Gold Threatening Dollar (Uncut) 02-27-2025

you consume less energy it just makes you less sophisticated less economic growth lower standard of living more backward and it’s just insane and it just makes me angry so I just I don’t even bother getting involved in it you know I sort of feel that by buying copper to support the the uh anti-fossil fuel narrative I almost think that’s immoral because you know if you just look at what fossil fuels are made possible for mankind you know I get that they pollute and I get cold power stations I get it but the more

sophisticated we get the more the better consuming energy we [Music] get hello and welcome to sore financially a channel where we discuss the macro to understand the micro my name is Kai Hoffman I’m the Ed Jr mining guy over onx and of course you’re host of this Channel and I’m looking forward to welcoming back an old friend Dominic frisbee he’s the author of The Flying frisbee comedian but also newsletter writer and we have we had the pleasure of Hosting him at the dod of gold Messa in the past and can’t wait to catch up

with him it’s been way too long of course we’re going to talk General economic Outlook uh you know outlook for stocks 2025 but then we’re going to hone down on gold and silver and some of the mining stocks we don’t have to discuss names um but I’m really curious like where he sees sentiment headed for the for the mining stocks Junior explorers and so forth so lots to talk about uh put everything into context really start with the macro and then hone in on the micro before I switch over to my guest

you guys know the Spiel hit that like And subscribe button helps us out tremendously and we do appreciate thank you so much now Dominic it’s great to have you back on the program it’s good to see you thanks Kai and thanks for having me and uh yeah lots to talk about absolutely yeah no really appreciate your time I know you’re super busy writing a new book you got deadlines to meet so we’re trying to keep this maybe to 30 minutes really Dominic um let’s Dive Right In like we have to start maybe setting the scene a little bit

start with the macro um what is your current assessment of the economy and the financial markets Dominic let’s start there well um just the the the broader S&P more generally um you know it’s the first year of of a new presidency and of the four years of a presidency that’s typically the weakest year and in addition to that the um the you know there’s a lot of upheaval one minute Trump says this one minute he says that you know he he likes to shake things up um I’m really bullish about the United States I think it’s going to

be a a sleeker uh more efficient um country as a result of all the reform that’s taking place but there’s going to be a little bit of upheaval uh along the way and in addition to that you know at the time of his taking the presidency the S&P was richly valued compared to other countries around the world so I’m not perhaps as bullish as I was on the S&P a year or two ago but you know I think we’ll probably see a five to 10% gain over the course of the Year rather than a 20% gain or something like that

um i l i bought copper uh last week and I bought my my decision to buy copper was completely based on uh moving averages um it’s a sort of Fairly shortterm system but when the 50 and the 10day slope up and you get AC Cross of the 10day through the 50 that’s a Buy Signal for me and so I bought copper and I’m a little bit in the money so you know by copper that makes me that usually means I’m I’m bullish about base metals generally I’m a little bit worried about what uranium has been doing um it looks

a bit messy and gold and silver are both in out andout uptrends coming into March we’re in a sort of weak time of year for gold and silver we enter a sort of weak quarter so maybe they need to come back a little bit but you know the broader picture is that gold has been in a big big bull market began in late 2022 I suppose you could say uh not long after the uh imposition of sanctions uh on Russia and that looks like it’s coming to an end now but I don’t think it changes the driving rationale between

this gold bull market which is that it’s not been a retail bull market in gold and silver retail hasn’t been buying it’s been central banks that have been buying particularly central banks in Asia China along the Silk Road countries that are looking to diversify their Holdings dollarize and um you know those have they have been the big buyers of gold um China’s been understating its gold buying probably by a magnitude of three times and it may even be that the United steal States itself has been

buying the gold um you know in the leadup to this this uh celebrated audit um and we can talk about that um next if you like yeah we’ll get more granular in many of the topics you just touched on Dominic maybe we’ll we’ll start with uh 5 to 10% in the S&P 500 like where where do you see that growth coming from and why why are you positive on the S&P 500 still like moving in a positive direction despite like 14 15 years of very positive returns here well I’m just bullish on the S&P because I’m bullish

