“The Most Powerful Business Model Ever Created”

Published on
April 13th, 2020
Duration
65 minutes

“The Most Powerful Business Model Ever Created”

The Kiril Sokoloff Interviews ·
Featuring Pierre Lassonde and Kiril Sokoloff

Published on: April 13th, 2020 • Duration: 65 minutes

Kiril Sokoloff interviews Pierre Lassonde, co-founder of Franco-Nevada. Lassonde is the world's best gold allocator, and one of its greatest wealth creators. Sokoloff and Lassonde discuss all the most important questions about gold. Will gold and the Dow once again sell at parity? How much gold should you have in your portfolio? What's the proper relationship between bullion and gold mining shares in your portfolio? And what's the risk of gold confiscation— should you be worried? Lassonde also discusses at length why the gold-royalty model he invented in the 1980s remains so powerful today. Finally, you will learn how Lassonde turned a $2 million investment in a gold royalty into over $1 billion of royalty cash flow for FNV’s shareholders. Will he be able to do it again? They don't call him "lucky Pierre" for nothing. Filmed on April 3, 2020.

Comments

Transcript

  • wj
    wiktor j.
    25 May 2020 @ 20:28
    He is great. But Franco has a lot of risk. As Katusia has stated Franco has 40% of streams in none dollar swap countries where confiscations of mines are very real.
  • RM
    Robert M.
    25 May 2020 @ 18:25
    Premiums on semi-numismatic coins also cycle. April-May of last year the premium above the melt value dropped to a very modest amount. Since then they have risen significantly.
  • GS
    Greg S.
    19 May 2020 @ 19:05
    One thing that strikes me after watching this interview for the second time is that Pierre appears to be an excellent listener. Watch him as Kiril is talking. Almost all successful people have the trait of being excellent listeners.
  • JV
    Jens V.
    2 May 2020 @ 18:42
    Amazing stuff. Very inspirational story. Great point to think about some business models containing embedded or “free” optionality.. options are well understood and priced in financial markets, but not necessarily in other places. And as an extra bonus Kirill talks like christopher walken (or the other way around!)
  • JL
    James L.
    19 April 2020 @ 17:51
    Fantastic! Some risk presently with the energy part of the portfolio.
  • AP
    Ash P.
    18 April 2020 @ 22:38
    Gem of an interview with Pierre Lassonde humble, disarming and forthcoming on his views. I'm surprised a little that Kiril didn't play devil's advocate, in his genial way, on GLD given skepticism versus physical he has voiced in the past - if we're expecting supply chain disruption generally, then gold wouldn't be an exception and then the dynamics of the spread between physical and paper gold would bear examination I'm also curious on the seasonality Pierre alluded to, and why gold generally under-performs into July. Also some thoughts on the election in this extraordinary year (and the election years in general) and how gold generally does in these times would have been worth hearing.
  • KI
    Kelly I.
    18 April 2020 @ 17:20
    FNV is a stock to watch closely. It started the year at 103, hit a peak of 122 in February, then dropped during the March margin liquidation phase into the 90s, 80s and even intraday to 77. If u were lucky smart and brave enough to buy it, you’d be sitting on big gains when it moved back up to 120s a month later. good Companies do go on sale sometimes.
  • CS
    Christos S.
    17 April 2020 @ 09:10
    Absolutely fantastic. Love all of Sokoloff's interviews. Keep them coming. One questions that I was left with: On the subject of confiscation. the view expressed was that it would be a low probability event in the US given (a) the width and depth of the market nowadays as opposed to when FDR did it, and (b) that then the USD was at threat. But, isn't that exactly what is building in the background now? Piere mentions it only a little earlier that China and Russia could be looking at creating a new reserve currency backed by gold. So my reading is that this risk (confiscation) is a function of the speed or likelihood of a new reserve currency challenging fiat USD.
  • CW
    C W.
