Gold futures end higher, pare weekly loss after U.S. employment data misses estimates MarketWatch
Month: June 2021
Gold futures edge higher, but finish with a loss for the week MarketWatch
Gold Price Forecast: Gold Snaps Four-Week Rally- XAU/USD Levels DailyFX
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With gold bouncing above and below $1,900/oz and silver supplies strained, investors are eagerly anticipating the next moves in precious metals markets.
The technical, fundamental, and monetary (debasement) backdrops are setting up bullishly for the metals. But much uncertainty still lies ahead.
Here we will answer a few of the most pressing questions currently on the minds of precious metals investors.
Is there a silver shortage? And if so, how will it be resolved?
In some segments of the retail silver market, yes. A shortage of available silver persists in the supply chain that extends from mines to refineries to mints to dealers.
The U.S. Mint recently acknowledged that it is failing to meet its statutory obligation to produce Silver Eagles and other coins in sufficient quantities to meet retail demand. Mint officials cited the global silver shortage but quickly “clarified” their comments, blaming the Mint’s suppliers for not producing enough silver blanks.
Excuses, excuses. We’ve heard plenty from the U.S. Mint since the COVID lockdowns began last year, temporarily shutting some coin minting facilities and causing retail premiums to surge.
Eventually, the shortage will be resolved – assuming markets are allowed to function. Either demand will wane or supply will rise to meet demand. But it may take much higher spot prices to incentivize miners, refiners, and private mints to ramp up production.
In a free market, shortages beget higher prices. These price signals in turn tend to bring supply and demand back into balance.
That’s why the global derivative market for silver, which has enabled an explosion in paper silver supply, presents a problem, as there is some evidence these mechanisms are interfering with true price discovery.
If the perceived ample supply of silver depresses prices, new mine production is delayed and supply and demand imbalances persist.
What would a “digital dollar” mean for inflation?
In recent months, Federal Reserve officials have openly pontificated on the possibility of introducing a digital currency.
It has been dubbed by some observers as “Fedcoin.”
The Fed is reacting to the perceived threat posed by decentralized cryptocurrencies as well as the possibility of being beaten to the chase by a digital Chinese yuan.
Other central bankers around the world share similar concerns and may coordinate the launch of a global digital fiat currency.
Going digital would set the stage for the abolition of physical cash. It would bring with it the risk of having negative interest rates, taxes, or other penalties automatically deducted from one’s digital wallet.
It would also permit federal bureaucrats to track transactions in real time and even punish disfavored activity almost instantly.
As for inflation, the currency supply is already being inflated digitally every time the Fed makes bond purchases or facilitates new borrowing at artificially low rates. Trillions of dollars in transactions like these occur every month through nothing more than computer entries.
Perhaps the complete elimination of paper Federal Reserve Notes would be of psychological significance, though. It may wake up more Americans to the risks of inflation and accelerate the decline in confidence in the U.S. currency.
Are there any situations when the “face value” of a gold or silver coin might matter?
In theory, it could. In practice, it almost certainly won’t.
Some government-issued coins including gold and silver Eagles have face values attached to them. But these face values are a small fraction of the market values for these coins. For example, a one-ounce gold Eagle has a face value of “50 dollars,” a silver Eagle just “one dollar.”
There is historic, Constitutional significance in defining a dollar as a specific weight in silver. But today this value is practically meaningless. Nobody but a fool would exchange an ounce of silver for $1.
Having a government legal tender value attached to a coin presumably guarantees it will never be worth less than that – whereas a privately minted round provides no such guarantee.
But if you’re worried about gold prices crashing below $50 or silver below $1, then you’re probably not in the market for precious metals to begin with!
What are the advantages of silver over gold?
Silver’s advantages include large and growing industrial demand from the technology sector, especially green energy technologies including solar power and electric vehicles.
Gold plating is used in some computer and high-tech applications, but its demand profile is more concentrated in jewelry, coins, and bullion bars held by large investors and central banks.
Silver is often referred to as “the poor man’s gold.”
A person of modest means can accumulate silver one ounce at a time much more easily than with gold.
Silver prices tend to be more volatile than gold prices – which can be an advantage or disadvantage depending on your outlook and time horizon. It’s an advantage if you have strong hands and are willing to ride out the precious metals bull market to see silver hit new all-time highs.
Silver usually outperforms during uptrends and has since last year’s COVID panic lows made silver historically cheap versus gold.
