Gold (FNV & RGLD)

Gold hit a new five-year low on Monday morning, falling more than 2% to less than $1,100 an ounce.   The talking heads on TV cited a weekend report from the People’s Bank of China – China’s version of the Federal Reserve – as a reason for the plunge.  From an article in the Wall Street … Read more


The past two years have been a difficult period for any investor with exposure to gold — both the metal itself and the operating mining companies. In particular, 2013 has been particularly brutal with many of the junior mining companies simply imploding. To be clear, our long-term constructive view on gold remains resolute. Our conviction … Read more

Franco-Nevada Corp. (FNV)

With the recent price dislocation in gold, we initiated a portfolio position in Franco-Nevada. Simultaneously, we sold 1/2 our portfolio position in Newmont Mining. Investment Report: Franco-Nevada Corporation Franco-Nevada Corporation is a gold-focused royalty and stream company with additional interests in platinum metals and other resource assets including oil and natural gas. It is one … Read more