100% agree. Fuzzy and wishy-washy, doesn’t give anything practical we can use...

I completely disagree. If you were looking for a dozen ticker symbols, that is not what this or any other show is about. I think you should go back and watch the entire show all over again. James Rasteh is incredibly smart and experienced.

I also felt he was too full of himself. One of the least useful or interesting interviews in my opinion.

Thank you for the reminder: Just watched https://www.realvision.com/shows/grant-williams/videos/grant-williams-in-conversation-with-ross-beaty breathtakingly beautiful & informative authentic conversation.

Entirely agreed. Management quality can make or break a good mine. But it can never alter the geology of it.

Thanks for your reply James, but if you think about it, good management would not get involved with bad geology.

this is a great interview though and this has been great source of knowleadge about gold, gold miners, costs, etc. very insightfull.

Once again, people miss the big picture: everyone wants gold and there isn’t enough to go around. Americans (under-weight), Chinese (over-weight), Europeans (equal-weight), Russians (over-weight), and everyone else (largely under-weight). What you should be asking yourself is: do you own enough gold-related exposure? My guess is: not even close.

Totally agree Steve. The guy was just AWESOME. Great speaker. Concise. Incisive. Wicked Smaht.

If the gold price holds and I see no reason it wont with negative real rates, the companies with proven reserves will mint money - literally. I can't find a better investment.

Raoul didn't seem to know the right questions to ask and his guest didn't present a coherent framework for investing in mining stocks. Here are some questions for you Raoul for next time: 1.) How is investing in gold mining different to investing in other sectors like Industrials, Consumer, etc. 2.) Explain the differences between Majors, Mid Caps and Juniors? 3.) Investment objectives/risk appetite should influence your allocation in the sector (ie larger allocations to major and smaller allocations to juniors) 4.) Mine location is important. Stick to locations with strong rule of law, ie Australia, US and Canada (not sure that longer term Brasil is low risk like James says). Australia doesn't get a mention in this interview and yet has some of the best run companies and highest quality deposits in the world. 5.) What are the basics of understanding a mining company? Resource and Reserves statements, Production Profile, All In Sustaining Costs, Gold hedging, mine cashflow, mine life, CAPEX plans, debt/equity. 6.) What should an investor look for in a good gold mining company? 7.) What are the variables that effect valuation? Small changes to FX and Gold price forecasts have non linear outputs. How do analysts value gold miners (Mix of NAV and Cashflow based models)? 7.) For larger companies what are their commitments to returning capital to shareholders through dividends? 8.) And of course how is investing in the commodity different to investing in a mining company - leverage to the gold price. Picking a miner is about getting the best quality leverage to the gold price possible on a risk adjusted basis. These are just some of the questions that should have been asked and to be honest James should have offered to share some of his knowledge since Raoul is not a mining analyst.

In a nutshell: PM Mining is leverage to Metals and future looks bright. James likes to buy good companies for nothing. (I dont like this as a mantra). Hard to find companies who want to let James make all the money... shame... Being an activist investor can assist to leverage good resources, replace poor management and refund for big returns. PM sector ideal for this. Invest in my fund, which is going to buy a company for 1x earnings. I wont tell you the name. Invest in Jaguar although I have already sucked out all the juice... I won't give you any tips. Smart lad... but its all for me and my fund.

TMAC was the one he mentioned as strategically important to Canada and the Chinese are involved.

We are NOT recommending an investment in TMR . Just note the great nature of the asset and strategic importance.

delisting talk

I guess James didn't hear the Winklevoss twins describe how Elon Musk is going to drastically expand the supply of gold by mining on asteroids. I also saw someone on Twitter (so you know it's true) say basically the same thing about mining gold on the ocean floor. I asked him at what gold price is this profitable. Still waiting for a response.

Yeah, as if Gold is going to be mined from asteroids within the next decade. LOL :) Also, that Ocean floor Gold mining story gets rolled out whenever Gold goes on a roll. Who knows; maybe it would be viable at prices of $10,000+...

Pretty sure he was still referring to Jaguar (JAGGF) and he was referencing what he paid for it, not where it is currently priced.

Jaguar overpriced already. Nice buy on a 25% pullback... He was teasing with a new deal... wasnt Jaguar at 1x..

GDX, GDXJ

The two closest to what he described that I know of (single asset miners with high FCF/mkcap in the Americas) are Torex and Serabi. I would throw in Americas Gold and Silver into this basket as well since they are opening a new mine in Nevada.

TMAC yes. Still listed, bought by Shandong. I hold some. Talk of a delisting...

Yes, or any of the Sprott analysts.

Add Marin Katusa to the list. I have done really well with recommendations he gives out on interviews, like 50% in 2 months and 70% this yr.

Agreed. I watched 30 minutes and it was a waste. Feels like an introduction and resume reading moreso than anything else.

On the other hand, when Raoul Pal begins the interview by stating that the guest is "one of the most connected people that I have ever met" the guy might actually be someone you should pay attention to and do so with a great degree of detail. Otherwise, why would you ever listen to anyone on this platform?