on America and uh you know I just think it’s at the beginning of a new Golden Age and and this stripping out of the state that’s making everything more efficient hopefully it’s going to lead to reductions in taxes that leads more money in people’s pockets that means more money to invest and the S&P to an American is like you know a house to an Englishman the British keep their money in their houses the Americans keep their money in the S&P 500 and it really is the Bell weather for America so I think

broadly speaking the America the S&P is is you you can’t not be bullish on America with everything that’s going on um you might say that the you know this the top seven stocks are overvalued and they probably are and there’s all sorts of upheaval coming along with AI and um you know that you know the the fact that it’s might be possible to do some of the work with AI that’s going on with much less power I was reading about this thing IO the other day I I’m not really in a position to talk about it with any

great Insight but and then there’s of course there’s that new Chinese app that came along and was able to do what chat gbt was doing with infinitely less computing power and less investment so you know maybe that the S&P needs to rotate a little bit that’s long overdue and stop relying on those top seven companies the caps have been underperforming for a long time they need to uh to take the leadership once again and that will happen eventually but so I’m just not you can’t not be bullish America but

maybe that bullishness needs to take another form yeah no I I agree with you like we’re both sitting in Europe you’re in the UK which is apparently a little off you know worse off than Germany although it’s a head you know what it like we’re head-to-head on like who’s the worst nation in in Europe right now in terms of Economic and overall performance uh K It’s A Tale of Two Cities you know you’ve got one side of the Atlantic America Argentina stripping back the state getting more efficient spending money properly and then you’ve

got Western Europe which just seems to be doubling down and you know we voted to leave the EU but it doesn’t matter we’re still following the same trajectory of stupidity and uh you know it’s it’s terrible what’s happening here and and you wonder if if it’s if if it’s you know everything that happens in America tends to happen in Europe later but in on a watered down way but you wondered if if you know what Elon Musk is doing if anything like that is even possible in Europe you know the the this

the high tax deep State model is so entrenched here I mean I I’m really not bullish about Europe no just you you mentioned AI for example I don’t think anything is coming out of Europe in that regard yeah she what’s her name vanel and gave that speech we’re investing all this money in AI it can’t come from government it has to come from the private sector what the government needs to do is get out of the way so that the private sector can expand but the they seem intent on regulating everything and

it just makes progress impossible absolutely no it’s uh Curious what your thoughts are like very t on on a tangent here open AI going instead of uh you know nonprofit for-profit like what do you have any thoughts on that well I I’ve been using open AI chat GPT a lot and uh but I’m just using grock more and more it’s better yeah H interesting like I’ve been starting to use it because it gives me good overview of sentiment on X and some commentary you can put in like Trump copper tffs or something and it gives you an overview

of the sentiment on X and maybe some direct quotes from from users as well which is really interesting I use it I use it to help me with my work like mad I you know I I use it to help me with my research but also for things like just you know helping me write SEO optimized um uh descript destion for my articles I use it to proofread my stuff I use it to help me write titles um I I just think it’s superb I just love it yeah it’s a great sparring partner absolutely it’s it’s fantastic I love it as well we use it quite a bit here on on

zor financially as you said like help help us generate and brainstorm title ideas and things like that um Dominic you you bought copper and uh like two two two approaches to The Copper thematic first of course like are you did you buy copper because you also thought the economy is strong enough to push copper higher uh Chinese rebound uh economic rebound as well us spending more on AI infrastructure or infrastructure in general um is there is there more to the Copper thesis than just hitting a trend signal here uh the

reason I bought was completely technical it was had nothing to do with fundamentals if I look at the fundamentals for copper like I would have been buying well I have bought years and years ago you know every time I read the fundamentals for copper the the actual Supply versus the demand you just want to run out and buy all the copy you possibly can and for some reason those fundamentals never seem to deliver the the copper Market seems to have been in I wouldn’t say in deficit but the the the the fundamental arguments of of of

incoming M Supply against copper demand whether it’s from electric vehicles or Chinese infrastructure or the growth of AI whatever it is it it’s just been an absolute you can’t argue with them for years and yet the copper price hasn’t delivered on anything like those fundamentals to the point where I just I don’t don’t even bother listening to the fundamentals now because they just get in the way of your they’re getting your head and I just make my copper decisions based on technicals but it’s quite easy

