$15,000 Gold, $125 Uranium, $0 Lithium | Adam Rozencwajg Interview

Рет қаралды 18,100

Күн бұрын

In this interview with Adam Rozencwajg from gorozen.com, we discussed his perspectives on lithium and other battery metals, emerging markets, uranium, and gold holdings.
Adam provided insights into investment strategies and the potential of commodities, especially uranium and copper. He addressed challenges and misconceptions surrounding electric vehicles and shared his views on energy demand.
Additionally, Adam shared his thoughts on the US dollar's status as a reserve currency, the undervaluation of gold, and historical instances of monetary regime changes.
The information provided in this publication is
general & impersonal in nature and meant for entertainment purposes only.
Timestamps:
00:00 recap
01:50 what’s inside the portfolio of Adam?
08:05 how much is his portfolio worth?
09:57 does Adam invest in the battery metals sector?
14:40 what’s his perspective on copper demand?
25:25 is there a way to take emerging markets into account?
32:55 what is Adam’s take on energy demand?
38:37 does he invest in both thermal and met coal?
44:49 what is Adam’s approach to investing in uranium?
50:53 how does Adam exit his position in uranium?
56:35 how to make top-down investing decisions?
01:01:06 when will there be a monetary regime change?
01:09:28 where will gold equities go?
01:16:01 contact details

Пікірлер: 153

@danies3335 2 ай бұрын

GREAT EXCHANGE! THX AND YES BRING BACK ADAM EVERY 6 MONTHS

@ResourceTalks 2 ай бұрын

6 months sounds like a good idea! Thank you for the kind feedback, D!

@jquint57 2 ай бұрын

Good work Antonio. You are coming along and growing. All of this work will pay off for you!

@ResourceTalks 2 ай бұрын

Thank you for the kind words, J. I appreciate you!

@FredSanford2003 2 ай бұрын

@@ResourceTalks I predict in 2035 or so you will be next Rick Rule, only you'll still have the same sense of humor you do now

@jamesheadings8956 2 ай бұрын

This seems extremely conservative on uranium. I don't see how with reactors shutdown to refuel in the fall uranium stays under $300. This is not hard to predict. We will probably see front running.

@Mrtrancefreak50 2 ай бұрын

It will front run for at least a decade😊

@r.s.334 2 ай бұрын

I agree. Unless he means they will start at $120 and by the time they produce it will have hit $200-300.

@ResourceTalks 2 ай бұрын

I don't think it's "extremely conservative". Adam got there by accounting for the cost of production and a good margin on top. Could it overshoot? Of course. Should you expect that and bet your life savings on that? No.

@hirosato1548 2 ай бұрын

I think he meant that’s where it will settle long term to incentivize new production after overshooting to ‘multiple hundreds’ to clear existing inventory

@davidstud3952 2 ай бұрын

He said overshoots possible into the hundreds easily possible

@bjornakerlund525 2 ай бұрын

Great discussion. Adam is always worth listening to. Thx Antonio.

@ResourceTalks 2 ай бұрын

Thanks for listening, Bjorn. I'm glad you're finding value in these chats. I appreciate your kind words!

@bropain 2 ай бұрын

Excellent guest! Very pragmatic and insightful! Great work!

@ResourceTalks 2 ай бұрын

Thank you for the kind feedback, sir!

@davidstud3952 2 ай бұрын

Great guest! 👍👍 His regular price target of 7-8k gold aligns with the history avg of gold being 2% of assets. its now at 0,5%. So to avg is x4 = 8k. These numbers I heard from RR, maybe Adams numbers origin from that?

@ResourceTalks 2 ай бұрын

I suppose the timing of it all matters, too. If it takes the same time for gold to reach that as it did for it to go from $250 to $2,200, there wouldn't be much to disagree with there.

@gregfridholm2136 2 ай бұрын

30:42 "Just don't worry about demand." So glad to hear this perspective, because I've been loading up on copper in the face of a possible recession. It can get unnerving...

@ResourceTalks 2 ай бұрын

The time frames here should be respected, too. Adam is talking about very long-term moves in the market. Something most of us won't want to stick around for.

@gregfridholm2136 2 ай бұрын

@@ResourceTalks Correct, right, yes. Like Adam said, copper investment now is to raise the rest the whole world to electrification (if they want it). Most will, as we do, so thus the progeny of today's investors benefit. When I finance copper development today, perhaps I will be able to pay for education 10-15 years from now for those who want it? Grandkids first, anybody else next...

