Market Outlook - The climate among old-timers in the industry is of cautious optimism. The companies that are doing well are getting noticed and funded and the others don't. The industry needs more mergers and acquisitions. Administrative expenses should come down. The major themes he sees now are M&A among companies intelligently valued. The second part of the M&A wave is the spin off of smaller companies that aren't important for the majors but are important for the juniors. The second theme is the royalties and streaming business. The third one is exploration. We haven't had an exploration cycle in the last 20 years, It is a lonely space though. The economic difficulties we are having at the moment are good for gold. The US dollar does well only in comparison to other fiat currency. He is a gold bull. He feels good in general in regards to precious metals.

Gold to silver ratio is high at 85. Could you recommend any name that provides exposure to silver? He knows the founder. A superb human being.

The Canadian Oil and Gas sector is seriously oversold. Many of the wounds of the sector are self-imposed. He is warming up to the Canadian names as he thinks that the current political madness in Canada won't last much longer.

One of the best copper deposits in the planet. It will grow and grow and grow.

The Abu Dhabi sovereign fund put in $150 million the other day that wipes out almost all its debt. Interested junior to be in.

Spectacular deposit. He is concern about their balance sheet. He thinks they will need capital and will have a financing. He prefers to participate in that capital raise. The main risk is potential social disruption in Colombia.

(A Top Pick Mar 05/18, Down 1%) Superb company. A cornerstone of his junior portfolio. Great free cash flow. Well financed.

(A Top Pick Mar 05/18, Up 14%) You have to be OK with the political risk of South Africa and Congo. The best accumulator of assets in a junior that he has seen in his 40 years career.