Once you you make a decision based on technicals to then start supplying all the fundamental decisions afterwards I was going to ask you like how easy is it to get the emotions out of investing in general like Dominic like copper for example we all have opinions on uh whether Europe for example will be all EV powered uh by 2035 for example or the world will be carbon neutral in 20150 so um it’s an emotional topic like how do you keep that out of it uh just look at moving averages smart easy easy to do but very

difficult in in reality in my opinion I’ve stopped I’ve stopped reading it Kai I’ve just stopped reading the fundamentals because they too misleading there’s just too much information there’s too many arguments it’s too politicized you know I happen to I think that I happen to think the whole EV uh movement you know not to put too fine a term on it I think a lot of it is bollocks I think the more uh you know the the whole electrification of everything you know I get that I you know I drove into a Tesla

the other day in America on self-driving mode it was fantastic but I just think fossil fuels are amazing and they’ve made so many things possible and I think this this this European desire to get rid of fossil fuels is just deluded everywhere that has high levels of wind power pays way more for its for its uh electricity than where there are low levels of wind power and you know cheap energy is essential to a nation if you the most sophisticated Nations on Earth consume the most energy if you consume

less energy it just makes you less sophisticated less economic growth lower standard of living more backward and it’s just insane and it just makes me angry so I just I don’t even bother getting involved in it you know I sort of feel that by buying copper to support the the uh anti-fossil fuel narrative I almost think that’s immoral because you know if you just look at what fossil fuels are made possible for mankind you know I get that they pollute and I get cold power stations I get it but the

more sophisticated we get the more the better at consuming energy we get and I think it’s immoral to do away with fossil fuels it’s it’s that bad but but it it but you know there’s no point I’m just a little bloke in an office in southeast London I can’t do anything so I just look at the moving averages and I don’t bother looking at the politics anymore because they drive me insane well you’re you’re buying copper if everybody were to buy copper at some point it might not be economic anymore to have that uh that roll out right just

attack it from the other angle here yeah well exactly and um you know you know if you if you’ve got a problem with fossil fuels why are you using copper if you just look at the amount of fossil fuels that get consumed in order to to make in the first place you know it’s just the whole thing is so hypocritical let’s not even go there because it just makes me cross I I I’m with you there Dominic I have the same concept and that’s one of the reasons I love being in the mining industry because you look at things from

the bottom up and you understand things very differently you look very very differently at things um one one of your articles was called preparing for a new economic era I’m not going to read the second part of the title because we’ll get to that but what does the new economic era look like for you Dominic um well I was specifically talking about gold when I wrote that and I was talking about how Gold’s going to do under Trump but you know I’m just repeating what I already said Kai I think America Argentina extraordinary

levels of growth that’s where the opportunity is and Europe stagnation uh too many taxes uh too many stupid midwit uh controlling policy getting in the way of the creative anyone with half a brain like I just say to my kids get out of this country go to America go to Dubai go to somewhere where taxes are low my son my son’s 24 he in his first year out of University he earned £12,000 last month that’s an incredible amount of money for a young man to earn he works really hard he leaves the house at 6:45

every morning goes to work comes back at 7 he has worked so hard you know if I compare him to my first year out of University when I was just a a bum and and you know he’s worked so hard and he really wants to make something of himself he earned 12 Grand last month he of that 12 Grand he earned he took five and a half Grand Home six and a half Grand was taken from him and I just think how is that how is you you know he it’s just terrible to do that to a young boy and he’s going I don’t even have a

doctor you know it’s all very wellgo it’s taken with the NHS he doesn’t even have a doctor and um you know I I I it just it’s just so unfair to do that on our young they young with income taxes and debasement of currency are just subsidizing everyone else and it’s and particularly the productive and the hardworking and it’s immoral again yeah no it absolutely is like we don’t have to go the topic of taxes and how inefficient everything is being spent anyway that’s a that’s a whole different uh discussion um but on that topic I

