Boy, Did I Learn a Lot in 2022

Aaron Hoddinott's lessons learned from 2022

It’s got to be -100 degrees celsius outside as I sit here in my Calgary office writing this annual letter, reflecting on 2022 and the crazy yet highly educational year it was. The stock market is always changing, but this year stands out for many reasons. They say you learn more from your losses than […]

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Investors Bet on Fed Pivot as Commodities Explode

commodities surge as US dollar finally falls

Just days after the Fed hiked rates another 75 basis points sending gold and most hard assets lower, metals are on fire. Silver is up nearly 7%, crude oil over 4%, and gold over 3% – a massive move for the metal. Copper was another colossal winner, up over 8% on the day. So, why […]

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Can Low Silver Prices Boost Canadian Production?

The world has re-entered a supply deficit in silver at a time when production is declining in Canada. Production of silver has declined rapidly since 2013. In the two years between 2013 and 2015, Canada went from producing roughly 640 metric tons of silver to 371 m/t of the precious metal. Canada’s Silver Production in […]

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Two Reasons the Fed Can’t Raise Interest Rates

The Fed Chair Jerome Powell was re-appointed to another four years of service on Monday. Yet, for some reason, gold and many inflation assets are tanking. Gold was off 1.5% today to $1,782 per ounce, while silver was down a whopping 3.75% to $23.33 per ounce. So why is the man whose policies took inflation […]

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The Forgotten Metal

A Silver Story in Mexico’s Nayarit Region With approximately CAD$12.5 million in the bank1 as of June 30, 2021, our client, Sierra Madre Gold and Silver Ltd. (“Sierra Madre” or the “Company”) (SM:TSXV), is an exploration company run by an experienced management team with a history of successful deal execution in Mexico. The Company’s team […]

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Energy and Inflation: October’s Dynamic Duo

Good news! It’s looking like an unusual October. In contrast to what we’ve seen the last couple of years, the Stock Challenge Index (SCI) looks to be on the rebound this month. Signs of the bounce back were visible from day one, but the Index really took off on Tuesday, Oct. 12th. The vast majority […]

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Financings Collapse on TSX Venture – $699 Million Raised in September

financings decline on TSX Venture in September

After averaging more than $1 billion per month in total financings raised for all of 2021, financing activity on the TSX Venture finally collapsed. September 2021 saw total financings decline from just over $1 billion in August to $699 million – the lowest in 2021 thus far. Total financings raised through the year on the […]

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Charlie Munger on Today’s Market

Charlie Munger on the keys to successful investing and today's market

The NASDAQ fell below its 50-day moving average Tuesday, as the TSX Venture traded down a whopping 5% in early trading. From Bitcoin to silver, most stocks and commodities fell Tuesday. While days like today (sharp sell-offs) are standard and necessary during a bull market, some fear we may be nearing the end of the […]

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The Fed is Winning the Confidence Game, Again

Last weekend we outlined the high-stakes confidence game the Fed is dominating. Stocks are surging, real estate prices are stable, and people are going back to work by the millions. All and all, the news cycle is positive. Valuations are up, and the forward-looking stock market is forecasting sunny skies. While the environment today is […]

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Gold Equities Soar as TSXV and CSE Rebound

gold equities rise

Gold and marijuana stocks went ballistic Friday. With the curve flattening in most countries and unimaginable monetary stimulus and government support, equities and confidence is stabilizing. The largest benefactor to date is gold and gold equities, which are in an indisputable bull market with both trading at multi-year highs. While I will go into more […]

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