Source: McAlinden Research for Streetwise Reports 06/03/2021
This McAlinden Research Partners report looks at factors supporting high copper prices and notes that the “fundamentals underlying copper futures pricing remain very much intact.”
Copper discoveries, particularly in South America, have slowed in recent years and a new wave of political upheaval across the continent may create even more barriers to expansion. This news comes just as projections from the International Energy Agency show the production of minerals critical in green energy output will need to be up to six times what it is today to meet international climate goals.
While this would usually be the time that firms begin turning to the scrap market, given an expected copper deficit in the hundreds of thousands of tonnes this year, those supplies have dried up over the last decade and may not be enough to make a significant dent in perpetually rising futures prices.
Related ETFs: iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC), Global X Copper Miners ETF (COPX)
South American Political Upheaval Could Roll Back Mining Expansion
Following the rejection of Chile’s ruling coalition in recent nationwide elections to choose 155 delegates who will write a new constitution for the nation, several left wing and independent parties, including the Chilean Communist Party and Frente Amplioare (Broad Front), won out and are now ascendant ahead of the country’s general election in the fall.
Since Chile is the top copper-producing nation in the world, the results of these elections will undoubtedly carry significant and lasting implications for the mining industry and global copper supply.
To receive all of MRP’s insights in your inbox Monday–Friday, follow this link for a free 30-day trial. This content was delivered to McAlinden Research Partners clients on May 25.
Chile’s state-run Codelco, the world’s largest copper producer, said in a letter to lawmakers this week that as much as 40% of its copper output is at risk if an environmental bill that limits mine operations near glaciers advances, according to a report in local daily El Mercurio, cited by Reuters.
Additionally, Bloomberg reports that constitutional reforms could make water a national good for public use, pointing to revised property rights and increased penalties for misuse. Water is a key element of the mining process and less access to it could slow planned expansions of output for many miners. The industry uses enough Chilean water annually to supply 75% of the country’s need, according to McKinsey & Co.
Last week, Codelco raised its average copper price projection to $4.30 per lb for 2021, up more than 30% from a forecast of $3.30/lb that was made in January. By the end of 2021, the refined copper market is expected to be in a deficit of 145,000 tonnes. As Argus Media reports, the firm also believes strength in the copper market will persist even longer than previously expected, raising their projection for 2022’s average price to $3.95/lb, up from previous estimations of $3.00/lb.
The South American political shift may not be an isolated incident as Chile’s northern neighbor, and the second largest copper producing nation, Peru, is set for their presidential election in June. Candidate Pedro Castillo of the socialist Free Peru party is currently leading many of the most recent polls by a margin of 5%–10%. Last month, Free Peru became the largest party in the nation’s unicameral congress.
A document recently tweeted out by the Free Peru party cited the Chilean government’s newly proposed taxes on copper, stating, “Let us note that the Chilean Chamber of Deputies has already approved a new royalty whose rate reaches 75% if [copper] exceeds $4 a pound, as is the case today.” While the full implications of such a law are not yet clear, it would likely create hesitation among foreign mining firms like Freeport-McMoRan Inc. and BHP Group in expanding their Peruvian operations.
As Juan Carlos Guajardo, head of the Chilean consulting firm Plusmining, has noted, “Some 42% of world copper mining production is under political uncertainty that could entail risks on future production.”
Copper Demand For Green Energy Continues to Rise
These threats to output in key copper markets comes just as the International Energy Agency (IEA) has warned that “the energy sector’s overall needs for critical minerals could increase by as much as six times by 2040, depending on how rapidly governments act to reduce emissions.”
A shift from coal and gas power to wind and solar works in copper’s favor because those systems require five times more copper than conventional ones. Green power-related demand, just 3% of copper usage in 2020, could hit 16% by 2030, the Goldman analysts estimate.
According to the International Renewable Energy Agency (IRENA) REmap scenario, in which efforts are made to limit global temperature rise to less than 2 degrees, the amount of copper needed to keep up with annual solar installations will be 1.86 million tonnes by 2050, nearly three times the current amount needed.
Combined on and offshore wind installations will need more than 1.30 million tonnes of copper, up 155% from current levels of demand for wind. Per OilPrice.com, the amount of copper required per wind turbine is a staggering 63,000 lbs.
As MRP highlighted last month, electric vehicles take around 83 kilograms of copper on average, while charging points need 10 kilograms of copper per unit. A team of Jeffries analysts, led by Christopher LaFemina, expects copper demand in EVs will rise to 1.7 megatons in 2030 from 170 kilotons in 2020.