Louis CK actually or Lou KC doesn’t matter like one of the ComEd like one of the guys on Twitter posted uh the website the Doge website actually gives you an overview of all the spending they’ve cut and they have like a Tracker a spending cut tracker which is amazing to see is sitting around $53 billion right now 3.25% of the total reach that they want to get it’s almost like a what’s the Public Funding thing go fund me where you could see the progress so it’s absolutely hilarious um it’s great

and it you know people argue with it but I think the silent majority do not want their money wasted you know you work so hard and then it gets spent on you know subsidizing art teaching you know Modern Art to Afghani peasants or something and you’re just like that’s not what I work for and and uh so it’s just immoral but and it’s just wonderful what’s going on I think uh and and the transparency that it’s bringing and the hypocrisy that it’s exposing but 50 billion in the context of America you know 37 trillion

debt and running deficits in the trillion 50 billion is not that much but long may it continue I was going to say like we’re only month in a month and a half maybe you know so like progress is great let’s see where it goes and what makes sense here um but long M continue because it is a Force for good and Elon Musk is a hero absolutely um second part of your article was about gold gold in the age of trump uh big big topic that we need to tackle I’ve got a few questions lined up in that regard but

how do you think gold will behave well one of the things I did in the article was I looked at gold in the uh first era of trump and I know the circumstances are very different but gold basically had an okay first year a flat to down second year and then it went bananas in the last two years and broke above $2,000 for the first time and it’s not impossible for something similar to happen now um so far the the the behavior of gold has roughly been tracking what it was although in the last couple of weeks Gold’s carried on

going up whereas I think the previous time it it flatlined it sold off after Trump won the election and then r in January after he took power something similar happened last time um it’s it you know the consensus is Trump wants a week of dollar and uh if he does you know week of dollar normally means High gold prices at least in in in US dollar terms and um you know last time around Trump was a bit of a printer which again helps gold but I don’t think he is that much of a going to be that much of a printer this

time around he’s seems to be much more more Austrian sound money libertarian orientated the administration this time than it was last time um Scott Bessant the treasury secretary you know he earns huge amounts of gold in his hedge fund he’s a gold bug he understands gold um so we shall see but but I just think particularly if you’re in Europe and if you’re in the UK gold is your hedge against government and gold preserves your wealth much better than Fiat money does and and so I just Advocate everyone to hold a large

portion of their Savings in gold and you know maybe okay over the next year it might go down five or 10 Perc whatever over the course of three five 10 20 year period it is a much better store of wealth than Fiat is even with Fiat paying interest so I just think everyone should have an allocation to gold like I’ve been reading the Stefan miran’s work on a potential new like economic system here and he touches on gold and Bitcoin to a degree undermining the US dollar and the question now for you Dominic is like is three gold at

$3,000 a threat for the US dollar in terms of Reserve currency status it’s like I’m trying to make it a balance like you touched on weakening the US dollar it plays such a pivotal role like is it under attack from gold right now and why did the you know the The Establishment let run go to almost $3,000 here well the answer to that is yes and no and what does reserve currency status mean and how much does it even matter because um America’s got 8,000 tons of gold marked at $42 an ounce if that 8,000 tons is suddenly marked at $3,000

or $4,000 that suits America because it you know its entire foreign exchange Holdings are in Gold so you know it’s it’s a a high gold price is not necessarily bad for America um when um in 1933 when Roosevelt devalued the US dollar it triggered the mother of all mining booms and loads of those um mining companies were in North America so it triggered a boom and America’s gold Holdings over the course of the 1930s between 1930 and 1939 I I don’t quite know how much they multiplied by but America became the

biggest holder of gold in the world and I think it reached a peak in maybe 1947 after the second world war so gold went to America after the US dollar devalued so just a weaker dollar doesn’t necessarily mean that America has less less gold the next thing I would say is that you know people talk about the reserve currency well that’s because central banks around the world hold US dollars but actually a lot of the time they actually hold us treasuries and us treasuries you know if you look at China

it’s almost hared its Holdings of us treasuries since 2013 to now but its US dollar Holdings have increased it has more than three trillion US Dollars and central banks around the world are generally reducing their treasury Holdings and increasing their gold Holdings in 2015 Gold reached 10% of us Central Bank holdings around the world it’s now at 20% and I just think it’s sensible asset allocation to increase your gold Holdings uh the the the UK is the worst offender in the world we’re the one

country that’s increasing our treasury Holdings and we’re going to overtake China in terms of US Treasury Holdings uh uh in the next year but but so Central gamps gone from 10% to 20% they’ll probably go to 40% in in the in the next 10 or so years and um so as a store of value you know governments are holding fewer US Dollars relative to what their other Holdings are but you know in in 19 20 the US dollar was the gold was 90% of of Central Bank holdings so even if it only goes to 40% it’s still nowhere near 90%