@torarnemoxheim4756 2 ай бұрын

When i buy gold miners I want the ondes which also produces copper

@paulginsberg6942 2 ай бұрын

Adam is numero uno in the resource space. Him and Rick Rule.

@ResourceTalks 2 ай бұрын

Yes, Adam is great. Thank you for stopping by, Paul!

@user-iz2eg2ix4l 2 ай бұрын

Great video! Antonio I look forward to watching each new video that you produce. Thank you! Adam was a great guest speaker. Very insightful.

@ResourceTalks 2 ай бұрын

Thank you for the kind words, F! I'm glad you're finding value in these.

@cfrimodt6160 2 ай бұрын

So awesome that you show relevant graphs/pictures suring the interview. That is really world class

@ResourceTalks 2 ай бұрын

Thank you, C. I'll let my wife know you appreciate her work. She'll be happy. Thank you!

@alanread4763 2 ай бұрын

Very enlightening guys. Thumbs Up from the UK.

@ResourceTalks 2 ай бұрын

Thank you for stopping by, Alan!

@peterchung7151 2 ай бұрын

Great interview and insights. I pretty much agree with everything Adam said and got my money in the same commodity sectors. Thank you Adam & Antonio 🙏

@ResourceTalks 2 ай бұрын

Thank you for the kind feedback, Peter. I'm glad you're finding value in these.

@SSISubstack 2 ай бұрын

Great interview. Thanks man!

@ResourceTalks 2 ай бұрын

Thank you for stopping by and your kind words, S!

@GrumpierByTheDay 2 ай бұрын

Good conversation!

@ResourceTalks 2 ай бұрын

Thank you for the kind words!

@melindaxbc5605 2 ай бұрын

Great interview!

@ResourceTalks 2 ай бұрын

Thank you for stopping by, Melinda!

@malekmalek9064 2 ай бұрын

Great interview

@ResourceTalks 2 ай бұрын

Thank you, Malek. Always appreciate your kind words!

@ericprouty 2 ай бұрын

This guy is smart!!!! (and interviewer too)

@ResourceTalks 2 ай бұрын

The interviewer is average, but the guest makes him looks smart. Always appreciated, Eric!

@davidfield4432 2 ай бұрын

Here we go…. 👍👍👍👍

@ResourceTalks 2 ай бұрын

Yes sir!

@BatmanBoss 2 ай бұрын

Thanks

@ResourceTalks 2 ай бұрын

Thank you for the continued support, Boss. I was about to call you "Batman", but then I didn't want to lose my life, given you're Batman's boss!

@leodoro8877 2 ай бұрын

Had no idea it was Johnson that began to close gold redemptions in 1968 prior to the final closing in 1971.

@ResourceTalks 2 ай бұрын

Welp ... the more we know.

@smhpilot 2 ай бұрын

excellent analysis and outlook on energy and metals.

@ResourceTalks 2 ай бұрын

I'm glad you're finding value in this, S! Thank you for stopping by.

@ozw123 2 ай бұрын

That was a goodie.

@ResourceTalks 2 ай бұрын

Thank you for the kind feedback!

@r.s.334 2 ай бұрын

Kick ass, Antonio.

@ResourceTalks 2 ай бұрын

Thank you for being here, RS!

@justfedup 2 ай бұрын

Antonio, what are your winners so far in the pm sector?

@ResourceTalks 2 ай бұрын

I only own 4 stocks, and only 1 of them is in the green. I haven't realised any profits, so I suppose I have no winners.

@TheRustyLM 2 ай бұрын

@@ResourceTalks oh man. I bet your wife loves that! But we still love you! 🥰

@hirosato1548 2 ай бұрын

@@ResourceTalksthey say patience yada yada yada but it’s probably true at the moment

@bobbiecrider6964 2 ай бұрын

Energy is Life. Lots of energy is a good life.

@ResourceTalks 2 ай бұрын

Lots of energy = lots of lives?

@gregfridholm2136 2 ай бұрын

Energy is Liberty!

@gregfridholm2136 2 ай бұрын

@@ResourceTalks yep

@bobbiecrider6964 2 ай бұрын

@@gregfridholm2136 SMR cometh Liberty is sound money...

@neilweston7605 2 ай бұрын

Thankyou ants.And guest ok.

@ResourceTalks 2 ай бұрын

Thank you for being here, Neil! I'm glad you're finding value in these.

