Rob Bruggeman

"I would say there's significant more upside... I think it's going to be higher than where we are today especially on gold." Central banks (especially in Asia and emerging markets) are aggressively buying gold to diversify their reserves away from the US Dollar due to weaponized trade policies and sanctions. Combined with massive US deficit spending that erodes fiat purchasing power, capital is structurally forced into hard assets to preserve wealth. LONG. Gold serves as the primary beneficiary of global de-dollarization and inevitable fiat currency debasement. A Republican sweep in the US elections that successfully implements policies to strengthen the dollar, cut spending, and resolve geopolitical trade frictions could stall gold's momentum.

"The copper story is phenomenal and that's because you just need so much of it for these new hyperscaler data centers... you're going to need the equivalent of a couple of the world's biggest mines to come on stream every year." The physical world is facing a severe structural deficit in copper supply driven by AI infrastructure, EVs, and grid electrification. Because major miners cannot build new capacity fast enough to meet this demand, copper prices must rise, and large-cap miners will be forced to acquire smaller explorers with viable porphyry projects at a premium to replace their depleting reserves. LONG. The intersection of explosive AI infrastructure demand and heavily constrained physical supply creates a highly bullish setup for copper equities. Short-term price pullbacks due to US tariff policies altering trade flows, or a broad macroeconomic recession dampening immediate industrial demand.

"The copper story is phenomenal and that's because you just need so much of it for these new hyperscaler data centers... you're going to need the equivalent of a couple of the world's biggest mines to come on stream every year." The physical world is facing a severe structural deficit in copper supply driven by AI infrastructure, EVs, and grid electrification. Because major miners cannot build new capacity fast enough to meet this demand, copper prices must rise, and large-cap miners will be forced to acquire smaller explorers with viable porphyry projects at a premium to replace their depleting reserves. LONG. The intersection of explosive AI infrastructure demand and heavily constrained physical supply creates a highly bullish setup for copper equities. Short-term price pullbacks due to US tariff policies altering trade flows, or a broad macroeconomic recession dampening immediate industrial demand.

"You're running at about 20% cost inflation right now... I really like producers or near-term producers in the gold space versus anything that's more than say three years out." Building new mines has become prohibitively expensive due to severe inflation in materials and labor (a $500M project today will cost $1B in five years). Therefore, junior explorers face massive dilution and execution risk, while companies that have already spent their capital and are currently producing gold will capture the full margin expansion of rising spot prices. LONG. Established gold producers are positioned to generate massive free cash flow while avoiding the severe CAPEX inflation plaguing new mine construction. Management teams returning to poor capital discipline (e.g., overpaying for low-grade acquisitions) instead of returning cash to shareholders.

"You're running at about 20% cost inflation right now... I really like producers or near-term producers in the gold space versus anything that's more than say three years out." Building new mines has become prohibitively expensive due to severe inflation in materials and labor (a $500M project today will cost $1B in five years). Therefore, junior explorers face massive dilution and execution risk, while companies that have already spent their capital and are currently producing gold will capture the full margin expansion of rising spot prices. LONG. Established gold producers are positioned to generate massive free cash flow while avoiding the severe CAPEX inflation plaguing new mine construction. Management teams returning to poor capital discipline (e.g., overpaying for low-grade acquisitions) instead of returning cash to shareholders.

"The copper story is phenomenal and that's because you just need so much of it for these new hyperscaler data centers... you're going to need the equivalent of a couple of the world's biggest mines to come on stream every year." The physical world is facing a severe structural deficit in copper supply driven by AI infrastructure, EVs, and grid electrification. Because major miners cannot build new capacity fast enough to meet this demand, copper prices must rise, and large-cap miners will be forced to acquire smaller explorers with viable porphyry projects at a premium to replace their depleting reserves. LONG. The intersection of explosive AI infrastructure demand and heavily constrained physical supply creates a highly bullish setup for copper equities. Short-term price pullbacks due to US tariff policies altering trade flows, or a broad macroeconomic recession dampening immediate industrial demand.