And even if their gold Holdings increase their US dollar Holdings will probably increase as well and there are nations that are you know that that um Russia all the countries along the Silk Road as I say that don’t want to hold US dollars or Can’t Hold Us dollars they need to dollarize they need to diversify and so they’re the ones that are doing the biggest gold buying at the moment and but they’re not going to transact in Gold like Russia bought um I can’t remember x billion dollars worth of gold

from Iran to x billion dollars worth of drones from Iran with which to use in Ukraine and it paid for them in gold and it threw three billion dollar worth of gold from um Russia to Iran now that’s just so impractical it’s just not that you know flying gold around it’s just so impractical it’s just not going to happen so Gold’s role is going to be store of wealth it’s not going to be medium of exchange and um I don’t think that poses that much of a threat to the US dollar really in the grand scheme of

things but maybe I’m wrong we we’ll see how it all plays out there’s so many theories out there why gold is being flown into the us right now whether it’s being short covering uh Terror fears which I call basan personally um what what are the other reasons uh 50 well the other the other reason is that this we know this audit of Fort Knox is going to take place and the the theory is that the gold has been flown over in anticipation of that and it’s actually America that’s been buying in the last

couple of months knowing that this audit is going to happen and both Elon Musk and Donald Trump have both both been so casual about the audit of Fort Knox they’ve almost made it a joke I don’t believe they would be that casual about it if the gold wasn’t actually there because it’s quite significant if the gold isn’t there um they’re making out like they don’t know but Scott bezant said that there was an audit in September of of the um Fort KNX golden that it is all there now I if there was an audit in September and the audits

take place every year as he said why have these not been made public I just don’t understand it but but they they haven’t been so maybe they conduct internal audits but you can’t understand the reasons they gave why they haven’t published that there hasn’t been a public audit is they said it’s too big an undertaking and it’s not necessary to know but if they’ve been conducting internal audits then those reasons that they’ve been given are blatantly false so there’s something that doesn’t add up

but bessent did say there was an audit in September and the gold was all there so he might have been misinformed but I I don’t believe he’s stupid enough to I I just don’t believe that’s the case so something doesn’t that add up for sure but like I say for a long time I’ve thought the gold might not be there and I thought it was used to prop up the London Gold pool in the 1960s but I think it’s only like five or six hundred tons of gold that have come to America um from London and that has left

something of a shortage in London but there’s something like 8,000 tons in London any given moment so five you know 500 um uh 500 tons is only you know what uh 5% seven or eight% or something yeah so it’s not that much um it’s meant there something like a shortage but it might just have gone there for in anticipation of tariffs we don’t actually know and sometimes there just are these flows for whatever reason maybe people are un shuring their go again because they like the new Administration and they don’t trust

Europe because Europe’s going you know who knows but but but the the there is something that doesn’t add up but usually the the the gold buggy conspiracy theory uh biggest dream you know the gold bug dream there isn’t the gold there’s going to be a run on gold there’s a shortage of gold for whatever reason it never materializes I’ve been following gold for over 20 years now just writing a book about gold I love gold I think everyone should own gold but that that that that extreme where about to there’s about to be a run on

gold it never materializes big May one maybe one day it’ll do that but I’ve never seen it that Big comx Bear squeeze like I I spoke with aliser Cloud about it yesterday and uh personally I’m a bit nervous about the price action in Gold uh too fast in my opinion and I’ve been calling it meme gold lately and I don’t I don’t mean to be little gold at all I’m just looking at the price action purely price action uh the run up to 3,000 was fairly fast and my question to you now is is gold overbought overhyped

