Recorded on Dec15, 2022.

Questions: apattanaik@sprottglobal.com

TOPICS COVERED:

0:00 Introduction.

MACRO MUSINGS
1:00 A review of the macro landscape.
8:50 Gold in a higher nominal rate environment.
14:05 Timing the Gold investment thesis.
17:00 Liquidity vs. Solvency : the nature of the markets.

OPPORTUNITIES
24:00 Gold Mid-tier Miners - Cheapest in 40 years on a P/NAV basis relative to spot.
34:00 Investing vs. Speculating in the Miners.
37:00 Alpha vs. Beta approaches to capturing rising metal prices.
43:00 Positioning in Silver equities.
46:00 Closing Comments for the year ahead.


Disclosures:
Past performance is no indication of future returns. The views and opinions expressed herein are those of the author’s as of the date of this commentary and are subject to change without notice. This writing is for informational purposes only and is not intended to result in a sale of any financial product or service or a recommendation or that any strategy is suitable for a specific investor. This information is not intended to provide financial, tax, legal, accounting or other professional guidance.
Sprott affiliates, entities that it controls, family, friends, employees, associates, and others may hold positions in the securities it recommends to clients and may sell the same at any time. Please consult with your financial professional for suitable recommendations for your personal financial situation. The information is for information purposes only and is not intended to be an offer or solicitation for the sale of any financial product or service or a recommendation or determination by Sprott Global Resource Investments Ltd. or Sprott Asset Management USA, Inc. that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the objectives of the investor, financial situation, investment horizon, and particular needs. This information is not intended to provide financial, tax, legal, accounting or other professional advice since such advice always requires consideration of individual circumstances. The products discussed herein are not insured by the FDIC or any other governmental agency, are subject to risks, including a possible loss of the principal amount invested. Any information received is based on both internal and externally available information and is not to be considered an endorsement or conclusion on any companies’ financial prospects, resource or management. Opinions expressed are subject to change and may not be relied upon. Please seek your own investment advice for your particular set of circumstances. Any information received in response to the Rankings project is proprietary and confidential and may not be distributed or disseminated by the recipient without Sprott’s permission
Generally, natural resources investments are more volatile on a daily basis and have higher headline risk than other sectors as they tend to be more sensitive to economic data, political and regulatory events as well as underlying commodity prices. Natural resource investments are influenced by the price of underlying commodities like oil, gas, metals, coal, etc.; several of which trade on various exchanges and have price fluctuations based on short-term dynamics partly driven by demand/supply and nowadays also by investment flows. Natural resource investments tend to react more sensitively to global events and economic data than other sectors, whether it is a natural disaster like an earthquake, political upheaval in the Middle East, viral pandemic or release of employment data in the U.S. Low priced securities can be very risky and may result in the loss of part or all of your investment. Because of significant volatility, large dealer spreads and very limited market liquidity, typically you will not be able to sell a low priced security immediately back to the dealer at the same price it sold the stock to you. In some cases, the stock may fall quickly in value. Investing in foreign markets may entail greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks. You should carefully consider whether trading in low priced and international securities is suitable for you in light of your circumstances and financial resources.

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