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Imaru Casanova, Portfolio Manager, Gold and Precious Metals at VanEck, joins to share her views on how to value gold stocks such as gold miners and gold royalty companies. Casanova argues that with the recent run up in gold, gold stocks could be undervalued and are poised to deliver strong results and returns. This interview is a Fireside Chat and paid sponsorship on behalf of the VanEck Associates Corporation.
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Imaru Casanova on VanEck website: https://www.vaneck.com.au/news-and-insights/thought-leaders/imaru-casanova/
Casanova’s latest piece on Gold Miners: https://www.vaneck.com/us/en/blogs/gold-investing/ima-casanova-miners-margins-grow-as-gold-soars-to-fresh-highs/
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Timestamps:
(00:00) Introduction
(00:24) The New Bull Market In Gold
(06:32) Investing In Gold Companies
(09:14) How To Value A Gold Company
(16:38) Cash Flow vs. Earnings?
(19:25) Gold Miners Are ~20% Discounted Relative To Gold Prices
(22:51) Specific Gold Mining Stocks
(25:36) Managing Jurisdictional Risk
(36:54) Thinking About Depreciation
(40:04) Common Mistakes When Analyzing Gold Companies
(44:38) Gold Royalty Companies
(52:06) Greenfield vs. Brownfield Projects
(58:32) Closing Thoughts on Gold Miners
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
This interview with Matthew Sigel explores the bull case for bitcoin, its future as a reserve asset, and the economics of bitcoin miners. We also discuss miners pivoting to data centers, stablecoins, crypto regulation and much more. This interview is paid sponsorship on behalf of the VanEck corporation. Recorded on September 4, 2024.
Sigel's piece, "Bitcoin Miners' AI Arbitrage Play to Boost Revenue": https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-bitcoin-miners-ai-arbitrage-play-to-boost-revenue/
Sigel's piece, "Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset": https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-bitcoin-2050-valuation-scenarios-global-medium-of-exchange-and-reserve-asset/
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Follow VanEck on Twitter https://x.com/vaneck_us
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
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Timestamps:
(00:00) Introduction
(00:53) How Matthew Got Into Crypto
(05:10) Fake & Bias News In Finance
(07:51) The Case For Bitcoin
(10:48) Bitcoin As A Reserve Asset
(18:33) Nation States Leveraging Bitcoin
(22:40) Profitability Of Bitcoin Mining
(24:22) Catalysts For Bitcoin Adoption
(26:52) Bitcoin As A Medium Of Exchange
(28:42) Bitcoin Risks
(33:34) Is The Bitcoin Supply Flexible?
(35:08) Bitcoin Miner Economics
(41:02) Bitcoin Miners Repurposing Their Energy
(46:31) Bitcoin Vs Altcoins
(53:53) Biggest Crypto Overweights & Underweights
(58:09) Stablecoins
(01:05:19) Crypto Politics & Regulation
(01:07:40) NFTs
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets
