Marin Katusa: Tricks Anybody Can Use to Out-Invest the Top Fund Managers

The Energy Report: You recently launched Katusa Research after years of working with Doug Casey. How do you see your new company expanding on what you achieved at Casey Research? Marin Katusa: My time at Casey Research was fun and a great platform to spread my wings. Doug and I are still very close. We’re partners in a hedge fund and we talk regularly. Katusa Research is going to be much more focused on just publishing research. There will not be any upsells, and I am not a publishing company. I run an investment fund, and my focus is making money on investments, not selling newsletters. Everybody will be able to get free access to all my research and thoughts on my website and monthly newsletter, all available for free at katusaresearch.com. I have no axe to grind with the publishing model; it’s just not for me. I’ve made all … Continue reading

Jeb Handwerger: Fed Interest Rate Increase Could Be Best Thing to Happen to Gold

The Gold Report: Common wisdom says that when the U.S. Federal Reserve raises interest rates later this year, it will prove negative for gold. Do you agree? Jeb Handwerger: I think it’ll be the opposite. Money printing and easy credit has fueled the stock market rally and beaten down commodities. Investors flocked to dividend-paying stocks, and became speculative in tech, which has led to huge overvaluations similar to the late 1990s dot-com debacle. We’ve had a four-year parabolic rise in the Dow without a meaningful correction. Most investors who have been in this business for a while know that every four years you get a bear market with about a 30–50% correction. Rising interest rates may be the catalyst that causes investors to flee the general stock market, which has proven attractive in a low rate environment. Higher interest rates concurrent with a pickup in inflation could result in a … Continue reading

Rick Rule and Porter Stansberry’s Guide to Protecting Your Portfolio from the Ravages of the Currency Wars

The Gold Report: One of the themes of the Sprott-Stansberry Vancouver Natural Resource Symposium at the end of July is “the global currency war.” From your perspectives, who are the major stakeholders in this war and what can investors do to protect themselves? Porter Stansberry: The three major stakeholders in the currency war are the United States, China and Europe. The volatility in those currencies over the last 18 months has been historic. It has resulted in even greater volatility in more minor currencies, including the huge moves that have occurred in the Swiss franc. I expect to see China and the yuan join the International Monetary Fund (IMF) currency basket, which will lead to a very significant and large move of reserve currencies into the Chinese yuan. That will definitely have the impact of weakening the euro and the dollar. TGR: Do you expect the yuan to replace the … Continue reading

VSA Capital’s Paul Renken Follows the Flow of Risk Capital into the Battery Space

The Energy Report: The FTSE AIM All-Share Index recently crossed the 100-day moving average to the upside. How are you interpreting that signal? Paul Renken: That move happened in early April, and means the market is moving upward for micro-cap natural resources stocks here in London. About two weeks after, the FTSE AIM All-Share Oil & Gas Index also moved above its 100-day moving average. Right now, we’re looking at a gain of about 29% since the lows were set in early February. Things are looking quite favorable in the micro-cap space. TER: Why is this happening now? PR: It appears that some of the policy and taxation changes that have taken place in the last 12 months here in Europe—and the United Kingdom (U.K.) specifically—are creating extra liquidity in the smallest end of the market. Investors—particularly private investors and people with pension money to invest—are actually getting more favorable … Continue reading

Paul Renken’s Gold, Graphite and REE Names Poised for Gains

The Gold Report: Do you see gold trading range-bound through the remainder of this year? Paul Renken: Unfortunately, yes. We recently had to downgrade our outlook both on gold and silver for the year. We’re looking at an average price of $1,225 per ounce ($1,225/oz) gold in 2015. We were always convinced that gold wasn’t going to test below $1,100/oz and we’re still convinced. By the same token, we’re not seeing the overall macroeconomic growth rates that would cause more risk-averse interest in precious metals. TGR: What are some small, lesser-known gold companies that you’re following? PR: We’ve been following Eagle Hill Exploration Corp. (EAG:TSX.V) for quite some time. It’s a stock that Dundee Capital Markets President and CEO Ned Goodman had taken a significant position in a couple of years ago. I always liked the geology of the Windfall Lake deposit. I could essentially see that the grade was … Continue reading

Geordie Mark Focuses on Miners Making Money at $1,200/oz Gold

The Gold Report: Gold has traded this year in a range close to $1,200 per ounce ($1,200/oz). Do you expect gold to maintain this range for the rest of the year? Geordie Mark: Yes. Our 2015 outlook is $1,250/oz, and thereafter we project a flat outlook to manifest a more agnostic view on the commodity. We employ this approach as it facilitates greater correlation between cash flow expectations and our view of operational performance. TGR: What are the factors keeping gold at $1,200/oz? GM: We see gold demand support predominantly arising from Asia, particularly in India and China, but also note recent rhetoric from Russia outlining the potential of increasing the country’s metal inventory. TGR: When we spoke last year, you said you anticipated a gold-silver price ratio of 60. Today, the ratio is 70. What’s your forecast for the price of silver for the second half of 2015, and … Continue reading

Atna Resources’ Pipeline Puts It in Position to Soar

The Gold Report: You have declared your goals as “developing positive cash flow from operations” and “growing Atna Resources Ltd. (ATN:TSX) into a low-cost, mid-tier gold producer.” What steps have you taken to achieve these goals since you became president and CEO six years ago? James Hesketh: Atna and Canyon Resources merged in 2008. The new company had several development assets, including the Briggs gold mine in California, the Pinson gold mine in Nevada, the Reward project in Nevada and the Columbia project in Montana. But we had no production. Our first step was to put Briggs into production, which we accomplished in 2009 with our first gold pour occurring in May. Since then, we’ve produced about 160,000 ounces (160 Koz) of gold from Briggs. “Pinson is an underground mine producing high-grade ore on the order of about 13–15 g/t.” We then had to negotiate with Barrick Gold Corp. (ABX:TSX; … Continue reading

Chris and Michael Berry: What the Boomers Got Wrong—and Right—About Natural Resource Investing

The Gold Report: Mike, we often hear that the current generation doesn’t realize how good they have it compared to when you had to walk uphill both ways through snow to make a trade. Is it easier to invest today with all the resources online and pundits around every corner or is it harder to cut through the noise and find the best opportunities? Michael Berry: While the Internet makes it easier to do research and make a trade, that doesn’t mean it is easier to make a good trade, or better still, a smart long-term investment. I think it’s challenging today. It’s easy to trade, but much more difficult to create real wealth. A P/E multiple used to have real meaning. Today, the pace of the market is so fast, there are so many flash traders, so many games being played and so many nickels being minted, that it … Continue reading

Chris and Michael Berry: What the Boomers Got Wrong—and Right—About Natural Resource Investing

The Gold Report: Mike, we often hear that the current generation doesn’t realize how good they have it compared to when you had to walk uphill both ways through snow to make a trade. Is it easier to invest today with all the resources online and pundits around every corner or is it harder to cut through the noise and find the best opportunities? Michael Berry: While the Internet makes it easier to do research and make a trade, that doesn’t mean it is easier to make a good trade, or better still, a smart long-term investment. I think it’s challenging today. It’s easy to trade, but much more difficult to create real wealth. A P/E multiple used to have real meaning. Today, the pace of the market is so fast, there are so many flash traders, so many games being played and so many nickels being minted, that it … Continue reading

Why Gwen Preston Is Buckling Her Seat Belt for What Could Be an Interesting Summer

The Gold Report: At a recent investor conference in Vancouver you said that the market is at the “bottom” for gold and other metals. Please give us some reasons why this is the bottom. Gwen Preston: First, the price of gold can’t go any lower. The current range of $1,170–1,210 per ounce ($1,170–1,210/oz) represents gold’s lower-end price range. That’s because all-in sustaining costs for the industry now average about $1,100/oz when you include the interest that major gold producers pay on their debt. There absolutely is demand for physical gold, and the price has to be at least what it costs to produce the metal. So there is a supply-driven, cost-driven bull market outlook for gold. A gold-driven rally for mining stocks would be OK, but even better would be a rally that’s supported by higher prices for a range of metals—and that’s what we’re looking at. A good number … Continue reading