Thoughts after the Vancouver Resource Conference
Wednesday, January 26, 2011 at 9:20PM Hello,
I am writing to you from northern Canada. Ed Bugos and I spent the entire weekend up to and including Tuesday at the Vancouver Resource Investment Conference. Aside from speaking (the speech was videotaped by the conference and we are hoping to offer the speech and the presentation slides online soon) and participating on a panel with David Coffin, Jay Taylor and Lawrence Roulston our days were jammed morning to night having face to face meetings with some of the 400+ public mining companies in town for the event.
Things went very well. So well in fact that we've been invited to many more conferences over the next few months including the Phoenix Investment Conference & Silver Summit on February 18-19, the world renowned PDAC (Prospectors and Developers Association of Canada) convention in Toronto (speaking at 3:25pm on March 6 - see Agenda here), the New York Hard Assets show on May 9-10 and the World Resource Investment Conference on June 5th and 6th.
My own travel schedule also includes a trip to Cafayate in Northern Argentina in March to check out Doug Casey's "La Estancia" development. During that trip I am also visiting Santa Cruz, Bolivia and Asuncion, Paraguay as I have never been to either of those countries before and I want to check them out for their potential for expatriation (Paraguay especially). In May I will also be attending the Casey Research summit in Boca Raton, Florida from April 29 to May 1st. And I will also be traveling much of Africa this summer also looking for expatriation and investment opportunities on that great continent.
Phew! All that was made to point out that our blog dispatches will not be as timely over the coming few months as it is just too difficult to travel and attend these major conferences and still write a daily piece. Our blog dispatches will likely be more like 3-4 posts per week rather than the steady 5 posts per week we've been doing.
That said, the Vancouver Resource show was excellent. The turn-out was massive, with people having to line-up just to get into the show! Conference organizer, Joe and his son Jeremy Martin told me that they had nearly 600 exhibitors and the turnout from the public was as big as the 2007 show.
That might scare you. Why? Because the last time the public had this level of interest in mining stocks was just before they underwent a massive collapse - one that Ed Bugos sidestepped completely as he advised that investors sell all their gold mining stocks in 2007 and then began recommending new stock selections again in 2008 after the collapse. See the chart below for his amazing track record.
So, does Ed feel we are on the cusp of another major collapse in the gold stocks? Simply, no. In fact, Ed told me he thinks this recent retracement in the price of gold and the gold mining stocks has provided an excellent buying opportunity - one that he is chomping at the bit to get into.
In fact, Ed wants to recommend no less than five new stocks in the upcoming issue of The Dollar Vigilante being released on February 1st (Subscribe now to get access to the upcoming February issue). But we don't have the time nor the space to put research on that many companies so I told him that, for now, to try to pick the one stock he thinks has the most potential.
Getting back to the large crowd at the show this weekend, from my perspective, a record turnout at the Vancouver Resource Conference could be interpreted as a bearish sign but I am not taking it that way. The reason is that Vancouver is, truly, the epicenter of global mining. A few thousand people turning out at one of the biggest shows of its type in the biggest mining city in the world should be the least we should expect more than 10 years into a major gold (and commodities) bull market.
When shows such as the Vancouver show begin to get this sort of attention in non-traditional mining markets then I may pay it more attention. Until then this stealth gold bull market continues to run under the radar. When taxi drivers in Las Vegas are telling us they are loading up on gold, like one did with me in 2006 when he told me had bought four homes as a speculative investment because "real estate never goes down" then we will re-assess.
Until then a big crowd at the Vancouver show should be expected and I don't see it as a being a bearish contrarian sign.
Reader Comments (4)
Jesus Christ man, you said you were writing from Vancouver in Northern Canada. You must be American. Only an American could be that ignorant of his neighbor. You cannot get any further south in Canada than Vancouver except in some parts of Ontario which dip well below the 49th parralell
You misread.. I never said I was writing from Vancouver. I was writing from my hometown of Edmonton, Canada... which I also realize isn't northern north canada... but north enough! I lived in Vancouver for 10 years so I am fairly sure I know of its approximate geographic location
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