Adrian Day: I Am Buying Junior Gold Stocks That Present Exceptional Value

Adrian Day: I Am Buying Junior Gold Stocks That Present Exceptional Value

and so at the beginning of the bull
market I think you want to be in the
senior stocks but are the first move and
more Serv to move um but am I buying any
Juniors oh absolutely much more
selectively than the seniors but some of
them are just are just well I mentioned
origin as an
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example Adrian day how are you I’m fine
thank you Andy how are you doing well
thanks for coming on here last time I
had you on was in last January and you
had a great call you said that you have
about three months to start accumulating
you’re given it so April at the latest
and boy were you right the gold stocks
hit a bottom in mid to late February and
then they just went up straight up we’ve
had a somewhat small pool back here
recently and wanted to get your your
thoughts um that runup and where we’re
at right
now okay that’s that’s a that’s a big
question um and I’ll try to be brief I
mean as we all know for the last 18
months let’s say up until this year up
until the beginning of this year
predominantly the main driver of gold
was Central Bank buy we know that we
know that from reports and you add up
the numbers and it just makes sense the
ETFs had consistent outflows last year
and other indicators
of uh uh other indicators of buying like
for example um coin sales all the
dealers were complaining about coin
sales being you know coin people buying
coins being down you could tell this
from the premiums the premiums were very
low the shipments from the mints of new
coins were all down so anyway all the
indicators you want to look C were very
weak other than for central banks so it
was central banks were buying gold and
they were not buying gold as an
investment because of the investment
scenario because the investment
environment of interest rates going up
in a strong dollar is of course negative
for gold they were buying they were
buying as an insurance and when you’re
bu part partly mostly um as protection
against a dollar a weaponization of a
dollar so when you’re buying with with
that objective in mind your price
agnostic you just want to buy just as
when you buy house insurance you might
chop
around but you don’t say I think I’ll
wait 6 months until the prices come down
mean you get the best deal you can at a
tie
um uh so your price agnostic so anyway
that that’s sort of set in the scene and
and that explains to me that explains
means why gold was going up so much but
the gold stocks weren’t which was the
big question of that everyone was asking
last year it makes sense because the
central banks the buyers of gold want a
fisal gold they did not want new month
they certainly didn’t want Ajax
expiration or Consolidated moose pasture
and
so what we’ve seen this year is really
interesting what we’ve seen this this
year so far is only a very slight shift
in that buying frankly um we’ve had a
new buyer that’s um Chinese buy that
came in this year and particularly after
the Chinese New Year um and when you
think about a Chinese are cons they’re
both concerned about the economy in
China and they also see potential for uh
some monetary easing in
China but they’re concerned about the
economy and and they want to leave their
money in the banks cuz a bank ex stable
and Chinese buyers traditionally if you
look at the Avenues where Chinese buyers
go they do like stocks but stocks in
China are way down may may be a good
opportunity but you and I both know but
most people buy things when they’re
going up not when they’re going
down um real estate Chinese like real
estate but they’re not going to be
putting their hard ear savings into real
estate right now when they’re concerned
about the economy so what do they buy
you know Bitcoin oh no that’s illegal I
forgot so the anything left this is gold
so you can see Chinese buying of of gold
both speculative buying from the
Shanghai exchange and also physical
buying um is has been very strong in the
last six weeks but do you look at the
other indicators that I mentioned coin
sales ETFs you know we’ve seen what I
would regard what I would describe as a
modest shift and I’m talking Western now
Western ETFs and Western coin usn or
North America and Europe we’ve seen a
shift but by no means of uh U by no
means a stout shift or or a change in
Direction so you look at ETFs for
example January every single January and
February every single week was net
outflows from ETFs even though gold was
going up the way it was even though
power was talking about cutting reads
astonishingly still net outflows in um
really the last let’s say the last few
weeks you’ve seen a little bit of a
share so but some days you’re getting
buying some days you’re getting selling
I just looked at the last nine days you
know this week and last week Buy sell
sell Buy sell sell Buy sell sell so
we’re still overwhelmingly we’re seeing
outflows from
ETFs which again might strike you and me
as pretty astonishing given what’s
happening you look talk to coin dealers
and the again they say there’s a little
bit of a shi they’re getting some people
buying but they’re still getting more
people calling up to sell what they have
rather than to buy new
so so I I lay that
out just just to emphasize
that if we’re going to have a glal
market we are only fairly at the
beginning of it people simply have not
joined that party yet um and that’s true
for North America it’s true for um
Europe I can talk uh without giving away
what I’m not allowed to say but I can
talk about
goans we are not getting any inflows at
the moment well very few very few I mean
you know people obviously people have’
been in gold for 40 years tend to be a
little more sophisticated and a little
more country so I shouldn’t say we’re
not getting any we are getting some
inflows but we’re still getting people
but we’re not getting new accounts look
at the Gold fund that I
manage
um January every single day was now flow
every single day in January was now flow