@BrazilianSwedSamurai 2 ай бұрын

Hey Antonio, been following you for a while. Would you consider uploading to Spotify? KZfaq forces me to have the app opened 😅

@ResourceTalks 2 ай бұрын

You can download KZfaq Music. Game changer. And free.

@bobbiecrider6964 2 ай бұрын

Good Morning, it's 0430 Friday March 29th. 👍👍 Today is Four new tires day $850.00. I wanted them before the world goes to war and They become unavailable. Yet I want some new Gold backs too.

@ResourceTalks 2 ай бұрын

It's 11 AM here! Thank you for being here, Bobbie. Those are expensive tires.

@bobbiecrider6964 2 ай бұрын

@@ResourceTalks LT 245 /16

@bobbiecrider6964 2 ай бұрын

@@ResourceTalks As I remember, last time I brought tires for this Truck 14 years ago the price was closer to just over 400.00

@justfedup 2 ай бұрын

Good golly, a set of tires for any car costs at least 1000$ easy, a 3/4 ton pickup truck is 2000$

@bobbiecrider6964 2 ай бұрын

@@justfedup Yes My four for my three quarter ton cargo van was &824.08 Illinois Tax. Its a highway truck. It has 357 thousand miles on the odometer. It's at least the fourth set I've purchased over this trucks lifetime. I would guess tires still range low to high in price for application I wonder what the cop car tires are costing these days? . Wasting money is never a good idea. If we have a world war at least my truck has good tires...

@reggieduquesnoy 2 ай бұрын

A CONTRARIO, the Honest man's fundamental posture...

@ResourceTalks 2 ай бұрын

Nice.

@reggieduquesnoy 2 ай бұрын

@@ResourceTalks check out Alasdair Macleod, the best economist (my humble opinion, I used to be one, but not of the "distinguished" school) and his tremendous insight: Only "GOLD" is money, all the rest is credit. And Gold encompasses all the other commodities. For practical purposes, as an outsider you don't even need even to fool around with the complex universe of gold stocks, just buy the 5 to 10 Royalty companies for risk adjusted torque and exposure. Keep it simple! But, credit where it is due, Adam and his partner are exemplary contrarians...a joy to listen to and to read their remarkable output!

@ResourceTalks 2 ай бұрын

I've had Alasdair on a few times. Need to have him back on soo. He's got some interesting opinions.

@caseforsilver 2 ай бұрын

Did you win the fight my friend? 😂

@ResourceTalks 2 ай бұрын

Always. Wait ... did I?

@higgos72 2 ай бұрын

Thanks again, Antonio. Have you been burning the candle at both ends? You look tired.

@ResourceTalks 2 ай бұрын

Haha, thank you, H! I think it's the lighting + the shape of my face/eyes. I get a good amount of sleep.

@torarnemoxheim4756 2 ай бұрын

I have a free hedge on copper through my gold miners like Barrick, Newmont, among some juniors as well. Allready deeply undervalued gold shares, and few see their potensial cash flow from higher copper price as well. We will learn more after q1 and q2 reportasje and more investors will catch on

@ResourceTalks 2 ай бұрын

Do you think the market would give the gold miners any value for the copper if/when copper starts running?

@torarnemoxheim4756 2 ай бұрын

@@ResourceTalks yes, i think so, barrick seems to want investors to look at it as both gold and copper producer

@ResourceTalks 2 ай бұрын

Yes, all of them do because it's tied to the "energy transition". The question is - does the market want to see it that way?

@torarnemoxheim4756 2 ай бұрын

@@ResourceTalks btw, I think I know Why miners have been systematically doing so badly for the last years

@torarnemoxheim4756 2 ай бұрын

Give it a quarter or two and the copper profits will appear on investors radars Thanks for a great channel, I especially like that its an European host

@PerfDayToday 2 ай бұрын

Adam is one smart 🍪

@ResourceTalks 2 ай бұрын

I typically don't like emojis, but I'll make an exception for the cookie one. It's kinda cool.

@AlexanderBuch 2 ай бұрын

All I want for next Christmas is Christine Lagarde being my exit liquidity

@ResourceTalks 2 ай бұрын

big same

@kacycat5768 2 ай бұрын

Very conservative on uranium he’ll have a new much higher price target when it hits 125… as far as nickel goes. Rick rule is the smartest man on the planet when it comes to commodities and he’s loading up on nickel.

