Comments
Transcript
-
ABThis was just a big sales pitch for his fund. My BS meter went off. I think Raoul's did too. He did ask some pointed questions. Think of it this way. He he did the same sales pitch about those various companies to Buffett, he would not even hear back from them.
-
JHMining space is definitely space I need to learn more about. I am looking forward to hearing more about his fund in the future. Good interview, thank you guys.
-
JBWonderful talk. I am investing since February in gold miner stocks made +40%. But when I hear this talk I need more knowledge and need to analyse the companies. Has anybody a book or tip for me how I can learn to analyse these markets?
-
GRI had to stop midway. To general and feels like when you read a full book and realize it was a bunch of general info that was stretched into a book. It’s the first video from Real Vision that I could not push myself to finish.
-
PPIf you want to make money investing in mines ... follow the master of all miners ... Ross Beaty---- PAAS, EQX, ARG, LMGDF, ARREF....these are companies that Ross has holdings in. (EQX could be an easy 4 bagger IMO.) Look for all the Real Vision videos of Ross......very impressive.
-
grAn informative conversation. In the latter part he spoke about how to assess a mining company. I would add the quality of its management to his list.
-
YBWhat a wonderful interview! Truly fascinating! Thank you, Raoul. James Rasteh seems like an impressive person.
-
LPFor smaller investors who want gold miner exposure, why is GOLD at 13X or NEM at 14X not a reasonable investment? Following Rick Rule, may be better to give up 15% return for the greater safety of own the larger names.
-
TGim a brazilian investor in the ibovespa stock index and Jaguar company isnt even listed on our exchange because its a sketchy unheard of OTC company. the largest miners in brazil are Vale, Gerdau and Kinross Gold, which are respectable companies. Interesting to hear about this company, all governance members are not brazilian, its a brazilian company owned by overseas capital, for me this is very strange. but the stock is up over 150% already. might be a great short-term play.
-
MBThat was a bizarre interview.
-
CGExpert, commitment to making money and making companies into better versions of themselves, activism in human rights, environmental awareness - this guy is certainly one in a million (conservatively).
-
PPFor some reason ( not sure why) my pump and dump meter went off several times ... Just saying....
-
RCReally liked this video.
-
RIOnce 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.
-
DCTo paraphrase a voice from the old days - interviews that make you go hmmm... At this juncture, I am prepared to take the moralistic sermonising from James at face value regarding TMAC resources - though it was interesting that the name of Kyle Bass cropped up, because at times James sounded like he was reading out loud from one of the Bass narratives on China. However, now he has gone on the record on this matter, observant eyes will be watching what stance he takes if (or when, I wager) Jaguar Mining receives a bid from a China related entity. Will he be consistent or will he just grab the money. Whilst being an active mining investor I have no horse in a Tmac / Jaguar debate. The peanut gallery awaits.
-
NLunless you are Norwegian.. well said. But try to explain this to an average Aussie and you'd think you are talking an an Arab.
-
SDAnother time when the thumbs down baffle me. This guy just potentially gave you the keys to the kingdom with his comments about gold relative to the cost structure of the companies that mine it. Gold is just above the highs of 2011. The miners in aggregate have been in a bear market since 2011 and those that have survived it have zealously cut costs and cleaned up balance sheets. Estimates I've seen are that average all in sustaining costs in 2011 were roughly $1,300 per ounce so miners on average were making $600 gross margins. Today those average costs are roughly $950 so the margins have grown to roughly $1,000 per ounce. Back in 2011 the ETF he mentioned, GDXJ, reached a high of $179; today it is below $60. So, while margins are 67% higher today than in 2011, many miners are selling 67% below where they were then. He said the same thing in a different way but that's the deal. The miners don't need a higher gold price to be more profitable than they have ever been right at the time when most sectors will be in a dramatic profit recession. The light will shine here soon enough.
-
PDRaoul's face when he said Brazil lol "Do you have any US or Canadian names" Lol 🤣
-
VDRaoul pushes for details but it just seemed like there were none that would be offered to the viewer. A frustrating interview to watch with lots of vagueness
-
TOdid he ever mention the name of the canadian comapny, where the chinese er involved?
-
IOPeak gold? I like it!
-
KSThere is a very interesting mismatch between the captioning and what James says around the 36 minutes remaining mark: James: "super profitable and cashflow generative, super undervalued on an NPV or DCF basis, 'and so' " Captioning: "super profitable and cashflow generative, super undervalued on an NPV or DCF basis, 'and super badly managed' " He never said "and super badly managed" though one can probably surmise that it's not often wrong. A bit of accidental editorializing by the captioning staff, possibly? Great conversation. I'd love to know the company James is picking up for 1x cashflow mentioned around the 3 minutes remaining mark. I think he didn't mention the name. Did I miss it?
-
DPWhat is James' advice for someone without the time or expertise to do their own research? Not invest in gold mining companies? Invest in an ETF? Invest in large-caps? Invest in his fund?! This is selfishly the main thing I'm looking for from interviews like this.
-
MFAs an investor in the area this was a great interview. Any guess who the last miner he talked about was? It may have been T M A C Resources (TMMFF) but not sure.
-
YDHi James. Would like to bring your attention to a company called orion minerals. They not a gold mine but a copper miner. They are based in South Africa and I think is deeply undervalued.
-
JFI would love for you to follow up with an interview with Eric Sprott.