    14 April 2020 @ 22:41
    Great interview with brilliant insights! I have a question. Why didn't the sellers of the royalties price in the optionalities? They are not amateurs in the business, are they?
    • BL
      Brett L.
      15 April 2020 @ 17:26
      Pricing mistakes happen when expectations shift or liquidity needs arise. For one example, consider the story in this interview about needing a $2M bank payment. There can also simply be differing beliefs about the underlying option value -- maybe this contributes to his nickname of "Lucky Pierre".
    • CW
      C W.
      16 April 2020 @ 14:09
      It seems this happened maybe not every time but time and again, so I am inclined to think this is more than just because of specific conditions or just luck. Something more structural perhaps? Just guessing here ...
  • PB
    Patrick B.
    16 April 2020 @ 09:36
    Very interesting discussion, but shame not more on the title "the most powerful business model ever created". Rare opportunity to hear and understand this better from the founder
  • JC
    Jack C.
    16 April 2020 @ 05:22
    He seemed to have indicated that Franco-Nevada was previously listed, then got privatised, and then returned to public market in 2007. What was the rationale for privatising first time around?
  • MS
    Michael S.
    16 April 2020 @ 04:16
    Love how Lassonde gives a politician's answer on speculation that China may have more gold than they say they do. From a guy high up in the leadership of the World Gold Council, I'll assume that's a "Yes, they have way more gold than they say."
  • NR
    Nelson R.
    16 April 2020 @ 04:13
    This interview is solid Gold.
  • JA
    Jose A.
    15 April 2020 @ 11:37
    please, add the date of recording to all videos
    • SC
      Sam C.
      15 April 2020 @ 18:26
      yes since I see that pierre sold 100k shares of FNV 27-03-2020
  • MT
    Mark T.
    15 April 2020 @ 18:09
    Great interview. Relevant and insightful. Thanks.
  • BS
    Boris S.
    13 April 2020 @ 20:15
    What is the theory in comparing DOW to GOLD ratio... I mean, gold is something that has limited supply and doesn't create any wealth and DOW is index composed of companies producing profit, therefore create wealth. Isn't it logical for the gap to widen?
    • WG
      Wade G.
      13 April 2020 @ 21:55
      Boris, I really think it worth time to noodle your question and remark. I'd encourage u to google Dow to Gold charts and look some over... sometimes presented on log scale, other times linear; be sure to find some very long term ones that show two round trips to a ratio of nearly 1. Remember the time frames dollar was linked to gold and when the links were weakened and then broken. It's not usual to look at ratios of commodities, or at anything priced in different currencies. You might think of the charts simply as the Dow priced in Gold. What he could have yelled, is yes, you might think the gap between Dow and Gold should widen for exactly the reason you state. But empirically it hasn't. In fact it has round tripped to near unity twice in the last 100 years. Think about stock market valuations, bubbles and crashes. And consider circumstances in which the market may be out favor yet Gold very much in favor. The ratio charts illustrate just how profound the swings can be. I agree with the guest. Six months ago, although I was bearish on stocks based on valuations, I had a hard time imagining the ratio plumbing such depths again. Now, while it may not seem likely, I can at least imagine it is possible. I think its worthwhile to at least be aware such long term charts.
    • AM
      Alexander M.
      13 April 2020 @ 23:15
      For over decades Pierre Lassonde HAS CREATED WEALTH from holding gold. Did you not listen to the comparisons with the Dow, Berkshire Hathaway, etc? Obviously not.
    • P
      Paul .
      14 April 2020 @ 13:24
      The comparisons to Franco going public recently (ie. to Berkshire Hathaway, Dow, etc including Raoul's introduction and the 18% compounded) are a massive understatement of the wealth Lassonde has created. What people need to understand is that from the early to mid 80s or whatever, from when gold was at a high of $800, to the late 1990s/early 2000s when gold was at $200 or so - a massive multi-decade bear market, Franco returned something like 30 to 40% compounded annually. Please don't worry about how much Franco Lassonde owns. In their early and later careers, Lassonde is on par with Buffett and Stanley Druckenmiller in terms of value creation.
