Leigh Goehring (RE-RELEASE)

Published on
October 3rd, 2020
52 minutes

Leigh Goehring (RE-RELEASE)

The Archives From Real Vision ·
Featuring Leigh Goehring and James Grant

Published on: October 3rd, 2020 • Duration: 52 minutes

Master commodities investor Leigh Goehring sits down with legendary financial writer Jim Grant in this wide-ranging but deep-diving interview. Mr. Goehring and Mr. Grant discuss the outlook for crude oil at length, before moving on to natural gas, uranium, copper and gold. They also discuss the broader reasons for investing in commodities, and examine what it takes to be a great investor in the natural resources space. Filmed on January 24, 2018 in New York.



  • TW
    Tess W.
    22 November 2020 @ 22:36
    He totally misread the roll of oil and renewables. Total crud.
  • SP
    Steve P.
    16 October 2020 @ 17:32
    "its interesting, go back to my parent's." The one time people listen to a man speak on his familial past, and it's ok - it's when it's about $.
  • BA
    Bruce A.
    6 October 2020 @ 05:03
    Another great choice for re-release.
  • WM
    Whit M.
    5 October 2020 @ 21:48
    Great Video and Explanation!
  • MD
    Mario D.
    5 October 2020 @ 03:50
    Hi Max, thank you for pulling that interview out. I had watched it in the past but had already forgotten that it existed. I just wish that you guys would add to your site the free google keyword search so I could have pull this interview by entering “uranium”. I think it would make Real Vision a super powerful research tool for the peasants out there like me. Thank you!
    • MD
      Mario D.
      5 October 2020 @ 03:54
      My bad, surprise, surprise seems like you guys have fixed or it improved on that because I pull this interview. I am a very happy peasant now!
  • WW
    Wayne W.
    4 October 2020 @ 20:53
    Thank you both. Two very class people and what incredible insight. I still do prefer bitcoin but now want to know, how do we keep the cost of mining down. Can proof of stake ever become something used for bitcoin (probably not :) )????
  • OA
    Olivier A.
    4 October 2020 @ 18:21
    Really interesting guy, and I thoroughly enjoy their research as well. Kudos to Max for digging this out! The red flag for me is how they seem to see their mandate as: "make the best bull case for each and every commodity, and forget the downside." Which seems to make them perma-bulls on literally all commodities. Their mutual fund is now down ~45% in 3 years, in spite of the gold rally... so they need a ~100% year to just recoup their losses. That's just rough. Maybe now is a good time to buy in? The big copper exposure is a huge no-go for me, though - massive China exposure, as pointed out in the interview, and his response that was basically "for reasons we don't understand Japan's commodity demand kept going for a couple years after the crash" doesn't reassure me (knowing that Japan never reached the share of commodity consumption that China currently has).
  • CD
    Christopher D.
    4 October 2020 @ 11:27
    The cia world Factbook days the Chinese gdp per capita had already passed the 15k$ per capita at the time of the interview. Am I missing some FX related adjustment? https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html
  • CC
    Cornelius C.
    4 October 2020 @ 07:58
    Its funny how hes so right but also so wrong in terms of his near term price targets
  • DG
    David G.
    3 October 2020 @ 19:15
    I miss Jim. Wish he would come back to RV.
  • MK
    Michael K.
    3 October 2020 @ 12:01
    I’ve held their mutual fund in the past and got out unscathed, and recently invested in it again. Leigh is exactly what a contrarian investor respects and wants to hear. And it pains me to say something negative because he is such a great guy. But if he is such a great master natural resources investor, why did he stagnate in oil stocks instead of going big on gold miners? If they now believe oil stocks are now the shift to hold, which I don’t know, a master investor would’ve taken some of that twist and turn and managed the book with the cycle of gold to oil now? To disclose again, however, I have been buying the most recent crash in energy equities including Leigh’s fund, in Jessse Felder’s advice and against the advice of Raoul. It’s probably going to hurt. But I can’t help but try to catch a falling knife.