September 25, 2023 - The Gold Advisor

See Peter Krauth and Ted Butler at the Metals Investor Forum in Toronto February 27-28!

Beaver Creek Thoughts

The first question about a conference is always “How was the sentiment?”

The answer: terrible.

Companies were disappointed that not much money showed up. By ‘money’, I mean funds with cash to invest.

Funds run the gamut from small family offices to big resource-oriented private equity groups…and the list of funds at Beaver Creek was clearly down this year. The funds that did come were almost all fully allocated, which means all their mining-focused money is already invested.

Why would funds without capital to invest come to a mining conference? Two reasons:

To find new, better investments
To decide what holdings to sell should they manage (1)

The second point means companies were anxious going into meetings with funds that owned their stock because they knew they needed to convince each fund to hold. That’s the goal every time a pubco meets with an investor but the pressure this time was particularly amped up.

Left and right I heard companies bemoaning how the market used any news – good or bad – as an opportunity to sell. The junior metals space is notoriously illiquid (many stocks trade very low volumes) so when news sparks trading, investors who

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