    • BP
      Bryce P.
      15 April 2020 @ 07:22
      Gold protects your wealth. Gold is an insurance policy on your wealth. Furthermore the producers actually dig REAL money out of the ground unlike the funny money the FED creates out of thin air.
    • BL
      Brett L.
      15 April 2020 @ 17:48
      Boris, here is a write-up I found helpful to understand exactly that question. https://www.lynalden.com/great-depression "In other words, central authorities can indeed “print” their way to higher stock markets, as measured in currency units that are less valuable. They can’t create purchasing power out of nothing, but they can divide that purchasing power into more units, and thus increase the stock market in terms of the number of those units."
  • CG
    Chris G.
    15 April 2020 @ 14:57
    Best Gold Interview EVER
  • ME
    Michael E.
    15 April 2020 @ 09:20
    Excellent. Two man with great report cards.
  • RC
    Robert C.
    13 April 2020 @ 18:11
    The best evidence bitcoin, not gold is the comments these gentleman make about just in time inventory and how that idea is under serious threat for everything AND affects even their own gold market. e.g. 100 oz vs 400 oz, social distancing affecting physical movement, grounded aircraft affects not only existing bars but ability for miners, smelters to get gold out of Africa, etc. one might as well ask Wells Fargo to get their stagecoaches out of storage to help transport this stuff. Just in time physical inventory for store of value?! What a joke. One can transfer $10M in bitcoin in seconds, no phone calls, no metal assayers, no security guards, no kerosene fueled aircraft - trustlessly. In one month, bitcoin and gold will have virtually the same stock to flow ratio as a measure of scarcity. Two great guys but when the Millennials to Gen Z ‘s get their boomer parents wealth transfer, it will become MOIP Money Over IP (Dan Morehead quote) not investment in the time and space wasting storage and mining of gold.
    • NL
      Nicholas L.
      13 April 2020 @ 18:23
      Even if bitcoin is great for transfer, gold will still have value because people love gold
    • DK
      D K.
      13 April 2020 @ 18:26
      I own both, but more gold. I can show up anywhere in the world with an ounce of gold and there will be a market for it. I cannot do the same with bitcoin.
    • DW
      Daniel W.
      13 April 2020 @ 19:26
      Bitcoin has been crashed in the current crisis, down 65%? It takes just one new law and bitcoin is worthless. The intrinsic value of BTC is zero. I do own BTC, for soeculation. But it will NEVER replace gold as the only currency and store of value.
    • DW
      Doug W.
      13 April 2020 @ 20:33
      Actually in one month BTC S/F will be less than gold
    • BP
      Bryce P.
      15 April 2020 @ 07:30
      Your beloved prison coin will lead to the BEAST system. Sorry I want no part of that. Wake Up!!!
  • AT
    Andrea T.
    13 April 2020 @ 19:17
    Not sure people are scared by mass surveillance. Look at the worldwide responses to the coronavirus: most people are more than willing to accept a fascist police state blindly and to snitch on their neighbours because they dare to go outside. Same with privacy violations: "If you have nothing to hide, you don't need privacy!"
    • RD
      RP D.
      13 April 2020 @ 22:50
      So true. "You can fool some of the people all of the time, and those are the ones you want to concentrate on."
    • MA
      Michael A.
      14 April 2020 @ 10:35
      Well most people don't mind if it's disguised as "we need it to save your life". Survival over liberties is primacy for most, if not all humans. I think the question then comes when the perceived threat to your life is low, how do people react to surveillance? Cambridge Analytica scandal, enacting of policies such as GDPR and the various fines that have been handed out by the European Union to the big tech players suggests a society that doesn't like intrusion. Yes, those were about data misuse, but who's to say govt aren't doing the same, even though it is being done in the name of national security?
    • BP
      Bryce P.