Copper Scrap Supply Increasingly Insignificant
Per Mining.com, an analysis of significant copper discoveries between 1990 and 2020 shows that of the 229 deposits discovered in the period, only three were found in the past three years. Latin America was the top location for discoveries over the past ten years, but the 26.3 million tonnes of copper found on the continent is significantly lower than any other decade since 1990.
It seems increasingly likely that companies will need to start turning back toward the scrap market for supply.
In China, that shift is already underway. Copper scrap imports into the country surged by 81.7% YoY in the first four months of 2021. The Chinese government has explicitly noted it will work to curb ongoing “unreasonable” increases in prices, but their hands may ultimately be tied for several reasons—including its own stiff restrictions around the types of copper that they can import into the country, imposed late last year.
Additionally, as MRP highlighted last month, Citi analyst Max Layton notes that supplies of copper scrap will jump this year, but scrap is unlikely to come fast enough to meet robust demand, “Given logistical constraints and an 8-month lag between price strength and copper scrap coming to market for processing.”
Last December, we noted that scrap is a diminished threat to prices these days with fewer large stockpiles left to materially shift the market. As Michael Lion, a trader at Hong Kong-based Everwell Resources, told Fastmarkets, “These days, there are no longer people holding big… inventories in the scrap industry—like [they would have done] 20 to 30 years ago when the industry was dominated by family businesses. So, the increase in prices does not do that much in [terms of] drawing out much more material.”
With few new mines being developed, both Trafigura Group, the world’s top copper trader, and Goldman Sachs say prices could hit $15,000/tonne, up from around $10,000/tonne, in the coming years.
Theme Alert
MRP added LONG Copper and Copper Miners to our list of themes on July 17, 2020. While we believe fundamentals underlying copper futures pricing remain very much intact, we will continue to monitor and report on the unfolding political situation in South America.
Front month futures for copper are slightly off their recent high of $4.76, closing at $4.53 on Monday. However, that price is still 88% higher than this time last year.
We’ve been tracking our Long Copper theme with the iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC) and the Global X Copper Miners ETF (COPX), which have returned +53% and +103%, respectively, over the life of the theme. Each of those have significantly outperformed the S&P 500’s return of +30% over the same period.
Originally published May 25, 2021.
McAlinden Research Partners (MRP) provides independent investment strategy research to investors worldwide. The firm’s mission is to identify alpha-generating investment themes early in their unfolding and bring them to its clients’ attention. MRP’s research process reflects founder Joe McAlinden’s 50 years of experience on Wall Street. The methodologies he developed as chief investment officer of Morgan Stanley Investment Management, where he oversaw more than $400 billion in assets, provide the foundation for the strategy research MRP now brings to hedge funds, pension funds, sovereign wealth funds and other asset managers around the globe.
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Source: Streetwise Reports 06/03/2021
Frank Holmes, CEO and chief investment officer of U.S. Global Investors as well as executive chairman of HIVE Blockchain Technologies, discusses gold and cryptocurrencies, and also talks about companies that are shining in his gold miners ETF right now.
Streetwise Reports: Frank, thanks for joining us today. Gold, after several months of trading sideways, has recently seen some new momentum. It’s been staying above $1,850 an ounce while cryptocurrencies have been experiencing extreme volatility. You’re in a unique position because not only do you head U.S. Global Investors, but you’re also the executive chairman of HIVE Blockchain Technologies Ltd. (HIVE:TSX.V; PRELF:OTC). What is your perspective on gold versus cryptocurrencies? Where does each go from here?
Frank Holmes: Gold and cryptocurrencies are not exclusive of one another; for me, they’ve always been inclusive. It’s just appreciating that. I couldn’t launch an exchange-traded fund (ETF) in the cryptocurrency space four years ago. They just weren’t allowing a Bitcoin ETF to happen. So all that knowledge was applied to the creation and launching of HIVE Blockchain Technologies, instead. I seeded it with $5 million, and the institutions came along behind me. It was the first crypto mining company to go public.
What I think is most interesting in the space is that we’re the first to have an environmental, social and governmental (ESG) footprint and strategy. We only use green energy, and we’re the only ones buying both Ethereum and Bitcoin. So far, Ethereum has been much more enriching as revenue and cash flow than Bitcoin, even though Bitcoin gets all the attention.
