October 22, 2026
Here’s what was covered in episode 385:
Macro Musings - In this episode, Gerardo has a wide-ranging conversation with Jeff Phillips, one of the most successful investors in the resource space.
It starts with a view of the gold and silver markets and the sobering news that both commodities are sharply down and testing their respective floors. It’s the same with regards to copper, all thanks in part to the ongoing conflict in Iran.
Jeff’s appearance on the show couldn’t be more timely. He explains how his three decades of experience have taught him not to look at these kinds of things on a daily basis. He makes a note of how the market is in the middle of tax loss selling season and the importance of remaining a contrarian.
That means making sure companies you invest in are capitalized well enough to be able to withstand whatever happens in the market. In addition, you want to see that these companies are improving their discoveries to show that they are economically viable even when prices are depressed.
Gerardo points out the disparity between tech stocks and miners, with the former having a combined market cap in the trillions while the miners are in the billions. Much of this is on the back of AI technology, which has made recent headlines for going rogue.
All of this is to say that in some ways, the resource space makes more sense because of the intrinsic value of things like copper and gold.
Jeff likens much of the AI investment the market is seeing to the boom of railroad networks in the 1800s and how there was a misallocation of capital in those times. Most early investors in railroads didn’t do well, but there was still a boom that led to a fundamental change in how society functions. The same can be said of industries like telecommunications and the internet.
The idea is that AI is in the same boat. There is no telling what’s going to happen in the short term, but in the long run, things are going to change.
All of this segues into a conversation about Geomorphic AI, a firm both Jeff and Gerardo are invested in that is part prospect generator, part tech company.
The company’s flagship agent can go through decades of geological data to streamline the process of finding viable ground for mining. It can do this for long-discontinued assets, giving them new life and allowing the company to joint venture projects.
Through the company’s AI agent, work that used to take geologists weeks can be cut down to days.
This tech is coming at a time when commodities like copper and lithium are seeing rising demand, so it would be an indispensable tool in the hands of the right company.
From there, Jeff talks about his early experiences in the industry and how he reached the point he has through working with various mentors like Rick Rule, Van Simmons, Doug Casey, Robert Bishop, and James Dines. Those experiences taught him to look at the big picture in investing.
For Jeff, it comes down to working with the right people, being involved in a concept, and seeing it all the way through.
You can never tell exactly which investments are going to fully pay off. That’s why good speculation means having a basket of stocks.
When Jeff looks at a company, he applies his philosophy of looking at the people in the company first. Their character as well as their track record can tell a lot about where they will go.
He also looks at share structure and how much the big stake holders own. He wants those directors and management to own at least 20% of the shares. Beyond that, it’s important to know who owns the other shares. There is a big difference between hundreds of retail investors and a small circle of likeminded investors.
Market Takes - The conversation moves onto the broader bull market. Gerardo believes everything is eventually heading higher.
Jeff recounts his history and how he started with gold. Over time, he learned not to watch the numbers every day and instead focus on the long-term picture. Gold today is worth over $4000 per ounce versus under $300 when he started, and this is happening against a backdrop of the dollar losing large chunks of its worth over just the past five years.
Both host and guest agree that gold will continue to climb for the foreseeable future, despite recent pullbacks.
The same logic is applied to copper, as the major deposits are getting harder to find and the easy copper has all been mined. Production numbers are dropping at a time when demand is climbing.
Jeff quotes Mr. Dines in saying “Rich or poor, it’s good to have cash” because it will present a buying opportunity in the event of market turbulence when people will need to raise money. That exact thing happened in the real estate crisis and it could happen again in an AI downturn.
Jeff and Gerardo also talk about the rare earth crisis and how China has dictated the pacing of that sector because of the resources it controls.
Gerardo recounts his start in the industry via rare earths and how he experienced and profited from a bull market that China eventually flooded. All this highlights the importance of timing and how successful traders never get it all right in the resource space, but there are still wins to be had.
As Jeff says, at the end of the day, it can be viewed as a game and you shouldn’t take it that seriously. Remember what’s important in life.
Premium Portfolio Picks - In the premium section, they start with taking questions from subscribers, starting with Minehub (TSX-V: MHUB).
There was a big drop in the company’s value recently and Jeff, a consultant for the company, speculates that it could be the work of a computer program or a large shareholder taking a tax-loss sell.
He reiterates that high risk of plays like this and he and Gerardo still believe that the fundamentals for the company are firmly in place. The company has a strong moat and good leadership team that will make it viable for years to come.
The second question is about Abacus Mining (TSX-V: AME) and whether it is still pursuing a mine permit.
Jeff explains that permitting hasn’t been handled correctly and that project progression hasn’t gone to plan. On the plus side, the company could be gaining interest from outside investors because it holds a tremendous copper asset at a time when that resource is running out.