      15 April 2020 @ 07:27
      Amen Andrea!!! Unfortunately the sheeple remain asleep being led to mass slaughter and we who are woke suffer.
  • Md
    Matthew d.
    13 April 2020 @ 21:20
    This is yet another fantastic interview from Kiril, what an absolute legend - I mean where else can you get access to such open dialogue from the founder of one of the words largest gold allocators! I love RV.
    • BP
      Bryce P.
      15 April 2020 @ 07:17
      Actualy at kingworldnews.com. Eric King has Pierre on from time to time. It's just not as long of an interview. https://kingworldnews.com/pierre-lassonde-3-14-2020/
  • TM
    Timothy M.
    14 April 2020 @ 09:59
    PLEASE add the interview date to all videos. We don’t care if it takes a while to publish for whatever reason, but when talking about markets and timing in relative terms, it is vital to know the original recording date. Example, gold was cited in the interview to be at 1500 to 1650 over the short term. It sounded like he was talking about it going up to these levels, but it is currently at 1765. So was he talking about lower prices in the short term? Or, was this recording made a while back? Add the date, please!!
    • LS
      Lemony S.
      14 April 2020 @ 18:16
      The FED guy interview by Pedro had about 10 back and forths with Ed about this, and still no one can give any (good?) reason why not to do it. Here it would be immensely valuable for Mr. Lassonde actually talks about timelines and movements/seasonality, etc. I'm wondering, Timothy, and tell me what you think --- people may just wait and not subscribe since they can glean info here and there from "free" releases of the material, opened later to the public, such as on Youtube? I dunno, just wondering what the real resistance truly is.
    • LF
      Lucyne F.
      14 April 2020 @ 20:25
      Very good point Timothy, I believe the interview was recorded on April 9th 2020.
    • BP
      Bryce P.
      15 April 2020 @ 07:11
      Exactly....RV what the heck is so hard about this? Come on already!!!!
    • BP
      Bryce P.
      15 April 2020 @ 07:12
      Exactly....RV what the heck is so hard about this? Come on already!!!!
  • SS
    Sam S.
    14 April 2020 @ 13:12
    I would suggest doing homework on Bill Gates. Coming to light some very disturbing facts.
    • LS
      Lemony S.
      14 April 2020 @ 18:13
      What's worse is that he (an unelected official) already acts like he is some Prime Minister of the world, with plans about what we "can and can't do" by such and such a time - right in your face and on most mainstream news and even internet Q and As! Everything about the man is disturbing, let alone his blatant disregard from even hiding any shady past, associations, and scary policy suggestions he has moving ahead.
    • BP
      Bryce P.
      15 April 2020 @ 07:09
      Pierre is always great to listen to. However, very disappointed in that he did NOT do his homework on that POS Gates. Evil!!!! Very evil!!!
  • JO
    Johnny O.
    15 April 2020 @ 06:50
    Superb interview, enlightening. Only quibble is I won't store any bullion in a bank safe deposit box. The banking system is the main risk against which I'm buying gold. Not just the central bank's war on savers or the risk of bank failure (they're destroying the currencies to keep the banks whole, in preference to letting any fail). But as agents of financial repression, the war on cash, trapping all wealth in the banking system, reduced privacy, some banks have already ruled you may not store bullion in your deposit box, and the risk that you won't be able to get to your deposit box if the banks are temporarily closed while the government imposes bail-ins, negative rates and other taxes.
  • PB
    Paul B.
    15 April 2020 @ 03:12
    I own NST & SAR on the ASX...10% Portfolio
  • PL
    Philippe L.
    14 April 2020 @ 00:43
    Why Pierre Lassonde sold 16M$ of his share (26 March 2020)? Share too expensive?
    • MS
      Michael S.
      14 April 2020 @ 03:58
      What percentage of his shares is that?
    • PL
      Philippe L.
      15 April 2020 @ 03:06
      14.5%. Now he has 94M$ in share
  • Hv
    Hannah v.