and maybe overpriced it’s a little bit overbought if you use things like RSI it’s at the top upper end of the range um it’s it’s uh definitely frothy every pullback is getting bought and it’s not retail that’s doing the buyers doing the buying most coin dealers are reporting uh you know very low transactional volumes you can correct me if I’m wrong here Kai but I understand that in Germany a lot of retail is actually a net seller they bought their gold during covid and now they’re short of cash for whatever

reason they made a lot of money from their gold and they’re net selling now Germany’s normally I think the second or third biggest retail buyer in the world and you know it’s fairly good the retail buying in the UK but I understand the retail buying in the US is almost non-existent and that also explains the lack of performance of jun Juniors because it’s retail that tends to buy Juniors and if they’re not buying gold they’re not buying Juniors either um you know that might change for whatever reason it’s central banks is the only

explanation it’s central banks diversifying out of dollars or or or or just increasing their gold Holdings that reallocating that seem to be doing most of the buying and and I think the biggest of the lot is China and maybe as I say some of it is America you know Shoring up their reserves in anticipation of this audit we shall find out yeah looking forward to early March when the gold uh World gold Council comes out with their gold report so their monthly gold report which is quite interesting by the way we are in a march

to June is normally a crap time of year so maybe we’ll get a bit of a pullback but I can’t see it being more than two or300 I don’t see it being much more than that no I don’t I don’t predict a crash so no no no I don’t think like you know when it went from 1900 to 1100 in 2011 nothing like that no like but would you when it went to 1900 it was you know was in the Greek debt crisis coming out of the financial crisis you know it was literally the world’s going back to a gold standard there was so much um bullish sentiment

now this is a stealth bull market and it’s not one that retail are involved in and I think for a proper secular top we need retail even in when it in in covid when it went above 2,000 you know there was a retail top to it uh that fortunately that top only lasted a year or two or maybe three or four but this one it’s it’s a stealth boom bull market and that for me that means that while we might have a you know a healthy pullback of a couple of hundred or $300 whatever I I think longer term this is a proper

bull market and I stress we only might have that pool Market every pullback since 2022 has been bought for on the 50-day moving average and you know maybe it goes back to the 50-day moving average again and and then and Carries On Up you I I I I I I’m you know short-term correction may be but long-term end of bull market I don’t get I don’t buy that no no no me neither I’m just a little nervous about the recent price action because now everybody seems to be talking about gold being flown back to the US and uh maybe restocking

Fort Knox and all of that there’s every long-term top in Gold has been accompanied by the miners and and this one like any action in the miners is just begrudging it’s not it’s like a little bit because it has to basically gold and the miners you know normally you’d expect the miners to trade two or three times to do two or three times what gold does and and now they’re just kind of more or less mirroring there’s nothing like the compensation you should be paid for the extra risk you’re taking of owning a minor there’s none of that

and so you know it’s it’s it it’s we’re not at a top long term it’s it started though like I don’t want to correct you but it started year to date GDX up about 20% gold up 10% so we’re at 2 to one already we’re lagging a little bit lagging a little bit but we’re seeing signs of improvement and well we are seeing signs of improvement I agree so we we can talk about you know numbers a longer time no no absolutely I agree like that I only know that because I looked at it just two days ago so um that that’s why I wanted to mention that

but let’s talk real quick uh financial performance of the miners real quick I know you follow the big miners as well like can you put some context around that for us well I don’t actually follow the big miners I just look at the little ones uh but the uh but the they’ve been terrible and particularly things like bulk tonnage lowgrade deposits you know those those kind of ones that they’re just given nothing and and in a proper bull market the bulk tonnage low grade deposits are suddenly everyone’s like this is going to be a

mine and at the moment the attitude is that’s never going to be a mine and and it’s uneconomic so I don’t know what changes people’s perception but when this bull market in juniors eventually gets going we’re going to see some of these companies multiply you know they’re going to be going up 5 10% every day and and some of them are going to go up five 10 times they are so undervalued and they’ve been so crap for so long and um you know all they are is just net drains of capital at the moment and um so when this bull market properly

