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Expects it to retrace. If you assume that peace holds with Iran, his suspicion is that the higher oil prices that we've endured for a while will kill some demand in lower-income countries (such as Pakistan and Sri Lanka), but not make much of a difference in Canada and the US. When supply comes back, he expects price volatility to the downside (as long as peace holds).

He doesn't know, and he's not sure anybody does. His own view is that the oil price runup that we saw was more a function of an anticipated supply shortage, while countries were able to work off inventories. He's told that there are ~200 loaded cargoes north of the Strait, and ready to proceed through. He suspects that producing countries (with the possible exception of Iran) have pretty good stored inventories that they couldn't move. 

This is all speculation on his part, based on whatever he's been able to read. To say that the data is conflicting is an understatement.

To the extent that the oil price falls off, his suspicion is that the market will begin to discount the fact that we're going to have shortages in the future that aren't war-related. Rather, they'll be related to the industry under-investing by ~$1B a day in terms of sustaining capital investments.

Over the next 5-10 years, he feels good about precious metals and mining. In the very near term (this summer), he wouldn't be surprised to see mining stocks in all shapes and forms go down. Two reasons for this: rising US interest rates plus higher oil might cause a synchronized global slowdown.

If mining and oil/gas stocks are sharply lower, this summer would be a lovely time to establish positions. Both industries should do very well over the next 5 years.

Nickel, but primarily platinum-group metals. He does see it getting developed, but not within the next 3-4 years. Perhaps 5. Not sure he'd buy until he saw results of the feasibility study and financing complete.

Gold price should do well over the next decade. Not so sure it'll do well over next 2-3 months given relatively high US interest rates. Hawkish stance of the Fed will be bad for gold in the near term. Gold will do well because of high US debt, high US deficits, and unfunded entitlement liabilities. 

He's a short-term bear, but a long-term bull.

Finally received a permit, much due to strong local support. The first of several permits at this location. He thinks of it as a district, rather than just a mine. Doesn't expect current Mexican administration to approve the "open pit" part of this deposit. 

Note: He owns a lot of this, so he has a bias.

Suspects it may struggle a bit in the near term, as it trades like a merchant bank. It supports good projects. Doesn't need to raise any $$, and so it gets very little research coverage. You have to do your research on it, as it takes a while to react to markets. Very strong underlying value, superb management team.

Note: He's a large shareholder.

And that's why he likes it. Natural gas has been in systemic oversupply in NA for 5-6 years. Oversupply in the US is beginning to take care of itself with massive investments in infrastructure. Canadian investments have been constrained politically. 

He wouldn't be surprised to see nat gas prices trend lower over the summer. Next 3-5 years should see them higher. Canadian nat gas is a more leveraged play than US nat gas, as Canadian companies are selling at higher discounts. The current Canadian PM is anti-energy, but also pragmatic on the need to fund deficits. If the political headwinds disappear in Canada, companies like PEY and BIR will do extremely well.

Canadian investments have been constrained politically. He wouldn't be surprised to see nat gas prices trend lower over the summer. Next 3-5 years should see them higher. The current Canadian PM is anti-energy, but also pragmatic on the need to fund deficits. If the political headwinds disappear in Canada, companies like this one will do extremely well.

Canadian investments have been constrained politically. He wouldn't be surprised to see nat gas prices trend lower over the summer. Next 3-5 years should see them higher. The current Canadian PM is anti-energy, but also pragmatic on the need to fund deficits. If the political headwinds disappear in Canada, companies like this one will do extremely well.

Near-term choppy. Expects some selling by ORLA shareholders once the deal concludes. Very-near outlook for gold is not good. Longer term, this is an emerging major. ORLA + EQX will create a much larger, better-financed company, and better trading liquidity. So it will attract a lot of index buyers. Will likely be able to sell its less-good assets.

Over time, expects shareholders to be really well rewarded.

Really believes in the intermediate future of uranium. Current supply deficits. Political winds around uranium in the US have changed from vilification to subsidies. 

Likes the way its built its business. About to be subsidized by US government money, which he doesn't approve of. Believes in the intermediate future of uranium.

He is bullish in the short term. Rapid decline in price has everything to do with vastly increased production, especially laterite nickel in Indonesia. That's changing, as Indonesians are angered by the environmental destruction; government is being forced to crack down. Laterite mining is energy-intensive, and a lot less pleasant at $90 oil. So it's no longer a significantly better cost proposition than the sulphide nickel that Canada produces.

If you own it, you need to be fairly patient. Not yet funded to production. He considers it to be probably the finest of the developmental stage rare-earth companies in the world. Good grades, great infrastructure. As the world seeks to diversify supply sources away from China, probably the highest-quality deposit on the planet.

Company is based in Australia, the deposit is in Brazil.

Note: He's a large shareholder.