Goehring & Rozencwajg Q1 2024 Natural Resource Market Commentary

Summary

• Goehring & Rozencwajg Associates, LLC provides financial planning and investment advisory services. The Company offers natural market capitalization resources mutual fund investments for growth in business as well as provides consulting services.
• US natural gas traded at over 50x its oil-equivalent in the first quarter -- a level last seen in 2012. However, today's gas market bears no resemblance to that of 12 years ago.
• Natural gas is one of the most unloved commodities we've ever seen. However, demand is surging and supply is now faltering. Could gas go from unloved to must-own?
• Our newest commentary, On LNG, AI & Shale Supply: We Expect The Turn in US Gas is Here, looks at how natural gas could be nearing an inflection that takes prices much higher.

https://4043042.fs1.hubspotusercontent-na1.net/hubfs/4043042/Content%20Offers/2024.Q1%20Commentary/2024.Q1%20GR%20Market%20Commentary--Final.pdf

Welchen Prozentsatz des Portfolios in physische Edelmetalle tauschen?

10.06.2024 | Dr. Jürgen Müller

Im folgenden Aufsatz möchte ich meine persönlichen Gedanken bzgl. einer sinnvollen Portfolio-Struktur im aktuellen wirtschaftlichen, politischen und monetären Umfeld mit Ihnen teilen. Immer wieder heisst es, dass man nicht alle Eier in einen Korb legen sollte. Wer streut rutscht bekanntlich nicht aus. Diversifikation.

Warren Buffett hingegen, der ja schon immer bekanntermaßen ein sehr konzentriertes Aktien-Portfolio unterhält (die 10 größten Positionen bei Berkshire machen derzeit in Summe ca. 91 Prozent, Apple alleine bereits 41 Prozent aus [1]), sagte einst sinngemäß zu diesem Thema, dass Diversifizierung nur etwas für Leute sei, die nicht wissen was sie tun [2].

Die Frage ist demnach, wie sinnvoll Diversifikation im aktuellen Zustand unserer Wirtschaft und unserer aktuellen politischen Lage ist.

Vor zehn Jahren, im Juli 2014, veröffentlichte ich zum Thema Portfolio-Struktur im Kopp-Verlag das Buch "Drei Speichen Regel" (als E-Book noch erhältlich, in gebundener Form über den Autor).

Weiter:

Welchen Prozentsatz des Portfolios in physische Edelmetalle tauschen?

Teuton Royalties - Teuton

American Creek Announces Non-Binding Letter of Intent and Exclusivity with Cunningham Mining Regarding Proposed Plan of Arrangement, by @newsfile

Cardston, Alberta--(Newsfile Corp. - June 6, 2024) - American Creek Resources Ltd. (TSXV: AMK) ("American Creek" or the "Company"), announces that it has…

ceo.ca

American Creek Announces Non-Binding Letter of Intent and Exclusivity with Cunningham Mining Regarding Proposed Plan of Arrangement

American Creek Resources Ltd. (TSXV: AMK) ("American Creek" or the "Company"), announces that it has entered into a non-binding and arm's length letter of intent dated June 5, 2024 (the "LOI") with Cunningham Mining Ltd. ("Cunningham"), a private British Columbia corporation, to engage in due diligence and negotiations regarding the terms of a proposed transaction (the "Proposed Transaction") whereby Cunningham, or a subsidiary of Cunningham, would acquire all of the issued and outstanding securities of the Company. Through this proposed transaction, Cunningham would acquire control of the Company's 20% fully carried interest in the Treaty Creek Property which has an Indicated Mineral Resource of 27.87 million ounces (Moz) of AuEQ grading 1.19 g/t AuEQ and an Inferred Mineral Resource of 6.03 Moz of AuEQ grading 1.25 g/t AuEQ (see complete description below). If the parties agree to proceed with the Proposed Transaction, the Company expects the Proposed Transaction will be carried out by way of a court-approved plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) (the "BCBCA").

The Company's Board of Directors (the "Board"), after an extensive period of negotiation and consideration of various alternatives, has approved entry into the LOI, pursuant to which Cunningham proposes to acquire all the issued and outstanding securities of the Company, including all common shares of the Company (the "Common Shares"), at a price of $0.43 Cdn per Common Share, payable in cash (the "Consideration"). The Consideration represents a premium of approximately 274% to the $0.115 Cdn closing price of the Common Shares on the TSX Venture Exchange (the "TSXV") on June 5, 2024 (the last trading day prior to the execution of the LOI). The LOI is non-binding and there can be no assurance that the Proposed Transaction contemplated by the LOI, or any other transaction, will be completed. Closing is subject to a number of conditions and uncertainties described below.

274% Premium...C$209.5 million in Cash für 20% carried interest

Teuton hat auch 20% carried interest + Royalty (Market Cap. C$78,57 million)

Tudor hat 60% Anteil (Market Cap. C$185,8 million)

Da sollte Bewegung in die Kurse kommen.

