Brett Heath: Silver’s Big Moment – Is a Market Reversal Coming?

May 15, 2025

Brett Heath, CEO of Metalla Royalty and Streaming, boasts over two decades in the royalty sector and has built significant value through the royalty model. He discusses the robust demand for gold driven by macroeconomic shifts and central bank diversification, emphasizing the undervaluation of gold equities. Brett also reveals emerging market economies are decreasing U.S. treasury holdings while accumulating gold. He suggests that the time is ripe for investors to consider high-quality gold assets and notes silver’s potential for a rebound despite currently lagging behind.

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INSIGHT

Emerging Markets Boost Gold Demand

Emerging market economies are reducing exposure to US treasuries and increasing gold reserves for diversification and risk reduction.
This macro trend is driving a strong, sustained bid under gold, signaling a long-term bullish market despite short-term volatility.

INSIGHT

Gold Equities Underowned Yet Attractive

Capital is already rotating toward gold equities as a relative sector underperformance begins to reverse.
Gold remains the most under-owned asset percentage-wise in the last 40 years, indicating room for significant inflows.

INSIGHT

Gold Mining Profits Attract Capital

Gold mining companies are becoming more profitable as equity prices rise and margins expand.
Investors will increasingly value gold equities based on strong business fundamentals, driving further capital rotation into the sector.

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Tom Bodrovics welcomes back Brett Heath, CEO of Metalla Royalty and Streaming, to discuss the current state of the gold industry. Brett highlights a strong bid under gold, driven by macroeconomic factors such as shifting perceptions around US assets and central bank diversification into gold. He notes that emerging market economies are reducing their exposure to US treasuries and increasing gold reserves, creating sustained demand.

Brett emphasizes the undervalued nature of gold equities compared to historical standards, suggesting they are attractively priced for investors seeking stability and cash flow. He points to increased M&A activity as companies scramble to acquire high-quality assets amid a scarcity of scalable projects. Brett also discusses the speculative nature of silver, which is currently underperforming relative to gold, but sees potential for a rebound if sentiment shifts.

Overall, Brett paints a bullish picture for gold, with significant long-term appreciation expected despite short-term volatility. He urges investors to monitor trends in asset valuation and central bank activity, signaling that now may be an opportune time to invest in high-quality gold assets.

Time Stamp References:
0:00 – Introduction
0:40 – Global Macro Picture
5:20 – C. Banks East Vs West
6:27 – Who Buys Next?
8:26 – Timeline & Mkt. Direction
10:25 – GDX & GDX.J Outflows
12:38 – Gold, Fed & Catalysts
16:05 – Inflation Drivers
19:08 – U.S. Debt & Servicing
21:42 – Industry Sentiment
25:28 – Hurdles for Gold?
28:53 – Chaotic M&A Coming?
30:50 – Perception & Valuations
36:03 – Silver Ratio Thoughts
39:13 – Violent Reversal Silver
40:15 – Wrap Up

Guest Links:
Website: https://www.metallaroyalty.com/
LinkedIn: https://www.linkedin.com/company/metalla-royalty-and-streaming-ltd.
Twitter: https://x.com/metallaroyalty

Brett Heath is Chief Executive Officer and Director of Metalla Royalty & Streaming. Mr. Heath has a comprehensive career in the royalty sector and public markets with over two decades of experience. Over his career, he has founded and built over $1 billion in value using the royalty model in the public and private markets. He is currently the Chief Executive Officer of Metalla Royalty (NYSE: MTA) and Director of Key Carbon Ltd. (Private). He has completed over 50 royalty transactions in gold, silver, copper, nickel, and carbon markets with a diverse group of counterparties from major corporates, private equity, and private interests.