Bull Market Thinking
I had the great opportunity recently to reconnect with the founder and former CEO of Goldcorp, Rob McEwen. He is now the Chairman and Chief Owner of McEwen Mining.
It was an interesting discussion, as Rob indicated we are very close to a significant turnaround in both metals and mining shares, to which the speed of recovery coming out of this bear market, will be absolutely dramatic.
Starting out with an expected catalyst for recovery of the mining sector, Rob said, “The next run in this market is going to be [driven by] gold moving higher…You look at the broad market right now. The stock market is quite high at the moment and on a relative basis, gold is very cheap. So I think some investors will be looking at relative value situations and saying, ‘Maybe I should have some gold in my portfolio now.‘ It’s off quite a bit from its highs, and I still believe our monetary base is being debased and one needs to protect their capital…[so for that reason] I don’t think there’s much more on the downside in gold—maybe five percent.”
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