Thank you Ben - certainly the recent fires have not been a help to the acquiror. I agree that evolution in mining technology and global warming may lead to more gold discoveries - but for the foreseeable future the lots seem to be cast (esp as new mines take sometimes decades to navigate their way to production). Are there any specific game changing techs you see out there?

I know of at least one.

Uncle Eric owns a huge amount of that one too. I always assumed he will try to get them acquired by KL, especially after the Balmoral deal. Regardless, am long WM for the exploration upside.

Mr. Sprott is yet to send us a bottle of wine... The problem with Detour was the chairman - and it was clearly a take out candidate. With a proper management team and board, we would have been a lot more patient with them.

Peak gold? The better. Explorers who actually find gold will cost a fortune.

Cute quote AND there are millions of $$$$ of meaningful wisdom in those words. We all need to be reminded of this from time to time.

Thank you!

One useful nugget: There is no juice left in exploration. I guess that means the JPL/NASA mission to Psyche is a non-starter?

Exactly. Raoul was very gracious but this guy is questionable.

Patrick: entirely agree re Raoul being gracious.

hi Gene - super glad you didnt find it terrible - and entirely agree with Rick's rule as well.

I also think the idea that exploration is dead is objectively wrong, the main reason for the average grade dropping is giant mines taking advantage of economies of scale. Gold production has gone up almost 6x since 1900. Peak gold is equivalent to peak oil.

Fairly new to MAI. it has done well in the few months I've owned it. Managed to catch Wesdome in beginning in mid March 2019. I know it is about AISC, but I am a junkie for grade. Pure Gold is interesting too. Guatemala discount, but have also been scaling into Bluestone. Hopefully the Lundin's will make it work as they have many times before.

Hi Massimo - for what its worth I think there are a number of really great exploration projects, but usually in areas where gold has already been found and nearby veins and assets suggest important potential that further exploration + drilling can corroborate. We like buying these things when they are priced like free options.

There are ETFs for gold itself (eg GLD) and the price moves mimic closely the changes in the price of gold, and there are ETFs for gold miners. With a gold ETF (eg GLD) you can not convert your ETF units to actual gold. A trust (eg PHYS) allows you to convert your shares/units into physical gold.

Thank you! @graham h.

I personally recommend $PHYS from Sprott over $GLD which may or may not have full allocation of it's gold 'assets'.

The Interviewee style of narrative is pretty boring- but The content is very nice. Try to read the script

REALLY? This was one of the best speakers in a long time. To each his own I guess.

There was an interesting part on this with Kaplan on RV when he discusses the Novagold mines in Alaska.

That was an interesting interview woth Thoman Kaplan. Regarding Novagold and the Donlin deposit, yes the jurisdiction is safe. However what that interview failed to articulate IMO is that Donlin is going to require a Gold price at close to $3000 per troy ounce to be viable as a mine. The following piece is dated, but I'm of the opinion it still very much applies today: https://incakolanews.blogspot.com/2010/03/novagold-ng-call-option-for-megarich.html?m=1

Once again, I wish it were possible to edit comments in the immediate aftermath of posting, in order to fix typos...

I personally did as it confirmed that this space has deep value from a guy that has a diverse successful investment background. I agree Ross Beaty and Rick Rule interviews are great , yet as always Real Vision delivers different dimensions to a sector. Well played James !

On RV? If not can you provide a link?

Ross Beaty interview with Grant on RV in September 2018 is one of my favourites here, period. Rick Rule has been on a few times most recently October 2019. Both interviews still well worth listening to IMO. Rick is interviewed frequently in the media if you search via browser, one of the best informed analysts and thinkers in the commodities space IMO.

https://www.coastcapitalllc.com/

Hi Ross, if you don't mind sharing - what miners are you looking at on ASX? Cheers,

You'll find that a few of the large Aussie miners are in GDX and GDXJ. Evolution, Silverlake to name a couple that have been added in the most recent reweightings. I find these interesting since they represent only a small portion of the ETF so there is a price floor from the passive funds, but they have pretty good upside in that only those of us in Oceania would really be aware of them on the ASX.

Some "boring" ones... EVN, NST, PRU, RRL, SAR, SLR, And some speccy ARV, DEG, SVL. In US 100% Silver at moment via SILJ I would put cash in to a fund like is mentioned in the video, as i am a gold bull and i think a good researcher would be able to id better opportunities than i can. Having said that, as i am a gold bull it is really the higher cost of production miners that will do the best from a rally in gold but i find them harder to find as they may be dormant at the moment and flying under the radar. SVL probably falls in to this category.

It is probably easy to buy a basket of Gold, NEM, KL, AEM, FNV, WPM instead of GDX With juniors it is very volatile sector, so maybe you will not get the most, but you will also not gonna lose all your money So stick with gdxj, even if gold have half of the predicted move upside Gdxj will fly to the sky

Evolution announced an 11 million ounce resource this week as well