but the last four weeks we’re getting
some days of inflow some days of outflow
so it’s turned a little bit but it’s not
the sort of dramatic turn that you would
expect so the point I’m making is that
the sentiment towards gold is still very
negative most investors particularly
generalist
investors it’s not negative they don’t
care and that’s even
worse um so so um it’s it’s an extremely
underbound Val
asset it’s difficult to get to be
precise but estimates have been made
there may be you know three gers to 1%
of global investment assets are in in
gold and gold related assets Which is
meaningfully less than the than the
historic average so anyway it’s it’s
unloved it’s very very under owned but
we did see as you mentioned we did see
in the last two months from the middle
of February to now we did see what
happens to Gold stockes when the
sentiment changes they move very
dramatically and yet even now uh the
gold stocks are very very very
undervalued um you know relative to
longer term
valuations I mean we talk about that now
give give let’s go to that but let’s
first go back to a couple of things you
said because I have a few questions I
think that you’re the second person
that’s told me about the ETFs
their net outflows from the ETFs and
that is astonishing to me why do you
think that is the case I think it’s
because the overall economic environment
right now is not a positive economic
environment for gold interest rates have
been moving out the dollar is
strong um and and and even more recently
of course there is fed spokesman
including paly uh fed chman J Val
himself have started in to some degree
or another um pushing back on the idea
that we’re don’t have interest rate Cuts
uh very very a lot of rate cuts and very
soon so we were a lot of them now to was
expecting March if you remember in
December a lot of a market was expecting
March Cuts then we went to June cuts and
and and now I I’m sorry I haven’t looked
at the F phot Futures uh uh today but
but last time I looked even June was
sort of 50/50 it was by no means an
overwhelming sentiment for June so
they’ve started pushing back but I think
the main reason is just that you know
the stock
market is still doing reasonably well um
treasuries are yielding 5% shortterm
treasuries um you know there’s just sort
of no need to be interested in gold
right now you know the FED is really in
a very difficult I’m not the first one
to say this of course but the FED is in
a very difficult position right now if
they cut rates too soon we’ve seen
inflation picking up in the last three
months and it’s just steadily picking up
not dramatic but steadily this is even
assuming forget all the arguments about
is a CBI real and you know cor CPI
versus called PC and all that but
inflation but the reported inflation
numbers have been picking up after
dramatic declines and in the face of the
numbers going in the wrong
direction I don’t think how wants to cut
because that risks just unleashing
inflation and and he’s very concerned as
all his associates and and has been said
many times he’s very concerned about his
legacy he doesn’t want to go down as as
another a of birs um which is a little
unfair of poor old Al of birs but that’s
a different story um so so he’s really
he he’s he’s reluctant to start so soon
but on the other hand biggest issue is
not the economy it’s although I think
we’re heading into a recession it’s not
unemployment although I think the
unemployment the headline unemployment
grossly underestimates the real um labor
picture um you know because as we know
most of the new jobs created in the last
three months of in government jobs or
part-time jobs so if you look at if you
look at simply the number of people who
are employed in the private sector
fulltime we’ve lost about a million jobs
in the last six months don’t put me on
that but something like that yeah so so
that’s not going in the right direction
if you look under the hood um but it’s
not unemployment it’s it’s not the
economy it’s certainly not the stock
Market um it’s it’s interest on
government debt that’s what the big
issue is for the FED because we know we
know the deficit what is it now 8%
budget deficit we’re at 100 over
100% um you know dead to
GDP
um and and it’s going in the wrong
direction you know that’s what Jenny
Ellen was in China for last week please
please please budy I have bonds by the
bond yeah yeah and you know they’re not
getting they’re not getting long-term
buyers now I’ve had some push back on
this people have said oh B you looked at
the last numbers foreign foreign
treasury buyers have actually gone up in
the last couple of months yes but it’s
not for the most part it is
not um foreign investors buying bonds to
hold to maturity in Belgium Cayman
Islands which are where the hedge funds
trade through
so there’s people betting on short-term
directions in rates trying to trying to
make a a bit of money uh which I don’t B
grud I’m sorry I don’t mean that
sound uh but way so the point I’m making
is China is not going to be buying her
bonds Russia’s certainly not buying
her bonds and Japan which has been
buying bonds you know when CH when Japan
shifts its industry policy which it’s
been doing slowly but you know it’s
coming a change in Direction and and and
rates move up I think they’re now at
basically 0.1 or something but when they
move up a bit and when the Yen reverses
all have money but Japanese institutions
are put in in foreign not just foreign
treasuries but foreign investments
generally will St to come home so Japan
I wouldn’t I wouldn’t be relying on
Japan for the treasury market for very
much longer yeah you’re talking about so
I’m sorry go ahead go ahead well I was
just going to say so they they have with
all the treasury issuance and remember
over the last five six seven years under
both admin you know Republican and
Democrat um administrations they have
been issuing bonds at the short end
which in my view was a huge mistake when
we had rates basically Z zero lower
Bound in US negative in Europe and Japan
the
