Palisades Gold Radio

Stijn Schmitz welcomes Greg Orrell to the show. Greg Orrell is President and Portfolio Manager, OCM Gold Fund. In this engaging discussion, Orrell provides deep insights into the current gold market, highlighting the significant price movements and underlying economic factors driving precious metals’ performance. Orrell explains that gold’s current surge, over 50% this year, is primarily driven by global government debt and currency debasement. He argues that central banks are increasingly viewing gold as a stability anchor, with many countries looking to diversify away from the US dollar. The unprecedented monetary landscape has created a unique environment where gold is seen as a critical financial instrument. As a seasoned investor with 40 years of experience, Orrell describes himself as a long-term value investor focused on gold and silver mining companies. His investment strategy involves carefully selecting mining companies across different stages – from major producers to exploration companies – with a keen eye on management quality, project feasibility, and potential for long-term value creation. Orrell is particularly critical of mining companies that pursue “profitless prosperity” by unnecessarily lowering cut-off grades or extending mine life without creating shareholder value. He emphasizes the importance of margin expansion and maintaining disciplined investment approaches. The discussion also explores the broader economic context, including government debt, potential currency challenges, and the shifting global monetary landscape. Orrell believes we are in a unique monetary cycle driven by declining confidence in traditional currency systems. Regarding investment opportunities, Orrell suggests investors should maintain a 5-10% position in gold and silver assets as a form of monetary insurance. He sees significant potential in gold and silver miners, particularly as central banks and international markets increasingly recognize these metals’ strategic importance. Timestamps:00:00:00 – Introduction00:01:25 – Guest Background Story00:04:19 – Investment Philosophy Overview00:05:38 – Gold Market Surge Analysis00:08:45 – Government Shutdown Effects00:12:30 – Historical Currency Parallels00:16:28 – Gold & Central Banks00:19:10 – Juniors & OCM Strategies00:28:23 – Finding Value In Miners00:34:04 – Dilution & Other Concerns00:42:07 – Silver Miners & Value00:48:15 – Concluding Thoughts Guest Links: Website: https://ocmgoldfund.com/ The OCM Gold Fund has been managed by its long-time portfolio manager Greg Orrell since 1996. He is one of the longest tenured gold fund portfolio managers in the industry. With over 40 years of investment experience in the precious metals mining sector along with a deep understanding of gold’s monetary role, Greg is uniquely qualified to manage the assets of the fund. The specialized nature of the gold sector demands experience to evaluate and identify opportunities and cycles within the sector while managing the associated risks. Greg’s experience and belief in gold as money is what sets the OCM Gold Fund apart and aligns the Fund with its shareholders. Greg received his BS in Economics and Business Administration from Saint Mary’s College of California. Greg is also the president of Orrell Capital Management, investment adviser to the Fund, and received his BS in Economics and Business Administration from Saint Mary’s College of California.

Garrett Goggin, a seasoned gold analyst and founder of The Golden Portfolio, dives into the current dynamics of the gold market. He discusses the implications of skyrocketing U.S. debt and foreign central banks shifting away from treasuries. Garrett highlights the undervalued potential in gold mining companies and his focus on high-grade exploration projects. He underscores the importance of management quality and offers insights into portfolio strategies, including equal weighting and the benefits of royalty investments. The conversation also touches on the future role of silver in the market.

Tavi Costa, a macro strategist at Crescat Capital with a unique journey from Brazil's hyperinflation to finance, shares insightful market analyses. He discusses the bullish outlook for gold and silver, highlighting central banks' shift towards gold amidst economic uncertainties. Tavi emphasizes a striking 45-year cup-and-handle pattern for silver, predicting prices could soar. He also explores mining companies' profit potentials and the compelling case for investing in energy due to reduced oil inventories. Independent research is key to his strategies, making this a must-listen for investors.

Shawn Khunkhun, CEO of Dolly Varden Silver Corp and a mining industry veteran, shares his bullish outlook on silver's unique role as both a monetary and industrial metal. He emphasizes a significant supply deficit, predicting prices could surge beyond $50, potentially hitting $75 or even $150. The conversation explores rising monetary demand, central bank interest, and the challenges of increasing silver supply. Khunkhun also discusses investment strategies, suggesting physical bullion and royalty companies as smart ways to gain exposure to this undervalued asset.

In this engaging discussion, Adrian Day, CEO of Adrian Day Asset Management and expert in precious metals investing, explores the strong fundamentals driving gold. He highlights increasing interest from central banks and retail investors, alongside a significant influx into gold ETFs. Day argues that the current economic climate is favorable for gold and mining stocks, with insights on silver's market potential and the impact of geopolitical tensions on investments. He also discusses the value of major gold producers and opportunities among smaller companies.