To Jeff, it’s largely a matter of connecting people and making the politics work. Gerardo agrees, explaining that he still holds because he sees the company as a lottery ticket with big profit potential ahead.
From there, Jeff names some companies that he likes:
Gladiator Metals (TSX-V: GLAD) - It has a copper asset that it has recently expanded and five rigs are turning there right now. In addition, the company is well capitalized and, even with current depressed prices, the company has buyout potential. He says it’s an excellent opportunity for curious investors.
Bravo Mining (TSX-V: BRVO) - The company has a tremendous PGM deposit with a potential copper discovery. The company’s CEO owns about 50% of the company and, like Gladiator, is depressed because of tax loss selling, not recent development. Jeff thinks the company could bounce back after tax loss selling ends.
T2 Metals (TSX-V: TWO) - CEO Mark Saxon owns about 15% and four other shareholders, including Jeff, own about 59%. Drilling on its gold and copper projects in the Yukon are ongoing.
Daura Gold (TSX-V: DGC) - This company has projects in Argentina and Peru and has been experiencing tax loss selling, which again creates an opportunity. As drilling commences and tax loss selling subsides, any investment placed today has big payout potential.
To conclude, Jeff explains his metaphor of Turkeys and Eagles. “In a stiff wind all the turkeys can fly.”
In this case the stuff wind is a bull market, and that’s something any company with little more than good marketing can thrive in.
Investors should look for eagles, which are competently-run, solid companies that can thrive even in a bear market.
October 22, 2026
Here’s what was covered in episode 385:
Macro Musings - In this episode, Gerardo has a wide-ranging conversation with Jeff Phillips, one of the most successful investors in the resource space.
It starts with a view of the gold and silver markets and the sobering news that both commodities are sharply down and testing their respective floors. It’s the same with regards to copper, all thanks in part to the ongoing conflict in Iran.
Jeff’s appearance on the show couldn’t be more timely. He explains how his three decades of experience have taught him not to look at these kinds of things on a daily basis. He makes a note of how the market is in the middle of tax loss selling season and the importance of remaining a contrarian.
That means making sure companies you invest in are capitalized well enough to be able to withstand whatever happens in the market. In addition, you want to see that these companies are improving their discoveries to show that they are economically viable even when prices are depressed.
Gerardo points out the disparity between tech stocks and miners, with the former having a combined market cap in the trillions while the miners are in the billions. Much of this is on the back of AI technology, which has made recent headlines for going rogue.
All of this is to say that in some ways, the resource space makes more sense because of the intrinsic value of things like copper and gold.
Jeff likens much of the AI investment the market is seeing to the boom of railroad networks in the 1800s and how there was a misallocation of capital in those times. Most early investors in railroads didn’t do well, but there was still a boom that led to a fundamental change in how society functions. The same can be said of industries like telecommunications and the internet.
The idea is that AI is in the same boat. There is no telling what’s going to happen in the short term, but in the long run, things are going to change.
All of this segues into a conversation about Geomorphic AI, a firm both Jeff and Gerardo are invested in that is part prospect generator, part tech company.
The company’s flagship agent can go through decades of geological data to streamline the process of finding viable ground for mining. It can do this for long-discontinued assets, giving them new life and allowing the company to joint venture projects.
Through the company’s AI agent, work that used to take geologists weeks can be cut down to days.
This tech is coming at a time when commodities like copper and lithium are seeing rising demand, so it would be an indispensable tool in the hands of the right company.
From there, Jeff talks about his early experiences in the industry and how he reached the point he has through working with various mentors like Rick Rule, Van Simmons, Doug Casey, Robert Bishop, and James Dines. Those experiences taught him to look at the big picture in investing.
For Jeff, it comes down to working with the right people, being involved in a concept, and seeing it all the way through.
You can never tell exactly which investments are going to fully pay off. That’s why good speculation means having a basket of stocks.
When Jeff looks at a company, he applies his philosophy of looking at the people in the company first. Their character as well as their track record can tell a lot about where they will go.
He also looks at share structure and how much the big stake holders own. He wants those directors and management to own at least 20% of the shares. Beyond that, it’s important to know who owns the other shares. There is a big difference between hundreds of retail investors and a small circle of likeminded investors.
Market Takes - The conversation moves onto the broader bull market. Gerardo believes everything is eventually heading higher.
Jeff recounts his history and how he started with gold. Over time, he learned not to watch the numbers every day and instead focus on the long-term picture. Gold today is worth over $4000 per ounce versus under $300 when he started, and this is happening against a backdrop of the dollar losing large chunks of its worth over just the past five years.