    14 April 2020 @ 22:18
    Thanks Raoul, for making this Essential. Fantastic depth, wide-ranging and timely.
  • EL
    Eric L.
    14 April 2020 @ 20:27
    Hi Julie! (the painting)
  • RM
    Russell M.
    13 April 2020 @ 16:26
    Batteries are good enough for dense metropolitan areas and suburbs today. People only drive locally to shop, commute or visit friends. They probably drive much less than 40 miles/day. Any e car with more than 150 mi range will be practical even if it is reduced by 50% in the winter. Problem today is up front cost.
    • LK
      Lauri K.
      14 April 2020 @ 19:57
      Where are you gonna charge it in the city? In Europe and Asia this is a huge problem. A great majority doesn't have a garage or access to electricity at home to charge the car. We need a lot of development for mass adoption.
  • RJ
    Ricky J.
    14 April 2020 @ 17:25
    Can we get a list of Kiril’s library!
  • HU
    Henry U.
    14 April 2020 @ 15:46
    Rewatching, of course!
  • PM
    Paul M.
    14 April 2020 @ 13:31
    Awesome interview by two of the greatest. Only thing I don't agree with with what Lassonde said is that seasonality will likely be an issue in 2020. I think he may have spoken too quickly there - maybe. There is no way, in my view, that the forces no-to-negative interest rates plus huge budget deficits and helicopter money, and add to that the positive/negative impact of supply chain disruptions in precious metals (no sure of this impact and massive economic disruption globally, in combination are not going to fully outweigh any seasonality to the gold price! He did rightly sight all those issues and stated massive gold gains in next 2 to 5 years based on many of these issues...but no way seasonality can have that strong an effect so as to counter all these massive changes. He certainly has more experience than me in this market, but I just can't logically see that.
  • EC
    Emanuele C.
    14 April 2020 @ 12:49
    One of the best interview EVER...
  • TN
    Takanori N.
    14 April 2020 @ 12:46
    Thanks for sharing the great insights. Pierre, your track record has been amazing.
  • PB
    Pieter B.
    14 April 2020 @ 12:31
    Massive thanks for this high quality conversation Kiril and Pierre! I am already invested in FNV for a while and I am excited to see what the future holds!
  • PU
    Peter U.
    13 April 2020 @ 18:54
    Please please please please please GIVE US THE DATE OF THE INTERVIEW!!!!
    • PV
      Peter V.
      14 April 2020 @ 11:09
      perhaps 8th or 9th April looking at the chart at the 37min mark...?
  • BB
    Bojo B.
    13 April 2020 @ 10:25
    Excellent interview, with poise and compassion, thank you gentlemen. I must say, though, I would welcome some scepticism on Bill Gates, the guy seems to be having the time of his life right now, smiling and smirking in his interviews. It is instructive to see his recent BBC interview.. and the comments below.
    • SM
      Stephane M.
      14 April 2020 @ 09:16
      Effectively Bojo, Gates isn't a good guy: https://www.armstrongeconomics.com/?s=gates
  • MC
    Michael C.
    14 April 2020 @ 08:38
    Wish I was half as smart as these guys. Thanks RV.
  • WM
    Will M.
    14 April 2020 @ 03:47
    just a great discussion! Thanks gentlemen!
  • SS
    Steve S.
    13 April 2020 @ 13:30
    20 Billion Market Cap with 28 employees? That is a great business model that I've only possibly seen in software companies i.e. Instagram sold for 1 billion with only 13 employees.
    • MS
      Michael S.
      14 April 2020 @ 03:31
      Yeah, and Instagram will probably be gone in 20 years to a competitor, and gold will be around for the the rest of human history.
  • JA
    Johan A.
    13 April 2020 @ 21:30
    10/10 !
    • MP
      Matthew P.
      14 April 2020 @ 03:08
      11/10 ; ))
  • BS
    Bevyn S.
    14 April 2020 @ 02:53
    I could just watch the intro for hours and be entertained Who is this artistic genius? Oh, and great interview... More Kiril please.