When it comes to gold versus Bitcoin, Frank Giustra and Michael Saylor debated, and I looked at that and I said, 10% weighting in gold is just rational and reasonable. It’s been around for 5,000 years. Sixty percent of the demand for gold is love, 40% is fear. Bitcoin is predominantly fear. I’ve said every time gold sells off, the long-term gross domestic product per capita is rising in China and India, which have 40% of the world’s population, and is an important factor in the buying of gold. Gold, this century, has outperformed the S&P 500 by 250%. Having a 10% weighting in gold and rebalancing once a quarter have just been prudent and wise, in my opinion.
Now, along come Bitcoin and Ethereum, and they are very popular with Millennials. Millennials are not into gold; they’re into digital. And a huge transfer of wealth is going to take place over the next 30 years, the transfer of trillions of dollars from Baby Boomers to Millennials. I see the algorithm behind Bitcoin as a beautiful piece of art. It’s masterful. I see this growing, so 2% weighting in the digital space is wise for investors to consider. Many people use HIVE because they were fearful of going on one of these crypto exchanges and reading about hacks and lots of other crises. So HIVE, as I’ve witnessed, has become a proxy for Bitcoin and Ethereum, and for those gold investors, as well as a lot of new Millennial investors, who wanted to participate in that digital world.
Now, another thing that I feel is important for your readers to understand is what I call the “DNA of volatility” of an asset class. This shows the normal fluctuation, up or down, of an asset class—or its typical volatility. Seventy percent of the time, for example, on a daily basis, the DNA of volatility for gold can be plus or minus 1%. For the S&P 500, it’s 2%. But most of these talking heads on CNBC make gold out to be a big bad bogeyman, but really with the volatility so similar to that of the S&P 500, having a 10% weighting as an asset allocation, like Ray Dalio has done at the largest hedge fund in the world, has been remarkably successful.
When it comes to Bitcoin and Ethereum, they’re five times more volatile than gold—their “DNA of volatility” is much different, and that is why investors must understand it. If you’re a portfolio manager and asset allocator, that just requires a smaller weighting. That’s the reason for a 2% weighting, as I mentioned before, to be able to stomach that type of volatility. In fact, their volatility is pretty equivalent to Tesla. Tesla itself has a 5–6% volatility, up or down.
SWR: Let’s talk about gold mining stocks. As the price of gold has risen, so have the shares of gold mining stocks. U.S. Global Investors runs the GO GOLD and Precious Metals Miners ETF (GOAU), which is algorithm based. Can you tell us a little bit about how the algorithm works? What categories of precious metal companies are particularly in favor right now?
FH: I’m really proud of this because, for me, the algorithm behind GOAU is like a legacy that will carry on, the approach to it. They call it smart beta 2.0. The reason they do that is not just the factors that we’ve analyzed, and I’ve spent 8,000 hours trying to determine what are the best factors for picking gold stocks, it’s also the portfolio construction and how it recalibrates using laws of physics.
So with that, 30% of the GOAU portfolio is in gold royalties, the “three big amigos”: Royal Gold Inc. (RGLD:NASDAQ; RGL:TSX) out of Denver, Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE) out of Vancouver and Franco-Nevada Corp. (FNV:TSX; FNV:NYSE) out of Toronto. These gold royalty companies have a very high coefficiency ratio of revenue per employee: Franco-Nevada’s is $25 million, just as an example, Goldman Sachs’ is $1 million. Franco-Nevada has royalties on Barrick Gold Corp. (ABX:TSX; GOLD:NYSE) and Newmont Corp.’s (NEM:NYSE) operations in Nevada, and their revenue per employee is only $600,000, not $25 million. So it’s a very efficient, high gross margin business that looks like a technology stock. That business model has a moat around it, too; I really like that business model. That’s why 30% of the portfolio is in those three big stocks. The portfolio rebalances each quarter because you don’t know each quarter which one is going to have the better outperformance, and it’s to ensure we capture that.
The remaining 70% of the portfolio basically goes from big cap down to small cap. But, again, it’s looking at smart beta factors like revenue per share growth last quarter over four quarters, cash flow last quarter over four quarters, free cash flow yield and which one is the cheapest on a price-EBITDA ratio. So it’s playing on momentum. It’s a very active way of looking at these gold stocks and an expression of high grading. That’s what we do each quarter. Seven percent of those names are high graded, that is, if any company does a deal that harms the revenue per share, reserve per share or cash flow per share, it’s kicked out.