Both host and guest agree that gold will continue to climb for the foreseeable future, despite recent pullbacks.
The same logic is applied to copper, as the major deposits are getting harder to find and the easy copper has all been mined. Production numbers are dropping at a time when demand is climbing.
Jeff quotes Mr. Dines in saying “Rich or poor, it’s good to have cash” because it will present a buying opportunity in the event of market turbulence when people will need to raise money. That exact thing happened in the real estate crisis and it could happen again in an AI downturn.
Jeff and Gerardo also talk about the rare earth crisis and how China has dictated the pacing of that sector because of the resources it controls.
Gerardo recounts his start in the industry via rare earths and how he experienced and profited from a bull market that China eventually flooded. All this highlights the importance of timing and how successful traders never get it all right in the resource space, but there are still wins to be had.
As Jeff says, at the end of the day, it can be viewed as a game and you shouldn’t take it that seriously. Remember what’s important in life.
Premium Portfolio Picks - In the premium section, they start with taking questions from subscribers, starting with Minehub (TSX-V: MHUB).
There was a big drop in the company’s value recently and Jeff, a consultant for the company, speculates that it could be the work of a computer program or a large shareholder taking a tax-loss sell.
He reiterates that high risk of plays like this and he and Gerardo still believe that the fundamentals for the company are firmly in place. The company has a strong moat and good leadership team that will make it viable for years to come.
The second question is about Abacus Mining (TSX-V: AME) and whether it is still pursuing a mine permit.
Jeff explains that permitting hasn’t been handled correctly and that project progression hasn’t gone to plan. On the plus side, the company could be gaining interest from outside investors because it holds a tremendous copper asset at a time when that resource is running out.
To Jeff, it’s largely a matter of connecting people and making the politics work. Gerardo agrees, explaining that he still holds because he sees the company as a lottery ticket with big profit potential ahead.
From there, Jeff names some companies that he likes:
Gladiator Metals (TSX-V: GLAD) - It has a copper asset that it has recently expanded and five rigs are turning there right now. In addition, the company is well capitalized and, even with current depressed prices, the company has buyout potential. He says it’s an excellent opportunity for curious investors.
Bravo Mining (TSX-V: BRVO) - The company has a tremendous PGM deposit with a potential copper discovery. The company’s CEO owns about 50% of the company and, like Gladiator, is depressed because of tax loss selling, not recent development. Jeff thinks the company could bounce back after tax loss selling ends.
T2 Metals (TSX-V: TWO) - CEO Mark Saxon owns about 15% and four other shareholders, including Jeff, own about 59%. Drilling on its gold and copper projects in the Yukon are ongoing.
Daura Gold (TSX-V: DGC) - This company has projects in Argentina and Peru and has been experiencing tax loss selling, which again creates an opportunity. As drilling commences and tax loss selling subsides, any investment placed today has big payout potential.
To conclude, Jeff explains his metaphor of Turkeys and Eagles. “In a stiff wind all the turkeys can fly.”
In this case the stuff wind is a bull market, and that’s something any company with little more than good marketing can thrive in.
Investors should look for eagles, which are competently-run, solid companies that can thrive even in a bear market.
October 22, 2026
Here’s what was covered in episode 385:
Macro Musings - In this episode, Gerardo has a wide-ranging conversation with Jeff Phillips, one of the most successful investors in the resource space.
It starts with a view of the gold and silver markets and the sobering news that both commodities are sharply down and testing their respective floors. It’s the same with regards to copper, all thanks in part to the ongoing conflict in Iran.
Jeff’s appearance on the show couldn’t be more timely. He explains how his three decades of experience have taught him not to look at these kinds of things on a daily basis. He makes a note of how the market is in the middle of tax loss selling season and the importance of remaining a contrarian.
That means making sure companies you invest in are capitalized well enough to be able to withstand whatever happens in the market. In addition, you want to see that these companies are improving their discoveries to show that they are economically viable even when prices are depressed.
Gerardo points out the disparity between tech stocks and miners, with the former having a combined market cap in the trillions while the miners are in the billions. Much of this is on the back of AI technology, which has made recent headlines for going rogue.
All of this is to say that in some ways, the resource space makes more sense because of the intrinsic value of things like copper and gold.
Jeff likens much of the AI investment the market is seeing to the boom of railroad networks in the 1800s and how there was a misallocation of capital in those times. Most early investors in railroads didn’t do well, but there was still a boom that led to a fundamental change in how society functions. The same can be said of industries like telecommunications and the internet.
The idea is that AI is in the same boat. There is no telling what’s going to happen in the short term, but in the long run, things are going to change.
All of this segues into a conversation about Geomorphic AI, a firm both Jeff and Gerardo are invested in that is part prospect generator, part tech company.