  • BH
    Bradley H.
    14 April 2020 @ 02:43
    First question in interviewing any CEO should be, “how much of your net worth is in the company you steward?”
  • SS
    Steve S.
    13 April 2020 @ 12:52
    Cam someone please explain to me something that I have wondered for years. Kiril is deaf, I understand he can lip read which is effective face-to-face, but how on earth is he able to lip-read via video-conferencing like in this interview? Totally amazed.
    • OC
      O C.
      13 April 2020 @ 15:59
      He was probably trained to do so either formally or informally. I am also deaf and have been since I was child. I'm currently in my twenties. But I had speech training since I was six years old, looking at different people with different mouth structures, who spoke at different speeds, with different accents, etc. I was even trained to read lips on those who talked while eating candy or chewing gum or have a lollipop in their mouths. I suspect that the same is true for him. It also helps if you can hear a little bit. I wear hearing aids and use it guide me where lip reading verifies what I hear. This is why it is so important to be able to see someone face to face in these situations as it helps a lot.
    • MK
      Michael K.
      14 April 2020 @ 02:27
      Read his book about transformation. He talks about it.
  • SP
    Steve P.
    13 April 2020 @ 21:01
    Where do downloads appear on IOS? Audio
    • GT
      Guillaume T.
      14 April 2020 @ 00:36
      Top of the app, "my downloads"? (for video & audio)
  • GT
    Guillaume T.
    14 April 2020 @ 00:34
    The comments are great! I wish I was able to check the age of everyone. Generation gap - Gold vs digital currency (BTC).
  • MC
    Melvin C.
    13 April 2020 @ 09:59
    A great, insightful interview. I totally agree with the potential in gold mining stock. What would be the best way to play that? Something a little better than a plain GDX ETF? or Junior gold miners? I'd really appreciate a couple of ideas!
    • CT
      Chris T.
      13 April 2020 @ 10:02
      Not an expert there but Junior mining is highly dangerous. I’d go for a mining ETF. I’d also Google for Mr. Katuso Or listen to the TIP podcast
    • SR
      Steve R.
      13 April 2020 @ 10:11
      Just buy a basket of the top gold miners - you want big producers with lots of liquidity. E.g. Kirkland Lake Gold, Agnico Eagle Mines, Barrick Gold, Newmont Corp, etc. Agree with Chris T, juniors are high risk but high return if you pick the rights ones.
    • MK
      Michael K.
      13 April 2020 @ 11:53
      You could buy Franco Nevada obviously!
    • AR
      Alexander R.
      13 April 2020 @ 14:33
      Generally, miners are very volatile and very risky. Unless you really understand the business just stick with GDX, in bull market all boats rise and it is good enough!!!!! You can split your money into small positions: NEM, FNV, AEM, KL , WPM GOLD, but taking extra risk with single mine is : TAKING extra RISK Juniors will do the best down the line next few years, but by definition they are the risk, no one will give 10x gain for free, so you ether buy etf or put speculative position with money you are willing to lose
    • MH
      Madhushanka H.
      13 April 2020 @ 16:55
      I found this article interesting- https://www.lynalden.com/gold-stocks/
    • LS
      Lemony S.
      13 April 2020 @ 18:07
      Yes, Lyn is a sharp cookie, I just saw her on Gammon's channel. Great stuff.
    • JB
      Jonathan B.
      13 April 2020 @ 19:23
      you can do the royalty names - Franco, WPM, Sandstorm. Really find Sand interesting on pullbacks. Watch the Ross Beaty interview and research his companies. Eric Sprott names - Jaguar Mining and royal Nickel for optionality. Wesdome - high grade. News on Kiena coming. KL - Fosterville and Macassa providing the high grade, lower life assets with the exploration upside and long life, low grade Detour.
    • TM
      The-First-James M.
      14 April 2020 @ 00:30
      Have a look at the IKN Weekly newsletter service.