So let’s say gold fell 14% in the first quarter. Well, you’d want to have those stocks where their revenue didn’t fall with the decline in the price of gold, that had increasing production or better margins. With those that fell even more so, you find out that there’s something wrong with the value metrics on a per-share basis. That’s why GOAU has outperformed the GDXJ (Market Vectors Junior Gold Miners ETF: NYSE.Arca) year-to-date through the end of April. Before we launched it we back tested it, and our model showed GOAU outperforming the GDXJ 90% of the time on a rolling 12-month basis for a decade. It’s done a phenomenal job year to date and since we launched it.
SWR: From quarter to quarter, are there fairly substantial changes in your holdings?
FH: Yes, about 25% of the time. And if there’s a takeover announced, we sell the company being bought. We’re not going to stick around to wait for how it digests it, etc. It’s better to take that money, whatever the gain, loss or whatever it is. Sometimes, you may own both the buyer and the seller. It’s just best to let them figure it out later because research has shown that it takes 18 months to digest a merger. So it’s better for us to have the shareholders’ money working on those companies that have better value metrics on a per share basis.
SWR: You’ve mentioned a couple of royalty companies. Other than those three, are there specific precious metal companies, not necessarily royalties, that you think investors should take a look at?
FH: For ones we own in our funds, and you want to have a more conservative role in looking at these stocks, we’ve been recommending Gran Colombia Gold Corp. (GCM:TSX) notes. It pays you a coupon on a monthly basis, and as the price of gold rallies, it pays you a bigger coupon. So the overall yield to maturity has been pushing 15%. It has very low volatility on down days. Even this past quarter, it remained unchanged, and every month you got a dividend. When you look at that, to me, that’s a very important way of looking at this gold space.
Now, when it comes to GOAU’s latest holdings, when we take a look at them, where are they today—as I mentioned, they’ll be rotating on a regular basis—to give you an idea, we own several other small royalty companies because they end up having good metrics, like Sandstorm Gold Ltd. (SSL:TSX; SAND:NYSE.MKT). We also own Osisko Gold Royalties Ltd. (OR:TSX; OR:NYSE). They’re each 5% of the portfolio. We kicked out Osisko a while ago because it really hurt its revenue and its cash flow per share with the acquisition of a deposit, and the stock fell after that. It fell down enough so that it became attractive, and it seemed that it improved its returns. So we would look at something like that. High gross margins is an important factor in looking at these stocks.
SWR: Let’s switch over to silver. It was the highest performing precious metal in 2020; it went up 48%. It has industrial uses beyond being a store of value, including solar energy. Do you see silver getting a boost from increased industrial demand? Do you think it will continue to shine as an investment?
FH: I think everyone who is a gold and silver investor should buy silver coins and take delivery of them. There’s a real shortage of metal coins. I was recently at the Nike outlet store between here and Austin, Texas—we’re based in San Antonio—and the Nike store says, sorry, we don’t have any cash change, there’s a shortage due to COVID. So you think of pennies, nickels, dimes and quarters, I can assure you there’s even a bigger shortage [of precious metal coins]. So if you can get silver coins, I think that’s wise.
What happens with silver and gold is that any time gold is up 10%, silver is going to be up 15%. If gold falls 10%, silver falls 15%. But what’s very different is the industrial use of silver. When we look at the industrial use, in particular solar panels, and you look at global spending, the European Union (EU) is spending $1.7 trillion on green. Of that, $1 trillion is this year. I was talking to a CEO I know in England last week, and he is building a 380-acre place in Romania, and he got $200 million to put up solar energy. So I think that the recipients, both copper and silver, but in particular silver as a precious metal, are going to have a very strong underpinning demand because of solar energy needs.
Now, in the crypto space, we’re seeing this also. As money managers launching HIVE, we pushed for an ESG strategy, green only. Now, we’re seeing that with some of the other crypto companies. Marathon Digital Holdings (MARA:NASDAQ) has come out stating that it’s going to have green energy because of what Elon Musk said. He knocked down Bitcoin due to his comments. Marathon really took it on the chin for not having a green footprint, so management and the board came out with an ESG strategy. In North America, we’re seeing this real push for green. It’s become a religion in some countries in Europe. It has a great impact. So what can help be a solution to this great concern of global warming and this green movement are metals like silver and copper.
SWR: Are there silver mining companies or copper mining companies on your radar?
