Animal Spirits Podcast Talk Your Book: Investing in Goldminers
10 snips
May 26, 2025 
Ima Casanova is a Portfolio Manager for VanEck's gold and precious metals strategy. She dives into the intricacies of gold mining, discussing the evolution of companies from aggressive expansion to strategic capital allocation. The conversation highlights how gold prices influence mining profits and the role of demand from central banks. Listeners learn about constructing portfolios focused on gold miners and the potential of gold as a diversification tool in uncertain economic times. Casanova also shares insights on balancing investments between gold bullion and mining equities.
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Improved Gold Miner Performance
- Gold mining companies today perform better due to improved quality and management decisions.
- These miners outperformed gold in 2025, reversing past trends where they lagged behind gold price moves.
CEO Shift in Gold Mining Strategy
- CEOs of gold mining companies have shifted focus from growing for growth's sake to disciplined capital allocation.
- They now prioritize margins, life of mine extension, and shareholder returns like buybacks and dividends.
Gold Mine Life Cycle Explained
- Mine life cycles start with years of costly exploration before production.
- Mines can run for decades by continuously finding and adding reserves through exploration near active sites.