There have been de facto, as opposed to legislative, holdups on the development of American oil and gas transmission assets. In particular, as it relates to the pace of construction of natural gas liquification plants on the East Coast under Biden. That's probably over.
Of interest to Canadians would be the de-bottlenecking of oil transmission pipelines, Keystone in particular. This could move a lot of Alberta's heavy sour crude down to the US Gulf Coast refineries. They need that product to replace heavy oil imports from Mexico and Venezuela, which are no longer as prolific as they used to be.
Despite the fact that the Canadian Prime Minister doesn't see a business case for exporting Canadian natural gas to Europe, the customers do. Canada won't facilitate the Atlantic Basin gas trade, but there could be room through US facilities for Canadian nat gas to be exported from the US East Coast. Could potentially be very beneficial.
Trump administration will likely be completely ineffective with its Department of Government Efficiency. It won't do anything in particular to reduce the size of government. Trump is a transactional president, like every president before him.
Over time, the relative strength in the USD, which we've seen since the election, will continue relative to other currencies. But he sees continuing debasement of the US currency through ongoing debt and deficits.
He remains bullish on the copper industry over the next 5 years. Whether to step in here depends on your timeframe. Near term might be soft, as global economy showing signs of softness. Extraordinarily strong balance sheet. Well run given its size. Enviable inventory of zinc and copper mines, plus smelters.
Likes it. Probability that Trump gets away with tariffs is fairly small, he's just negotiating. Trump needs to be reminded that tariffs are taxes, and US taxes are already high enough.
Increased portfolio of heavy crude, despite difficulties getting it out of Canada. De-bottlenecking the Keystone pipeline would be positive. Narrative on this name will likely be soft for a few months.
Organic growth of internal products has done extremely well. Has become a brand name for precious metals investing, and increasingly in natural resources. Can see it being snapped up in a few years by a global financial player.
Disclosure: He believes he's still the largest shareholder in Sprott.