-plated pension, it looks like he has changed his mind again. DT
This is an important announcement for New Found Gold:
“Collin Kettell, Chief Executive Officer of New Found, stated: “On behalf of the Board of Directors and management, I would like to welcome Paul Huet as Independent Chairman of the Board. Paul has a proven track record as a mining executive, having successfully delivered considerable shareholder value in his previous roles at both Karora and Klondex, which were acquired for $1.3-billion and $700-million, respectively.”
As New Found Gold transitions from developer to producer bringing on the right sort of management is important at this stage. We will soon see a lot of Mergers and Acquisitions in the precious metals market and NFG has the need to bring on the sort of management that can guide them through the next phase as they will be seen as an acquisition while on their way to production. DT
Aaaaahhhhh, the end of the year with the gold bugs still not vindicated as to precious metal stocks. The vindication is there for the metals. What a disparity between the price of the metals and the stocks and what does this mean going forward. We’ve now had our tax loss selling but it appears from long term charts that the pain for the stocks might not quite be over just yet on this recent pullback. The first half of 2025 may be challenging for the stocks but a good time to add to already low positions on a pullback by some of the stocks. 2025 may be the year that stock holders throw in their towels collectively but long term holders should hold tight and probably add to good positions already established. There are contradictions all over the place—-the FED may lower rates somewhat into next year but if inflation remains strong they may have to reverse course later in the year. The Trumpster appears to want to control the government growth and actually reverse it which could be a deflationary force in the economy along with a strengthening currency. However, a contradiction to any deflationary thoughts is the long term bond market chart. Does one really believe that we can reverse a 40 year bond market rally in only 4 years. I really think not. That would be historically unusual. If we have that second leg down in the bond market, that can only tell us there will be a causal increase in inflation again along with a weakening of our currency. I would say the odds are with us. And that’s why I would not give up on the metal stocks. Another contradiction is how could the metals forge ahead if we have a second leg down in the bond market which should strengthen our currency. All I know is that eventually the metal market will have its’ day in the sun and now is no time to give up completely on it. The long term chart of gold definitely is signalling that the various technical variables are scratching the ceiling and we might need a rest for awhile but that does not mean we are done with this bull market in the metals.
Hi Richard, I agree with a lot of what you said but I wish you had mentioned the debt that will never be paid along with the governments non funded liabilities.
Also, I am expecting somewhat of a bit of a rally in our stocks for the next 6 weeks as tax loss is behind us. DT
House Minority Leader Hakeem Jeffries (D-N.Y.) has privately floated embracing the wholesale elimination of the debt limit next year rather than simply raising it, Axios has learned.
https://www.axios.com/2024/12/20/hakeem-jeffries-trump-abolish-debt-ceiling
https://www.fibonomics.com/2024/12/markets-s-500-spy.html
Markets : S&P 500 (SPY) : Current Status : NatGas
https://www.tradingview.com/x/tk1fhKmw/
NatGas : Gooseneck Test
Brilliant interview. Brilliant interviewee. Thanks for the education, Cory & Randy!
A very few silver stocks have held their 50 week moving average during this correction. EXK, CDE, PAAS are positive. HL, FSM not looking good.
Yeah. I gave up on silver stocks and moved that money into more EMO. I’ll look to come back maybe in the spring.
Hope everyone has a great Xmas and new year. Appreciate everyone. Next week will be dead I think.
I am going to move some money from EMO over to NFG. I will keep a smaller position in Emerita for now. NFG is strengthening their board, and I believe they will acquire Maritime for its two mills. DT
So you don’t think EMO ends up winning the tender when the trial ends???
I will still have my toe in the water at EMO but I just started to buy into NFG and if you haven’t done any Due Diligence on New Found Gold which is Sprott’s favorite stock, for me it is more of an investment and less of a speculative play. They own a parcel of land right near Pine Cove Mill. Not only do they have great infrastructure and management, but they also have a mill owned by Maritime Resources that they can truck ore to. At some point I expect they will take a run at Maritime, remember they acquired Labrador Gold. When drilling is finished, I think they could have 15-30 million ounces proven up. You can’t get a safer jurisdiction with a highly skilled workforce at their fingertips. The list just goes on and on. DT
The trouble with court cases is they are totally unpredictable always have been always will be, it is a 50/50 shot. Those aren’t great odds, and you can be sure whichever way the decision falls there will be speculators with cell phones sitting in the courtroom ready to make a call on the markets as soon as the decision comes down. If you are betting on winning and you lose it’s like an escalator on the way up and an elevator on the way down. All I’m saying is don’t put too much of your money betting on there being a winning decision. This is gambling even if you think its educated gambling it isn’t, you can’t predict outcomes in court cases. DT
Nice write up on new found gold DT….as far as the EMO goes, it’s undervalued here based on the assets it holds already so downside isn’t elevator territory but the upside is. And unless they intend to rewrite the laws it would look better than 50/50 that EMO gets it as they are the only tender left.
Next time you talk with Matt , question him about Eloro in Bolivia, with that poly metallic(tin emphasis) find that’s been decimated since 2020. If shares are < $.51 US in early Jan, I’m easing in
Hi Marty, I like Eloro too, tin has been listed in The US as a critical metal and so has aluminum I didn’t regard either as being such, but I guess they now are. If someone has Matt’s e-mail maybe they could find out where he is, or maybe Ex could get it for you. DT
In a letter Jagmeet Singh, the leader of The NDP party in Canada has said he will no longer vote to keep Justin Trudeau in power whether he stays or goes as leader. This is good news on the political front for Canadians. We need a carbon tax election. DT