FH: Yes, there are. Wheaton Precious has always been originally our big silver play, but clearly Silvercorp Metals Inc. (SVM:TSX; SVM:NYSE) has been a great play for us as having highest gross margins, etc., in that space. There are some other junior ones, but as far as what’s in GOAU, it’s stocks of that nature.
SWR: You mentioned that when gold goes up 10%, silver goes up 15%. The gold-silver ratio went from a high of 123 in March down to around 67, where it is now. Do you think it’s going to stabilize there? Or do you think we’re going to see a lot of differentiation or volatility between the two metals?
FH: I think that you’re going to see more volatility. I don’t think that that’s going to go away, absolutely not. Every time we get a bull cycle, we’re going to see that ratio increase. We’re going to see the ratio shrink in the favor of silver.
So if you look at some of our holdings, we also own Sibanye-Stillwater Ltd. (SBSW:NYSE), which has a play on palladium.
One of our other international holdings that I really love is Hochschild Mining Plc (HOC:LSE; HCHDF:OTCMKTS). It’s listed in London and trades over the counter in the U.S. It’s a major silver producer in Peru, but it has the largest, rare earth deposit in Chile. So you have lots of upside for that as an asset because as you can look at global Purchasing Managers Indexes (PMIs), the global PMIs have been tipping up since this time last year with all the money printing and have only accelerated. Europe was lagging, and it was only China and America that went over 60. That means a very strong pent up global demand for commodities. I think it’s going to be very sustainable partly because of the $17 trillion being spent by China, the U.S. and the EU to fight COVID. As I mentioned earlier, there’s over $1 trillion in the EU and close to that number in America going toward global warming, so climate change is the operative word today. I think this is very bullish for many of these metals.
Now, if we take a look at copper in particular, the concern in Chile is it looks like the Communist Party could win the election. What happens is there will be strikes. There will be issues on copper supply that will all of a sudden drop dramatically. I think you could see that show up and have ramifications for rising copper prices.
I think that you have to tie it all together. Global PMIs are a six-month leading indicator for many commodities. They’re the strongest leading indicator that relate to oil, iron, gold and copper. And now silver is an important part of that global infrastructure build. So I think that we are in this sort of secular bull market for the need for a lot of these metals.
SWR: Thanks, Frank, for sharing your insights.
Frank Holmes is CEO and chief investment officer at U.S. Global Investors, which manages a diversified family of funds specializing in natural resources, emerging markets and gold and precious metals. In 2016, Holmes and portfolio manager Ralph Aldis received the award for Best Americas Based Fund Manager from the Mining Journal. In 2011 Holmes was named a U.S. Metals and Mining “TopGun” by Brendan Wood International, and in 2006, he was selected mining fund manager of the year by the Mining Journal. He is also the co-author of The Goldwatcher: Demystifying Gold Investing. More than 30,000 subscribers follow his weekly commentary in the award-winning Investor Alert newsletter, which is read in over 180 countries. Holmes is a much sought-after keynote speaker at national and international investment conferences. He is also a regular commentator on the financial television networks CNBC, Bloomberg, BNN and Fox Business, and has been profiled by Fortune, Barron’s, The Financial Times and other publications.
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Disclosure:
1) Patrice Fusillo conducted this interview for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this interview are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Frank Holmes: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: N/A. I, or members of my immediate household or family, are paid by the following companies mentioned in this article: N/A. My company has a financial relationship with the following companies mentioned in this interview: HIVE Blockchain Technologies. Funds controlled by U.S. Global Investors hold securities of the following companies mentioned in this article: Royal Gold Inc., Wheaton Precious Metals, Franco-Nevada, Gran Colombia Gold Corp., Sandstorm Gold, Osisko Gold Royalties, Silvercorp Metals and Hochschild Mining Plc. I determined which companies would be included in this article based on my research and understanding of the sector. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
4) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Franco-Nevada, Wheaton Precious Metals, Royal Gold, Sandstorm Gold and Osisko Gold Royalties, companies mentioned in this article.
( Companies Mentioned: FNV:TSX; FNV:NYSE,
GCM:TSX,
HIVE:TSX.V; PRELF:OTC,
HOC:LSE,
OR:TSX; OR:NYSE,
RGLD:NASDAQ; RGL:TSX,
SSL:TSX; SAND:NYSE.MKT,
SBSW:NYSE,
SVM:TSX; SVM:NYSE,
WPM:TSX; WPM:NYSE,
)
Categories
Fun on Friday: Getting Prepared
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The post Blog first appeared on SchiffGold.
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