American Creek Announces Non-Binding Letter of Intent and Exclusivity with Cunningham Mining Regarding Proposed Plan of Arrangement, by @newsfile

Cardston, Alberta--(Newsfile Corp. - June 6, 2024) - American Creek Resources Ltd. (TSXV: AMK) ("American Creek" or the "Company"), announces that it has…

ceo.ca

American Creek Announces Non-Binding Letter of Intent and Exclusivity with Cunningham Mining Regarding Proposed Plan of Arrangement

American Creek Resources Ltd. (TSXV: AMK) ("American Creek" or the "Company"), announces that it has entered into a non-binding and arm's length letter of intent dated June 5, 2024 (the "LOI") with Cunningham Mining Ltd. ("Cunningham"), a private British Columbia corporation, to engage in due diligence and negotiations regarding the terms of a proposed transaction (the "Proposed Transaction") whereby Cunningham, or a subsidiary of Cunningham, would acquire all of the issued and outstanding securities of the Company. Through this proposed transaction, Cunningham would acquire control of the Company's 20% fully carried interest in the Treaty Creek Property which has an Indicated Mineral Resource of 27.87 million ounces (Moz) of AuEQ grading 1.19 g/t AuEQ and an Inferred Mineral Resource of 6.03 Moz of AuEQ grading 1.25 g/t AuEQ (see complete description below). If the parties agree to proceed with the Proposed Transaction, the Company expects the Proposed Transaction will be carried out by way of a court-approved plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) (the "BCBCA").

The Company's Board of Directors (the "Board"), after an extensive period of negotiation and consideration of various alternatives, has approved entry into the LOI, pursuant to which Cunningham proposes to acquire all the issued and outstanding securities of the Company, including all common shares of the Company (the "Common Shares"), at a price of $0.43 Cdn per Common Share, payable in cash (the "Consideration"). The Consideration represents a premium of approximately 274% to the $0.115 Cdn closing price of the Common Shares on the TSX Venture Exchange (the "TSXV") on June 5, 2024 (the last trading day prior to the execution of the LOI). The LOI is non-binding and there can be no assurance that the Proposed Transaction contemplated by the LOI, or any other transaction, will be completed. Closing is subject to a number of conditions and uncertainties described below.

274% Premium...C$209.5 million in Cash

Teuton hat auch 20% carried interest + Royalty (Market Cap. C$78,57 million)

Sandbox Royalties and B2Gold Partner to Create Versamet Royalties

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) - Sandbox Royalties Corp. ("Sandbox") has entered into a definitive purchase and...

www.newsfilecorp.com

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) - Sandbox Royalties Corp. ("Sandbox") has entered into a definitive purchase and sale agreement (the "Agreement") with B2Gold Corp. ("B2Gold"), pursuant to which it has agreed to acquire a portfolio of 10 royalties (the "B2Gold Royalty Portfolio") from B2Gold in exchange for approximately US$90 million in share consideration (the "Transaction"). ⁽¹⁾ In connection with the Transaction, Sandbox has agreed to issue approximately 153.2 million common shares to B2Gold at a price of C$0.80/share. Additionally, in conjunction with the Transaction, Sandstorm Gold Ltd. ("Sandstorm Gold") has agreed to convert the remaining principal outstanding on its Sandbox convertible note (approximately US$14.2 million) into common shares at a price of C$0.80/share. In connection with the Transaction, Sandbox has changed its name to Versamet Royalties Corporation ("Versamet", or the "Company"). After giving effect to the Transaction and the conversion of the convertible note, the newly named Versamet will have approximately 464.1 million shares outstanding, held 33% by B2Gold, ~26% by Sandstorm Gold, ~13% Equinox Gold, ~7% Regal Funds, and 2% by Beedie Capital.

"This transaction creates a high-quality and financially strong royalty company with a portfolio of enviable assets that provides a robust platform for further growth," said John Armstrong, CEO of Versamet. "We are excited to welcome B2Gold as the largest shareholder in the newly named Versamet, as we continue to grow and build the next intermediate royalty company. The addition of two more near-term cash-flowing assets and significant optionality from eight other assets provides an even stronger base from which to capitalize on the opportunities we see ahead to enhance our business further. Combining the existing Sandbox portfolio with the newly acquired B2Gold royalty portfolio is expected to drive revenues from their current level of more than US$10 million in 2024 to over US$30 million in 2026." ⁽²⁾

Zitat von Buche

Moin fritz ,

Ja, das wäre der schlechtest mögliche Ausgang.

Meine Überlegung ist die folgende:

Zentralbanken machen u.a. Geldpolitik (Fiatemission), Zinspolitik, Währungspolitik, sie bekämpfen die Inflation, unterstützen die Wirtschaft, verwalten Goldreserven, uvm.

