Brief Summary
Gerardo Del Rail discusses the current market sentiment, his portfolio allocation, and specific stock picks in the gold, silver, lithium, copper, and uranium sectors. He emphasizes the importance of finding value, knowing what you own, and being patient in the market. He remains bullish on commodities due to structural deficits and anticipates a continued bull market.
- Bullish on copper, gold, uranium.
- Recommends finding value and being patient.
- Expects lithium to come back in favor.
Intro
Charlotte Mloud interviews Gerard Del Rail at the New Orleans Investment Conference. Gerard notes the conference is well-attended and expresses an upbeat sentiment among attendees, driven by rising prices in gold, silver, and copper. He believes there's still significant profit potential in the market.
Gerardo's portfolio
Gerard breaks down his portfolio, with copper and gold comprising about 45%, uranium at 30%, and the remaining 25% allocated to exploration "lottery picks." He emphasizes his love for exploration and discovery, where he has traditionally found success, while acknowledging the inherent risks, which he mitigates in a bull market.
Gold cycle still early
Gerard distinguishes between the gold spot price and gold juniors, suggesting the gold spot price is in the "fourth inning" while gold junior companies are in the "bottom of the second inning," indicating it's still early days for equities. He advises finding value, avoiding chasing trends, and maintaining discipline, cautioning against excessive enthusiasm driven by high gold prices. He prefers a concentrated portfolio of no more than 10 companies to allow for larger, impactful bets. He believes now is a good time to buy gold juniors, as many are trading at valuations similar to when gold was at $2,000, despite the current $4,000 price.
Silver-gold stock pick
Gerard mentions Kingsman Resources as his biggest silver-gold position, which he initially financed at low prices and has seen significant growth. He also references Rick Rule's presentation on the increasing US debt and global debt issues, suggesting that as long as these problems persist, there will be a lot of dollars chasing a limited supply of commodities like copper, uranium, gold, and silver.
"Know what you own"
Gerard emphasizes the importance of knowing your risk timeline and tolerance, suggesting trimming positions as you go. He uses Kingsman Resources as an example, believing it can reach a $10 stock price, and advises that selling some at $1.50 or $2 would still be a good outcome. He stresses the need to understand why you own a stock, what milestones the company should achieve, and whether the company is meeting those goals.
Lithium stock pick
Gerard discusses lithium, acknowledging it's currently out of favor but predicting it will come back. He mentions Patriot Battery Metals, a company he helped finance, and references a conversation with CEO Ken Brinden, who believes the lithium market bottomed out a couple of months prior. He cites factors such as decreasing battery cell prices, increasing demand, China's environmental issues limiting its market flooding, and a growing premium on North American critical metal supplies as reasons for his optimism.
Copper, uranium stocks
Gerard favors North America and Australia for critical mineral projects due to their independence from China and Russia. He mentions Hannon Metals in Peru, a pre-discovery copper-gold play with significant potential. For uranium, he highlights URZ3 Energy, noting the strong supply-demand fundamentals and expecting utilities to start contracting at higher prices.
Best asset of 2026
Gerard advises finding value and references the rare earth boom as an example of a headline-driven market. He suggests buying during pullbacks rather than chasing high prices. Looking ahead to 2026, he picks Hannon Metals as the best-performing asset, while also expressing optimism for copper and uranium due to structural deficits driving the bull market.
Outro
Charlotte Mloud thanks Gerard Del Rail for his insights. Gerard reiterates his belief that the current bull market has a lot of room to run due to structural deficits that won't be solved quickly by increased production and supply.
