Porter & Co. Black Label Podcast Garrett Goggin - The Golden Age
Oct 8, 2025
Garrett Goggin, Chief Analyst and Founder of Golden Portfolio, dives into the nuances of the gold market. He discusses the skyrocketing gold prices driven by central bank buying, explaining why this cycle is unique. Garrett delves into streaming and royalty companies, showcasing their advantages over traditional mining operations. He also touches on the performance of top management teams in the gold industry and the impact of cryptocurrencies on gold demand, leaving listeners with valuable insights on investing strategies for this precious metal.
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Central Banks Are Driving Real Demand
- Foreign central banks are actively buying gold while avoiding U.S. Treasuries, shifting true demand dynamics.
- Garrett Goggin says this change makes the current gold rally structurally different from past peaks.
Why Royalties Outperform Miners
- Royalty/streaming companies buy future production for upfront payments and earn a percentage of revenue for life.
- Garrett Goggin explains they capture exploration upside with low operating costs and limited management needs.
Mining's Dilution Problem
- Miners reinvest a large share of profits into CapEx and acquisitions, diluting shareholder returns.
- Royalties avoid this by rarely issuing shares and returning cash to shareholders.