gets going you know there’s going to be a lot of money to be made and but at the moment we’re we’re waiting and so when you’re buying a junior Mining Company you can go well I’m going to buy it because I know at some point it’s going to go up five times well it could go down 60% while you’re waiting so you have to try and find a mining company that that that is drisk in some sort of way so that you know it’s not going to absolutely destroy you during the waight and so to do that you have to find a mining

company that’s got something unique and underrecognized going for it it might be bringing a mine into production in a year’s time um and without having to dilute itself and so therefore um you know once it starts producing and it’s actually got competent management who will get this mine producing without a hitch I think in all my time covering mining companies I’ve known about three mines to go into production without a hitch every other one has just run into one problem or another some excuse but

the so but let’s say this mine is going to get into production and suddenly this mining company’s going to get rated from a from a development play into an actual producer um you and I both follow a I can one example of that is a company called minerals expiration which is listed in London and it’s just bought this um Nicaraguan asset off Condor gold and taken out Condor now minerals explanation has got a proven team because they got the mine in the Philippines working against everyone’s expectation and suddenly it’s spitting

out so much money and they don’t know what to do with all the money so they’ve bought this other mine in Nicaragua now everyone who knows the asset in Nicaragua condor’s old La India asset has anyone who’s seen it they go it’s a good asset the problem is it’s in Nicaragua and um but anyway Metals expiration have bought it and they’re hoping to have it producing within 18 months two years or something like that if if metals expiration gets that clearly working and it’s going to earn so much money that you know what’s

currently a six piece stock is going to be a 15 or a 20 piece stock like that um once the numbers come in um but then if miners do actually do what miners are supposed to do during a gold M bull market it’s going to have all that extra addition to it as well um another company we both look at Monera Alamos um uh had three mines in Mexico that it was supposed to um and it was going to get another one it was going to go from development play to mid-tier Explorer and suddenly it was going to be producing 100 maybe even 200,000 ounces

of gold and it was going to have a billion dollar market cap well it got its first mine um producing then there was issues with water so that went tits up it seemed to have got over those issues now and it is producing well and it was going to use the funds from that first mine to build the second mine well guess what the second mine couldn’t get an expiration permit because it’s Mexico and the Mexican Government aren’t giving expiration permits to any anything so the whole thing just went just into hold

because we’re waiting for this expiration permit that never came fair play to Mona’s management they went away they’ve now acquired this other Mine in Arizona and and with all the Trump um you know drill baby drill attitude that any permitting issues there should not be permitting issues the same attes to another company called fortitude that ran into into permitting issues in I think Nevada well th those are going to disappear now because of the new regime but in any case Monera if it gets its

this mine uh what’s it called saber the umer stone project uh if it gets that producing in a year or so well great suddenly it’s going to get there and then who knows maybe it’ll suddenly get its environmental permit in in um sodoro as well and then suddenly the Stock’s going to double or triple just because it’s got this permanent permit awarded and and it’s got two producing mines and then it puts um El sadoro into production and then it uses the money to get La Fortuna it’s Fourth uh mine producing and La Fortuna has already got

most of the permits it needs at least the environmental ones and then suddenly in two or three years we are looking at a 200,000 ounce uh producer and so you know it gets rated by the market anyway but in if in addition we go into gold a proper gold uh uh mining Junior mining bull market where perception of Everything Changes then this thing you know it’s 30 it’s 30 cents at the moment could easily be a150 you know with a change of perception and the growth so I like those kind of companies where the

risk is the weight is drisk but I thought that with Monera Alamos when it was at 60 cents it hared in fact in in December it went at 25 cents and and and you know another company I look at uh once Manita now still a gold bu bulk grade low tonnage deposit had one of the cheap it was the the the cheapest uh the largest undeveloped gold asset in North America it was trading at like $10 an ounce in the go a ground whereas peers are trading at 30 to $40 an ounce in in a in the ground just to get a similar

recognition to its peers you thought the St was going to d triple or quadruple you thought a a senior looking to replenish um gold ounces had to buy this one um it didn’t and the stock went down it hared then it went into new management and and the new management like the the new CEO is married to the cheap Operating Officer of ago Eagle they’re literally sleeping in the same bed at night do you think they’re not going to be talking about this amazing deposit of course they are so you thought well maybe it’ll go up and down

