Adrian Day is the Chairman and CEO of Adrian Day Asset Management. He is also a financial writer, having authored numerous books, including such titles as “International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders” and “Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks”.
In this interview, Adrian gave his take on macroeconomics as well as his favourite commodities and gold stocks.
Adrian said he sees a US economy slowdown on the horizon, as consumers increasingly fund spending on credit cards and debt defaults rise. He says the Magnificent Seven mega-cap tech stocks now make up a disproportionate share of US and global stock indices, and he’s expecting an outflow into overseas markets and value stocks.
He also sees inflation remaining stubbornly above the Fed’s targets, and he thinks when interest rates are cut with inflation still untamed, gold will take off.
Adrian said he sees $2100 as the price floor on gold by the end of 2024. His three favourite gold stocks are Franco-Nevada, Agnico Eagle and Wheaton Precious Metals.
Meanwhile, Adrian is bullish on the commodities complex in general, saying natural resources are at 100-year lows relative to stock prices.
He honed in on uranium, copper, gold, coal and iron ore as his highest-conviction commodity bets right now.
However, he admitted he had sold out of uranium too early, back in October 2023, but would be looking to get back in to physical holdings and Cameco on any price pull backs.
In short, Adrian gave a no-holds-barred interview, name-dropping many of the stocks he’s bullish on, while detailing the mix of macro variables that are lighting up on his dashboard right now and driving his decisions as a portfolio manager.
Timestamps
00:00 recap
00:55 what will the rest of 2024 look like?
04:40 how is the economy (GDP) still growing?
09:05 are we going into a deflationary environment?
12:24 is China exporting disinflation to the world?
15:45 will investors rotate away from US stocks?
24:45 what emerging markets does Adrian Day like?
26:50 are Brazil & Argentina headed higher or lower?
28:20 will robotics & AI cause the new roaring 20s?
35:10 does Adrian Day agree with Paul Krugman?
35:40 why is gold still going up & is it still cheap?
42:40 are institutions going to be buying gold soon?
46:40 will gold stocks keep underperforming?
50:33 which gold stocks does Adrian Day like?
56:15 does Adrian Day still hold uranium stocks?
59:00 is the uranium price too high?
01:02:05 what uranium stocks does Adrian Day like?
01:03:05 what are Adrian Day's favorite commodities?
01:10:25 does Adrian Day like platinum?