  • PT
    Peter T.
    13 April 2020 @ 23:18
    How can anyone trust that the governments actually have as much gold as they say they do ? This is the ultimate problem it's one of trust. Which is why BTC will be implemented .Its does not require trust, it is trust.
  • DD
    Daniel D.
    13 April 2020 @ 21:55
    This was just fantastic! Two highly intelligent, wise sages providing brilliant insight. Thank you Gentlemen.
  • SS
    Simeon S.
    13 April 2020 @ 20:11
    Thank you, for your common sense views on gold, and not a religious speech , rare!
  • AO
    Anne O.
    13 April 2020 @ 19:38
    What people are learning is that there are a lot more resources around than they could ever imagine and they will demand to have more of them made available
  • PC
    Philipp C.
    13 April 2020 @ 19:15
    Great interview! Any investment ideas regarding junior miners?
  • je
    james e.
    13 April 2020 @ 19:08
    worth an annual subscription to be a fly on the wall for this (and many other) conversation. Just terrific wisdom from both gentlemen. TY RVTV
  • AT
    Andrea T.
    13 April 2020 @ 18:50
    There is nothing wrong with the gold (and silver) "market". https://www.amazon.com/Gold-Cartel-Government-Intervention-Bubble-ebook/dp/B00EQ95NPI/ref=sr_1_1?dchild=1&keywords=gold+cartel&qid=1586803737&sr=8-1
  • Am
    Abdul m.
    13 April 2020 @ 18:31
    When was this interview conducted?
  • NL
    Nicholas L.
    13 April 2020 @ 18:20
    I have a question - so if historically the price of gold has gone up during hard economic times such as the great depression, and you think that gold might level off for a few months and then "skyrocket," I think you think that we are in a period of stagnation and then the economy will collapse? What makes this different from the great depression where gold increased...but maybe not to levels suggested that they might increase to in the near future?
  • VS
    Varvara S.
    13 April 2020 @ 18:17
    Great interview! Dire but thought-provoking take by Kiril Sokoloff, as always. I think one of the wrong lessons learnt could be preparing for the next pandemic, rather than for the next crisis. If something happens to the technology (i.e global cyber attack that shuts down the internet) the damage will be incomparable, and even greater now with this 'accelerated adoption'. The world should be ready to 'go offline', as it is to 'go online' in key activities. Things do mean-revert after all:)
  • AK
    Ado K.
    13 April 2020 @ 09:47
    Gold standard does not work. I actually started laughing 50 minutes in when they said "think we will have a Chinese gold backed currency" How would you convert the currency to gold? have it sent from China? How would you know they actually had all the gold that they claim they have? What if they freeze you account? what if they censor you transaction? Gold only works if you hold it yourself, and in a digital world its physical attributes are a direct negative. This is where Bitcoin enters the game. I feel very calm, the market will decide, but to see two people as intelligent as Kiril and Pierre not see the absurdity in claiming the world will use a Chinese backed gold token is just weird to me.
    • CC
      Cornelius C.
      13 April 2020 @ 10:43
      I'm deep in gold stocks/ gold and PMs, and hold no BTC/ crypto as I feel its too risky despite the upside, but its easy to tell no government would want a currency they cant print to oblivion. Gold back yuan would eliminate all their control. Not sure why the gold fanboys have such a huge problem seeing that. Their either blinded by greed or too swallowed up in the pumper echo chamber.
    • LK
      Lauri K.
      13 April 2020 @ 11:15
      I was coming here to say the same. But the thing is, everyone without vested interested in money printing wants a hard currency and agree on the same things. Usually the differentiating factor in between goldbugs and hodlers is how comfortable they are with technology.
    • RC
      Robert C.