Das ist im Orwellschen Sinne klassisches Doppeldenk, da nicht alle Ziele gleichzeitig erreichbar sind.

Hohe Zinsen machen die Verschuldung untragbar und belasten die Wirtschaft; niedrige Zinsen heizen die Inlfation an. Beides gefährdet die Existenz des Systems und damit auch die Zentralbanken. Um sich selbst zu retten, wird man m.E. zuerst das Inflationsziel opfern und die Zinsen wieder senken. Das kauft noch einmal ein paar Jahre Zeit.

Den Pfad bis zum erneuten Nullzins sehe ich als Zeitfenster für die obige Spekulation; danach wird das System durch Inflation und Überschuldung endgültig instabil.

LG,

Buche

Alles anzeigen

...So titelte die WELT bereits im Jahre 2013: „Euro-Staaten beschließen Enteignungsklausel“!

Die Rede ist hier von den sogenannten Collective Action Clauses (CAC)3 . Eingeführt im Jahre 2014, sind diese Klauseln heute in allen Staatsanleihen der Eurozone mit einer Laufzeit von bis zu zehn

Jahren integriert. Mittlerweile sind CACin 190 Ländern weltweit Standard .

„Wertlos“ werden die Staatsanleihen dadurch gemacht, dass durch Anwendung der CAC die Laufzeit der Staatsanleihen dann auf unendlich verlängert werden kann. Die Staatsanleihen gibt es dann

zwar noch und sie müssen zum Nominalwert am Ende der Laufzeit auch ausgezahlt werden. Das Problem für die Anleger dabei ist nur, dass das Ende der Laufzeit wohl weder sie selbst noch irgendwelche künftigen Erben oder Rechtsnachfolger jemals erleben werden.

Deutlich wird das Ausmaß der drohenden Katastrophe, wenn wir uns der Summe

des investierten Kapitals in diesem Sektor zuwenden. Immerhin waren allein in Staatsanleihen der Euroländer per Ende 2022 mehr als 12 Bio. EUR – ausgeschrieben:

12.203.000.000.000 EUR – investiert!

Grüße Sorgenfrei

RE Royalties Announces First Quarter 2024 Financial Results and Highlights, by @accesswire

All amounts in Canadian dollars unless otherwise stated

ceo.ca

Key financial highlights for Q1 2024 include:

• Quarterly revenue and income for the three months ended March 31, 2024, of $2,637,000, an increase of $813,000 or 45% over the similar period in the prior year. The increase was attributable to an increase in the number of investments made during the last 12 months.
• Quarterly gross profit, including changes in fair value of financial assets, of $2,538,000, an increase of $785,000 or 45% over the similar period in the prior year.
• Quarterly Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") for Q1 2024 of $1,797,000, an increase of $451,000 or 34% over the similar period in the prior year.
• Quarterly net income after income tax of $659,000, an increase of $101,000 or 18% over the similar period in the prior year.
• Cash and cash equivalents of $14,614,000, including restricted cash, as of March 31, 2024.

Golconda Gold Ltd. Releases Financial and Operating Results for Q1 2024, by @GlobeNewswire

TORONTO, May 29, 2024 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is…

ceo.ca

First Quarter 2024 (“Q1 2024”) Highlights:

• mined 13,492 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.37 grammes per tonne (g/t) compared to 11,644 tonnes at 2.94 g/t in the three months ended December 31, 2023 (“Q4 2024”), an increase in contained gold of 33%;
• produced 1,095 tonnes of concentrate at an average grade of 42.8 g/t containing 1,507 ounces of gold compared to 932 tonnes at 43.9 g/t containing 1,314 ounces of gold in Q4 2023, an increase of 15% in gold production quarter on quarter;
• generated revenue of $2.2 million from the sale of 1,099 payable ounces of gold at an operating cash cost of $1,667⁽¹⁾ per payable ounce, compared to $1.9 million revenue in Q4 2023 at an operating cash cost of $1,687 per payable ounce, representing a 16% increase in revenue; and
• closed the previously announced metal purchase and sale agreement with Empress Royalty Holding Corp. (“Empress”), a wholly-owned subsidiary of Empress Royalty Corp., under which the Company received an up-front cash payment of $5 million for payable gold produced from the Galaxy mine. These funds are being invested in additional new mining equipment, refurbishment of existing mining equipment and working capital to accelerate underground development to access a second level at Galaxy to enable an increase in mining volumes to utilize the significant spare capacity in the processing plant.⁽²⁾

Golconda Gold CEO, Nick Brodie commented: “The first quarter of 2024 saw mining volumes and gold production increase over the fourth quarter of 2023. With the receipt of the funds received from the closing of the Empress Investment we should see production continuing to increase gradually over the next 12 months.⁽²⁾