-
RHGlad I started to read the comments first before I wasted an hour of my time. Scanned through it, all a bunch of vague talk. " Gold is usually mined in resource-rich countries." Oh, you Think!!!!!
-
JEIt was great to hear his views on the mining sector irrespective of the macro picture. There's surely got to be loads of highly undervalued companies out there.
-
BBYou might have dodged a bullet there with Red Lake James, getting pretty deep there, seismically active. If a mine is using the Avoca method and its tight fill blasting they have some serious ground stability issues. Once production issues start playing a part the unit costs go up dramatically. Evolution picked it up and they have a good track record of turning mines offloaded by majors into very profitable operations, I wish them well, but this one could really test them. Overall I enjoyed the interview, don't agree on peak gold though, peak gold with current mining methods and fundamentals yes, time will tell.
-
JFHat Tip to James for helping Kirkland Lake get the steal of the decade when they acquired Detour. Peak Gold? maybe not, I can think of several exploration companies that are currently finding gold, top of the list would be Wallbridge.
-
MFAs an investor in the area this was a great interview. Any guess who the last miner he talked about was? It may have been T M A C Resources (TMMFF) but not sure.
-
scRaoul's quote of the day, " Don't be a dick for a tick.". Love it.
-
PBThis was a great conversation! Thanks a lot James & Raoul!
-
DvWas looking forward to this interview but James talks a lot but says nothing.
-
GTI really liked this discussion. It's understandable that James believes ETFs are the wrong way to invest in the space, but the rest of us don't have the time or resources (or advisory boards) to find the diamonds in the rough. As for GDX vs. GDXJ allocation decisions, I liked Rick Rule's shared nugget that the big miners always move first, and the juniors later play catchup.
-
mfHow do you find them? Google, they often refer to other juniors in their investor presentations. As well, there are many interviewers like crux investor that focus on nothing but mining juniors. Right now however, they focus mainly on PM miners, developers, and explorers. But, like he said you’ve got to look at a lot of companies. I currently monitor 200+ companies which is a fraction of all the ones I’ve seen and even then a lot of them are duds. Good management, good projects. Take mai for instance, up 700% in the past year and still has potential for another 5x. Staying in mid tiers is not terrible in terms of risk reward, but you can reduce the risk greatly by doing research which exposes you to massive upside. Pm juniors are hands down more interesting than bitcoin.
-
mwWonderful talk and video production.
-
FRStudpid question for anyone who can help: What's the difference between gold ETF and gold trust? Can I assume that gold ETFs track miners shares, and gold trusts track underlying real gold?
-
HKCouldn't get myself to complete this. Just something missing
-
DNInteresting comments on jurisdiction risk - how many people here think about this ? Not just for gold miners, but all your wealth and property rights...
-
SSWas this filmed in the 90s ;)? When such opportunities existed... just kidding, nice interview!
-
IFIf inflation, then why would I want to be long gold stocks over the homebuilders? Real assets will prevail. Value play as well.
-
PJGot very little new insight from this. If you have an interest in gold miners I strongly suggest viewing the Ross Beaty and Rick Rule interviews.
-
AAWhat is his website address and what will be the name of the mining fund he is launching?
-
RAHi, I look forward to hearing about the fund. I dont have the resources to do the research that is required to pick the winners in the Americas' market so i have taken the view that buying the basket(s) (GDX, GDXJ, SIL & SILJ) is better than buying some duds. I'm an Aussie investor and it is interesting to note that there isn't an Aussie Gold Miners' ETF despite the size of our industry down here, so i am forced to do the research here, although i would rather not!
-
CBBuy companies below their intrinsic value. where have I heard this before. Ah yes Buffet. Sector is Gold this time but principle is the same.
-
AMSome valuable nuggets of information in here. Food for thought on the relevance of mine location: if a company owns and operates a mine in a country where the currency gets pummeled from time to time (Brazil?), the labour component of the miner's cost is likely to provide a tailwind for operating cash flow. This is a natural offset to the perceived political risk of owning such a name. Another thought: to the extent that a precious metals producer carries any debt, that debt is typically denominated in USD which is helpful in that there isn't a currency mismatch between the company's revenue and its interest payments/debt repayments.
-
NTFantastic interview. I love the Tesla fun moment. It takes less research to find a money-making gold miner, in a safe jurisdiction like Canada, with good management, than it would be to try and understand the worldwide EV market and its potential impacts over the short and medium term on Tesla stock. The gold mining industry got shaken out over the last decade with low gold prices. The ones still standing are built to make money at last year's gold prices and oil much higher. And now all of sudden we have POG increasing and AISC decreasing with the cost of oil, and the Mr. Buffet gets the whole world into FOMO last week.
-
BLGreat interview, I believe Evolution Mining In Australia bought the Red Lake mine
-
MZOverspending allows ceos of juniors to funnel money back to the companies they own: exploration management for contract workers, equipment rentals. And then they tip each other off before press releases.... Dont be their liqudity to sell onto the strength.
-
RKFirst!
Chapters
-
James Rasteh's Story and Investment Strategy
-
Finding Value Opportunities
-
Gold Within the Macro Picture
-
Lessons Learned from Investing in Gold
-
A Success Story: Detour Gold
-
Observations about "Peak Gold" and Market Cap Size
-
Risks of Gold ETFs
-
Shareholder Activism
-
Specific Examples: Jaguar Minerals and TMAC Resources
-
Fraud in the Gold Mining Space
-
Thoughts on Price of Gold Relative to Mining Stocks
-
Closing Thoughts on Dollar Reserve System