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Jekyll Island Series – Matt Geiger: Keynote: Why I Hate Gold, But Still Like Gold Equities

Matt discusses the reasons why he does not find gold as appealing as other metals. Much of the demand for gold comes from jewelry and investment. There is a lot of jewelry purchased in India and China. Very little gold is used in industry mostly because of the cost.

In 2017 half of all non-ferrous metals exploration globally was spent looking for gold. That’s a huge number when you think about it. Gold exploration dominates the junior mining world. He prefers metals that help the world live a modern lifestyle.

Matt is very selective when it comes to purchasing stocks. You should examine at least twenty opportunities and choose the best one. While he doesn’t love the metals, he feels there are some pretty astounding bargains in the space. Many companies in the gold market are undervalued this in contrast to other metals where these opportunities are much harder to find.

Mr. Geiger feels there are many “diamond in the rough” opportunities among gold juniors. These companies are too small for large investment companies. Junior companies are far more likely to have out-sized returns than large companies as they have more room to grow.

He discusses four areas of interest which are clean power generation, electric vehicle revolution, higher value diets, and the Internet-of-things. Most people want the 21st-century lifestyle which is why he likes silver, copper, uranium, and rare earth metals. He is currently bullish on nickel with its uses in electric vehicle batteries.

Talking Points From This Week’s Episode
• Thinks gold is overrated that other industrial metals will perform better long-term.
• He likes silver for its practical uses.
• Provides an overview of needed 21st-century metals which he thinks will do well.
• He feels agricultural commodities like phosphates are good buys.

Mr. Geiger is Managing Partner at MJG Capital which is a limited partnership specializing in long-term natural resource investments. They adhere to bottom-up security analysis and maintain a long-only portfolio of resource equities. The partnership adheres to a bottom-up security analysis within the context of four ongoing macroeconomic themes: global food scarcity, global fuel/energy scarcity, regional water scarcity, and the emerging world’s infrastructure build out. Their holdings include explorers, developer and producers of energy, industrial, precious and agricultural minerals and metals.