@ResourceTalks 2 ай бұрын

$125 long-term price for a sustained period of time solves a lot of issues. That's not to say an overshoot is improbable, as Adam pointed out.

@malekmalek9064 2 ай бұрын

Still a lot of foreign debt to US out there,so the dollar won't be gone that easely imho

@ResourceTalks 2 ай бұрын

I agree. It's definitely not a 1-5 year thing, imo.

@vijjreddy 2 ай бұрын

URANIUM ALREADY SAW SALES EVEN AT 200... 15000 GOLD SURE BUT NOT UNTIL 30TH CENTURY..MAY BE 31ST CENTURY JUST TO BE IN RHYME WITH 21ST, THAT IS PROVIDED DOLLAR SURVIVES UNTIL THEN

@ResourceTalks 2 ай бұрын

Maybe we'd all live forever by then!

@toppersunglasses9288 2 ай бұрын

Central banks are accumulating gold not bitcoin

@ResourceTalks 2 ай бұрын

Or maybe both?

@vverybright 2 ай бұрын

Not bullish on podcasts? 😄 🙋‍♂️🙋‍♀️

@ResourceTalks 2 ай бұрын

big same

@jeffsurfanderson 2 ай бұрын

How many countries are looking into producing more nuclear power plants I thought there was a good number to the point where it is the new green energy going forward and who knows if this will lead into nuclear-powered cars. Imagine that not having to fuel or charge your car for 85 years. Hell yeah. I think Elon Musk should turn his Focus to that.

@ResourceTalks 2 ай бұрын

A lot of countries are doing something in the nuclear space, but not many are doing enough to cover most of their energy needs. That also takes time.

@janenefinneran-wj2iw 2 ай бұрын

What's funny is based on dollar debating which these gold people discuss it should be way higher already

@ResourceTalks 2 ай бұрын

It is?

@evergreen1982 2 ай бұрын

EVs use less resources when looking at life time use, and renewables are already substantially reducing fossil consumption based on energy Service. Do not look at primary energy comparisons, as renewables do not have all the waste energy included as fossil does

@ResourceTalks 2 ай бұрын

You're correct. Renewables have far worse waste than nuclear, for example. EVs are only less resource-intensive when you drive when for unrealistic distances (+200K kms).

@user-uz7of5sc2q 2 ай бұрын

If the SMRs actually happen, $250 to $300 per pound is logical. If SMRs don’t happen, and China halves its builds, then $125 is very realistic.

@ResourceTalks 2 ай бұрын

Why SMRs specifically?

@user-uz7of5sc2q 2 ай бұрын

Because SMR fuel demand is not factored in to demand forecasts as the number of units is an unknown that no one seems confident to predict it.

@mutantryeff 2 ай бұрын

!!!

@ResourceTalks 2 ай бұрын

Always first!

@billhammett174 2 ай бұрын

Damn that graphic sucks!

@ResourceTalks 2 ай бұрын

Which one?

@GillAgainsIsland12 2 ай бұрын

Silver is a sleeping giant. When more people understand the importance of physical gold they will turn to silver as the only affordable option.

@ResourceTalks 2 ай бұрын

What is the timeframe for you prediction?

@GillAgainsIsland12 2 ай бұрын

@@ResourceTalks Shouldn't be much longer, as long as gold keeps rising. That kind of action can't go unnoticed by the general population of investors for much longer. If gold breaks through the $2500 mark, silver should break out. Maybe even before then.

@BillbyeDha-xn3ks 2 ай бұрын

Everything he said in regards to lithium being bearish is stupid 😂😂😂😂 He had 0 facts on the lithium market.

@ResourceTalks 2 ай бұрын

Why?

@silviofontana5144 2 ай бұрын

Gosh, I never seem to be amazed at how some of these guys are becoming real whacko's in their price estimation.

@chrisdowns422 2 ай бұрын

Some random number = more clicks.

@RationalSpeculator 2 ай бұрын

Those prices aren't at all amazing but highly probable. Considering the facts and soundness of the arguments, you'd be a real whacko to not expect prices at those levels in a few years.

@ResourceTalks 2 ай бұрын

I don't agree. Timing is everything here. Adam didn't say it would happen by the end of the year. He explained it well.

@silviofontana5144 2 ай бұрын

probable? real investment advice@@RationalSpeculator

@user-uz7of5sc2q 2 ай бұрын

The utilities wouldn’t care about $300 or $400 as it’s still only 6 to 8 percent of running costs, and in fact they would pay $500 instead of shutting the plant down.