Your host Stijn Schmitz welcomes back Michael Gentile to the show. Michael Gentile is Strategic Investor & Co-Founder of Bastion Asset Management. With a background in finance and commodities, Gentile has developed a unique investment approach in the junior mining sector, combining value investing principles with a contrarian perspective. Gentile’s investment strategy is rooted in identifying inefficient market opportunities, particularly in junior resource stocks. He focuses on companies with potential to become mines, looking for key attributes such as grade, scale, infrastructure, and management ownership. His approach involves making initial small investments (around 1% of capital) in companies with promising geological prospects, with the potential to increase stakes as companies demonstrate successful execution. Michael sees the current commodity cycle, particularly in gold, as being in its early stages. He believes we are entering a period of monetary devaluation, drawing parallels to the 1970s economic environment. Gentile argues that the unprecedented levels of government debt and the challenges of managing interest rates create a favorable backdrop for gold and other hard assets. His due diligence process is comprehensive, examining factors like drilling efficiency, management ownership, and jurisdictional risks. Unlike many investors, Michael prefers 100% ownership of projects and is cautious about joint ventures or royalty companies. Gentile looks for companies with the potential to become significant producers, focusing on the valuation and future potential of investments. Gentile’s investment philosophy emphasizes long-term thinking, often holding investments for 3-10 years and looking for opportunities where he can potentially make 20-50 times his initial investment. He is currently most bullish on gold, with secondary interest in copper and a watchful eye on oil. As part of his commitment to sharing knowledge, Gentile is planning a European road show in October, bringing six of his key mining investments to meet potential investors across five cities, offering insights into his investment approach and the junior mining sector. Timestamps: 00:00:00 – Introduction00:01:05 – Entry into Commodities00:03:40 – Competitive Advantage00:06:11 – Making Long-Term Bets00:11:15 – Commodity Cycles Lessons00:18:12 – Current Cycle Stage00:21:02 – Historical Parallels00:30:00 – Current Positioning00:32:30 – Personal Portfolio Allocation00:36:40 – Due Diligence Process00:44:38 – Business Models Variety00:48:50 – Jurisdiction Risk Concerns00:52:00 – Valuation Assessment00:55:26 – Warrants Strategy00:58:55 – Europe Roadshow & Wrap Up Guest Links:LinkedIn: https://www.linkedin.com/in/michael-gentile-01028552Website: https://www.bastion-am.com/Mining & Metals European Roadshow: https://www.amvestcapital.com/gentile-euro-roadshow-2025 Michael Gentile, CFA is Founding Partner & Senior Portfolio Manager at Bastion Asset Management. Before founding BAM, Michael was Vice President and Senior Portfolio Manager at Formula Growth Ltd for over 17 years. Michael co-managed the FG Alpha Fund (US SMid equity market neutral) between 2012 and 2018, co-managed the FG Focus Fund (US SMid long short strategy) between 2014 and 2018. Since leaving FG in 2018, Michael has been very successful investing in the gold sector also acting as Strategic Advisor and Director for several companies in the natural resource sector. Michael graduated with Great Distinction from the John Molson School of Business (Concordia University) with a Bachelor of Commerce (Finance) and received the Calvin Potter Fellowship from Concordia’s Kenneth Woods Portfolio Management Program. He also holds the Chartered Financial Analyst designation (CFA)

Jeff Phillips, a seasoned investor and president of Global Market Development, shares insights from his 30 years in natural resources. He believes we may be entering a commodities super-cycle driven by under-exploration and geopolitical supply changes. Phillips emphasizes the importance of company structure and experienced management when investing in junior mining firms. He suggests focusing on commodities like gold, copper, and uranium, while avoiding politically unstable regions. His disciplined approach to high-risk investments offers valuable lessons for potential investors.

Willem Middelkoop, an author and founder of the Commodity Discovery Fund, shares his insights on the precarious state of the global financial system. He highlights the shift away from the US dollar amidst rising geopolitical tensions, particularly due to the Ukraine conflict. Middelkoop is particularly bullish on silver, predicting it could hit $100 per ounce in the next five to ten years, driven by industrial demand and supply constraints. He emphasizes the importance of diversified investments, suggesting a mix of gold, real estate, and cryptocurrencies like Bitcoin.

Michael Oliver, a financial analyst from Momentum Structural Analysis, shares his insights on the impending shifts in financial markets. He warns of a major top in the US stock market and highlights the potential for significant disruptions in banking and Bitcoin. Oliver is particularly optimistic about silver, predicting it could soar to $60-$70 by year-end, as he sees a shift towards precious metals amid economic instability. He anticipates a prolonged bear market, drawing parallels to historical corrections.

Michael Kao, a Private Family Office Investor and former Hedge Fund Manager, shares his insights on America's economic future. He discusses the 'Trump 2.0' strategy, focusing on tariffs, redirecting fiscal spending, and managing inflation. Kao introduces the revolutionary 'reverse Marshall Plan,' suggesting that global partners should take on fiscal responsibilities. He elaborates on navigating geopolitical uncertainties, oil price fluctuations, and how innovative policies could lead to disinflationary growth, ultimately aiming to reshape the U.S. economic landscape.