The company’s flagship agent can go through decades of geological data to streamline the process of finding viable ground for mining. It can do this for long-discontinued assets, giving them new life and allowing the company to joint venture projects.
Through the company’s AI agent, work that used to take geologists weeks can be cut down to days.
This tech is coming at a time when commodities like copper and lithium are seeing rising demand, so it would be an indispensable tool in the hands of the right company.
From there, Jeff talks about his early experiences in the industry and how he reached the point he has through working with various mentors like Rick Rule, Van Simmons, Doug Casey, Robert Bishop, and James Dines. Those experiences taught him to look at the big picture in investing.
For Jeff, it comes down to working with the right people, being involved in a concept, and seeing it all the way through.
You can never tell exactly which investments are going to fully pay off. That’s why good speculation means having a basket of stocks.
When Jeff looks at a company, he applies his philosophy of looking at the people in the company first. Their character as well as their track record can tell a lot about where they will go.
He also looks at share structure and how much the big stake holders own. He wants those directors and management to own at least 20% of the shares. Beyond that, it’s important to know who owns the other shares. There is a big difference between hundreds of retail investors and a small circle of likeminded investors.
Market Takes - The conversation moves onto the broader bull market. Gerardo believes everything is eventually heading higher.
Jeff recounts his history and how he started with gold. Over time, he learned not to watch the numbers every day and instead focus on the long-term picture. Gold today is worth over $4000 per ounce versus under $300 when he started, and this is happening against a backdrop of the dollar losing large chunks of its worth over just the past five years.
Both host and guest agree that gold will continue to climb for the foreseeable future, despite recent pullbacks.
The same logic is applied to copper, as the major deposits are getting harder to find and the easy copper has all been mined. Production numbers are dropping at a time when demand is climbing.
Jeff quotes Mr. Dines in saying “Rich or poor, it’s good to have cash” because it will present a buying opportunity in the event of market turbulence when people will need to raise money. That exact thing happened in the real estate crisis and it could happen again in an AI downturn.
Jeff and Gerardo also talk about the rare earth crisis and how China has dictated the pacing of that sector because of the resources it controls.
Gerardo recounts his start in the industry via rare earths and how he experienced and profited from a bull market that China eventually flooded. All this highlights the importance of timing and how successful traders never get it all right in the resource space, but there are still wins to be had.
As Jeff says, at the end of the day, it can be viewed as a game and you shouldn’t take it that seriously. Remember what’s important in life.
Premium Portfolio Picks - In the premium section, they start with taking questions from subscribers, starting with Minehub (TSX-V: MHUB).
There was a big drop in the company’s value recently and Jeff, a consultant for the company, speculates that it could be the work of a computer program or a large shareholder taking a tax-loss sell.
He reiterates that high risk of plays like this and he and Gerardo still believe that the fundamentals for the company are firmly in place. The company has a strong moat and good leadership team that will make it viable for years to come.
The second question is about Abacus Mining (TSX-V: AME) and whether it is still pursuing a mine permit.
Jeff explains that permitting hasn’t been handled correctly and that project progression hasn’t gone to plan. On the plus side, the company could be gaining interest from outside investors because it holds a tremendous copper asset at a time when that resource is running out.
To Jeff, it’s largely a matter of connecting people and making the politics work. Gerardo agrees, explaining that he still holds because he sees the company as a lottery ticket with big profit potential ahead.
From there, Jeff names some companies that he likes:
Gladiator Metals (TSX-V: GLAD) - It has a copper asset that it has recently expanded and five rigs are turning there right now. In addition, the company is well capitalized and, even with current depressed prices, the company has buyout potential. He says it’s an excellent opportunity for curious investors.
Bravo Mining (TSX-V: BRVO) - The company has a tremendous PGM deposit with a potential copper discovery. The company’s CEO owns about 50% of the company and, like Gladiator, is depressed because of tax loss selling, not recent development. Jeff thinks the company could bounce back after tax loss selling ends.
T2 Metals (TSX-V: TWO) - CEO Mark Saxon owns about 15% and four other shareholders, including Jeff, own about 59%. Drilling on its gold and copper projects in the Yukon are ongoing.
Daura Gold (TSX-V: DGC) - This company has projects in Argentina and Peru and has been experiencing tax loss selling, which again creates an opportunity. As drilling commences and tax loss selling subsides, any investment placed today has big payout potential.
To conclude, Jeff explains his metaphor of Turkeys and Eagles. “In a stiff wind all the turkeys can fly.”
In this case the stuff wind is a bull market, and that’s something any company with little more than good marketing can thrive in.
Investors should look for eagles, which are competently-run, solid companies that can thrive even in a bear market.