Joe Ovsenek

"You want your latest cell phone AI... you can't have AI without power. You need copper to conduct electricity." The "AI trade" is actually a "Power & Infrastructure trade." As tech demand for energy grows, the physical constraint is copper. Since new mines are hard to permit, existing copper producers possess scarce, appreciating assets. LONG (Thematic Sector Play). Global recession dampening industrial demand; substitution of copper in transmission.

"The market caps of the juniors and even the developers aren't fully reflecting the spot price today... they're behind by $1,500, $2,000." There is a massive arbitrage opportunity between the commodity price ($5,000) and the equity valuations (priced at ~$3,500). As producers report record free cash flow at these margins, capital will inevitably rotate down to developers and juniors to fund growth and replace depletion. LONG (Valuation Arbitrage). Rising input costs (energy/labor) eating into margins; lack of generalist investor interest in the sector.

"We are looking at a multipolar world... really a bipolar world, China and the US... if you're on the China side... you're not going to want to hold US dollars." The structural bid for gold is no longer just retail investment but sovereign accumulation (Central Banks) seeking to de-dollarize. This creates a price floor and continued upside independent of standard economic cycles. LONG (Macro Hedge). Geopolitical tensions easing (unlikely per speaker); aggressive Fed tightening strengthening the USD.

Tudor Gold has a resource of "24.9 million ounces of indicated gold... plus copper and silver." They are targeting a Preliminary Economic Assessment (PEA) for "this summer" (2026). The stock is up 50% recently but still lags the move in spot gold. With a massive resource base in a safe jurisdiction (British Columbia) and a near-term catalyst (PEA), the stock is a prime candidate for repricing or M&A as majors look to replace depleted reserves. LONG (Specific Catalyst Play). Permitting delays in Canada; failure to deliver positive economics in the PEA; gold price correction.