thing the stock hared again you know so I thought that one would be a drisk a drisk weight because you were getting this gold so cheap it couldn’t get any cheaper well guess what it did get cheaper so so it’s just really really hard to to to find when when the sentiment is against you you can stock pick to your heart’s content and it’s really hard to get it right but when this thing turns and maybe it’s turning a little bit now and the Juniors start flying then these things will go up five or 10 times absolutely that’s what I’m

betting on that’s what my portfolio’s gear towards as well Dominic you know that so we’ve talked about that plenty of times um Dominic maybe last question maybe to summarize our discussion as well I kind of like that question for that if I were to come to you with a million dollars and ask you Dominic help me allocate my money how would you do it and again not Financial advice like is really hypothetical question sort of summarize our discussion points here well in my newsletter the flying frisbee

uh I have a thing called the Dolce far portfolio and that is Italian for do sweet nothing and the idea of this portfolio is that we allocate it and then you don’t need to look at it and we have a minor reallocation uh you know maybe once every six months or once a year and I should I haven’t got it on my screen but off the top of my head uh we have something like 50 to 20% 15 to 20% in physical gold 5% in Bitcoin 5% in uranium we have an allocation to um uh when I say uranium not uranium miners I don’t believe in uranium miners

because most of most uranium mine like of the 35 companies or however many it is in the um uranium ETF there’s like three that are actually producing and most of the other ones will never be producing uh you know not you know not for 10 or 20 years there’s um because they just won’t get the the necessary planning permits and so they are net drains on Capital that just go up because perception changes so I’m not a fan of uranium miners for that reason I just advocate owning uranium itself yellow

cake is the the um UK uh way of doing that and there’s a sprot uranium ETF where you can do it as well so I just Advocate earning uranium because we need this uranium and there is going to be a shortage at the moment the market is telling you there isn’t a shortage but there will be um I have earning oil and gas um uh companies and even though Trump wants lower oil and gas prices these companies are still going to make more money I think um if you wanted to speculate it might be worth putting some

money into the North Sea because then they’re going to have to change their ban on the UK is gonna have to change their ban on the North Sea before long but in any case um and then I have a very large allocation to equities around the world and the the simplest way to do that is just to have just to own the S&P but you could buy one of those I can’t remember what it’s called msft or something but just a global uh equities fund but you’ve got to own equities I don’t have a large allocation to bonds

and that kind of thing because I don’t understand them but we’ve got a little bit in there as well but that gives you a rough idea of where I see things going msci msft is Microsoft oh Ms thank you fantastic no Dominic really really appreciate your time I know you’re busy working towards a deadline for a publication of your of a new book you share the title yes it’s called The Secret history of gold it’s published by penguin and it comes out uh late August oh okay by penguin as well so that’s going to be a big hit at the

train stations I hope so fantastic I’ll definitely grab a copy when it comes out uh really looking forward to that Dominic uh in the meantime where can we send our viewers please go to the Flying fris.nc.gov version uh that you can sign up to and if you want to go for the paid option you can maybe sign up for the free version then if you like it you can upgrade what’s the conversion rate just kid just kidding just kidding Dominic really appreciate your time average if I do offers though if I do

offers then it suddenly spikes yeah no I was like I mean I love chatting with you I gotta be careful you know stay focused sometimes as well because when we talked Stellar gold there was a layup in there for something really incorrect to say um we talked about you know uh the bed story The Bedtime Story with Stellar gold like you provided an easy setup for an inappropriate joke there oh I see sorry yeah yeah yeah and why the stock wouldn’t go up you know um oh I see okay that was too easy of a layup I I I have

to bite my my lip here but uh Dominic really appreciate your time really enjoy our conversation as always stay on for a second I got to say thank you to our listeners uh for tuning in I hope you enjoyed this Con conversation with Dominic frisbee go check out the flying frisbee .c great substack really entertaining content not just you know the the boring usual like gold gold blah blah blah it’s really entertaining mining stocks Junior mining stocks or exploration stocks being covered as well so go check that out if you haven’t done

so hit that like And subscribe button for our channel it’s free it doesn’t cost you a thing you won’t see it on a credit card statement it is free so thank you so much for tuning in we’ll be back with lots more on S financially thank you