Franco-Nevada Corp. (FNV.TO)

It's a play on the US dollar. If the US Fed does not raise rates, but cuts, the USD could weaken further. All commodities are prices in USD which determines FNV's price. Is a good company in precious metals, but also oil and natural gas. Is a safe, easy way to play mines. The dividend grows 10% annually, so it has been a good long-term hold. Shares are down 30%, which makes it attractive.

Royalties -- precious metals, base metals, bit of gas/oil. Not a big dividend, but has grown 44% annually over last decade. Catalyst is its backlog, which is going to come online in next year or two. Execution has been very solid. No operational risk, no need to carry debt. Yield is 0.84%.

He has a Buy on it, despite its premium price relative to rest of the gold market. Big transactions are still ahead, and it will be a beneficiary of that.

Precious metals should be in every portfolio as an insurance policy. It's a diversifier. His position today is that he's trimmed back his gold position dramatically by reducing names. For example, AEM was a 10% holding but today it's at 6%. 

Gold hasn't performed over the last 35 days, but it did its job over the last 2 years. He'd be a buyer today. His clients should be at 10% for the insurance component; today they're not quite there at 8%. The equity component is about 7%. So 8 + 7 = 15% in golds today. His gold plays are AEM and FNV.

Trimmed a bit in January to bring his overweight position in line. May have to do that again if it keeps running. For new clients, would only buy a half position. Benefiting from currency debasement discussions.

It is a great company. It has no debt and buys royalties. He is surprised it went up so much and feels it is probably not sustainable. He wouldn't add at this point. Hasn't trimmed either but getting close.

Likes commodities right now. It was stuck forever around $200, and now we've seen a classic breakout and it's pulling back. Assuming the neckline is $200, if it can hold $200 and bounce off it positively, he'd buy. Great-looking chart as long as it can hold the neckline.

Really likes the precious metals sector, and we're in very early stages despite big moves. Right now, sector is consolidating. As a streamer, not the most leveraged to gold prices. But it's the safest and most consistent (along with WPM). Great company.

Trading above all the moving averages, which are moving higher. Pullback is probably an opportunity, most likely over the next 2 weeks. Good dividend grower over time. See his Top Picks.

It ranks 226. You could hold it but there are better opportunities in gold if it is heading to $4000, and better risk adjusted returns in other stocks.
In general the silver vs gold ratio has been bad but is turning the corner. There are no silver stocks in their top 25 'OK to buy list'

AEM, WPM and FNV need to be in every single precious metals portfolio.

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been FNV because of its royalty structure. This means you don't have to worry too much about operating costs of the underlying mine. Performed very well long-term over the cycle.

Gold has benefited from all the uncertainty. Valuation very rich. If you already own it, would've appreciated significantly; so it can provide a source of capital to recycle into things more undervalued. Gold hit all-time high this morning; he doesn't have a price target. Gold price highly correlated to volatility; so if things calm down, that price will moderate.

Likes it, but don't chase here.

They don't take on production and environmental risks, being a royalty company. They just cash the cheques, but their valuation has always been high. They took a big hit when their Panama gold operation was shut down; maybe that mine will reopen. Is in a volatile sector. Great balance sheet and history. Likes it and the sector now.

They buy the profit streams from miners; they don't own the mines. No debt and lots of cash. When the mining metals cycle is cheap, FNV will buy royalty streams cheaply. When the cycle improves, profits and cash levels will rise. A Canadian national champion.

His go-to name for a streamer, but he owns no gold right now as valuations have risen so much.