      13 April 2020 @ 18:10
      The best evidence for your point is the comments these gentleman make about just in time inventory and how that idea is under serious threat for everything AND affects even their own gold market. e.g. 100 oz vs 400 oz, social distancing affecting physical movement, grounded aircraft affects not only existing bars but ability for miners, smelters to get gold out of Africa, etc. one might as well ask Wells Fargo to get their stagecoaches out of storage to help transport this stuff. Just in time physical inventory for store of value?! What a joke. One can transfer $10M in bitcoin in seconds, no phone calls, no metal assayers, no security guards, no kerosene fueled aircraft - trustlessly. In one month, bitcoin and gold will have virtually the same stock to flow ratio as a measure of scarcity. Two great guys but when the Millennials to Gen Z ‘s get their boomer parents wealth transfer, it will become MOIP Money Over IP (Dan Morehead quote) not investment in the time and space wasting storage and mining of gold.
  • bp
    bart p.
    13 April 2020 @ 18:10
    biggest holding in the fund I run and has been for some time :)
  • LS
    Lemony S.
    13 April 2020 @ 18:08
    Did Kiril mention Quid Pro Joe as a unifier again here? LOL, j/k
  • JM
    John M.
    13 April 2020 @ 18:06
    I don't think gold confiscation is a risk (although it's a historic reality). If gold goes to $20,000/oz maybe there will be a 'gold tax' . This too depends on whether politicians own lots of gold or not.
  • AL
    Austin L.
    13 April 2020 @ 18:04
    I was planning on buying $FNV 5.15 $135/$145 Call spreads based on this interview..... waited way too long to pull the trigger but was a perfect entry.
  • sk
    saner k.
    13 April 2020 @ 17:39
    this was really good.. thank you guys..
  • RL
    Ricardo L.
    13 April 2020 @ 17:38
    Extraordinary interview. Thank you
  • NG
    Neil G.
    13 April 2020 @ 13:59
    What was the date this interview was conducted??
    • DL
      Dominic L.
      13 April 2020 @ 17:27
      It's disappointing these requests haven't been listened to. Interview dates are MATERIAL. Otherwise, great interview - many thanks to Kiril and Pierre.
  • IO
    Igor O.
    13 April 2020 @ 16:50
    Numbers that used to be reserved for astronomy. Haa
  • PJ
    Peter J.
    13 April 2020 @ 13:36
    If your interested in Royalty Streaming companies and find FNV a bit expensive then the new kids on the block are Sandstorm (SSL), well worth a look IMO.
    • MS
      Michael S.
      13 April 2020 @ 16:08
      For those from the United States SAND is the ticker. It's solid -- I agree. Then there's MMX, WPM, MTA, EMX, RGLD and OR, basically in that order by my preference. RGLD and OR are the only ones I don't own at least a taste of. FNV is my largest individual stock issue, and has been for years. One of the few precious metals stocks to keep going up and up, and it's done better than just about anything in this bust. Within a couple percent of its all-time high, presently. It's definitely "fully priced", but it's always been so good at what it does that it's the go-to "sleep easy at night" choice. It should be 5% of everyone's personal portfolio.
  • HC
    Hakan C.
    13 April 2020 @ 12:26
    what a great guy! great interview
  • PV
    Peter V.
    13 April 2020 @ 11:19
    This is great. Incredible that cnbc is not bankrupt already, realvision is the future..
  • ST
    Simon T.
    13 April 2020 @ 11:11
    Simply great to listen to these two gentlemen - tons of insight and good advice - thank you
  • BG
    Borja G.
    13 April 2020 @ 09:39
    Just magnificient!!
  • BG
    Barry G.
    13 April 2020 @ 09:30
    I always appreciate listening to people with vast experience and education in a subject. Definitely worth the watch.
  • RW
    Robert W.
    13 April 2020 @ 08:27
    To legends speaking speaking sensibly fantastic
  • BF
    Billy F.
    13 April 2020 @ 06:44
    GREAT INTERVIEW MR SOKOLOFF!! MR LASSONDE IS A VERY EDUCATED GENTLEMAN!! STRAIGHT TO THE POINT AND STRAIGHT UP ANSWERS!! THANK YOU GUYS!!