US strongest you know economy in the
world and all that good stuff and the um
Reserve currency we should have been
issuing 15 100 Year bonds and locking in
those low rates uh forever mean I ask
you Italy no offense against Italy I
love the clothes and the cars and the
food but if Italy can issue 100e bonds
at what were they seven 7 and a half%
and if Argentina and a g I love I love
the music and the food and but no
offense to Argentina but if Argentina
could issue hundredy year US dollar
bonds
right surely the us could do it and what
would we if if Italy and Argentina were
78% us I guess could have done it for 4%
wouldn’t that look like a great bargain
right now but anyway we didn’t do it or
they didn’t do it I wasn’t asked and so
they issued at the short end to save a
little bit of interest and so all our
sales are coming due so the bond that
was issued three years ago four years
ago at 1% is now having to be reissued
the bill I should say is now having to
or the note is now having to be reissued
at at
5% um and so those interest rate charges
for the US are only going to go up over
the next couple of years you yeah you
brought up a couple of things I was
going to mention you’re you were talking
about the really the Yen cury trade
which is I think is a um very
underreported and that is such a huge
huge story if that
ends and um yeah all that money is going
to dry up which I think Japan again you
brought up a great point they were I
think they were the biggest or after the
Chinese they were the biggest bu of US
debt show so um you’re going to see a
liqu you can see a potential
crisis just right there but what’s
really surprising to me is how strong
gold
is in spite of high interest rates that
you would think that they were opposed
to each other and that just shows to me
that they’re just a really big foreign
government out there and were
speculating I agree with you it’s the
Chinese um they’re buying they’re buying
it up so I think also well if you look
at the last numbers now the last
reported numbers are for February
because uh the world gold Council is the
goto place for World Central Bank and uh
you know they’re always late they have a
spreadsheet and they plug it in this as
they get the numbers from different bags
so we don’t even have all of February in
yet but we have most of it and and you
know but they’re still um they’re still
strong buyers as a as a febrary still
strong buyers um uh lower than January I
should point out and lower on a run rate
than last year but of course last year
was was only slightly less than the
record of 2022 so I think I think there
something else in the market though uh
and I’ve talked about this before you
you’ve got central banks you’ve got
Chinese buyers and they’re retail buyers
or small institutions but I think you’ve
also got um I don’t know we could call
them Wales if you like but we’ve got
some very wealthy individuals and
families primarily in the Middle East
and in Asia who are
concerned about the fragility of the
financial system um you know the
geopolitics isn’t
helping the weaponization of the dollar
isn’t helping but I think it’s people
who are just
concerned about you know the underlying
fragility of the system which means you
know the huge amount of debt that we
have the derivatives that we have um and
and uh we could talk about commercial
real estate that’s that’s everybody
knows oh commercial real estate
commercial real estate but you know most
banks in the US most insurance companies
in the US are still carrying all that
stuff at book they have not marked it
down um in the way the Japanese Banks
and German banks Japanese insurance
companies who lend to us commercial real
estate have marked it down have been
forced to mark it Down By The
Regulators um in the US it hasn’t been
marked down and I don’t think it will be
marked down
until you know someone says oh we can’t
pay you we’re bankrupt and and then it
has to be down
but you know what’s what’s the
expression defer
um the down down the road oh Sly kicking
the can down the road and oh delay and
extend and pretend that’s what I’m
looking for extend and
pretend um some that don’t have to mark
it down you know I don’t think they will
and The Regulators in the US sure are
going to force them to because they’re
concerned about the fragility of the of
the fragility are on word they’re
concerned about some banks in the US
being being
vulnerable so I forgot what the question
was but I think yeah I think I think
there are some some people who are
accuma physical in size they’re doing it
over the over the counter in over the
counter trade so it’s not being
reported um and I don’t mean they’re
doing it deliberately not to reported
maybe some some aren’t but I’m saying
it’s just not being reported in a way
that ETF sales are reported every single
day right um and that’s the only thing
that fills the gap between what we see
is what we see as um uh uh you know
Central Bank buying Shanghai Exchange
buying deduct the ETF outflows there’s
someone else in the market buying and
and you know you know that makes that
makes logical sense to me and we know
some big us people are buying gold for
those reasons yeah yeah it’s fascinating
it’s absolutely fascinating and it’s one
of those things where I think just
literally overnight or one day we’re
going to wake up and Gold’s priced a lot
higher as well as silver so and again I
don’t want to sell
um uh well I was going to say conspiracy
tin hat foil guy and that’s that’s may
be unfair to some people who have been
saying the same thing I’m about to say
so um but you know I think we’re I think
we’re we’re seeing more and more people
wanting to take delivery of their goal
yeah not wanting to trust you know
intermediaries and paper go and maybe
that’s one of the reasons that the ETFs
haven’t been seen the
buy um I mean I’m not one of those who
thinks that that uh Sprout and and um uh
uh GLD I’m not one of those who thinks
they don’t have the
goal um maybe I’m naive but you know
they have they have audits by two
different firms every year and so but
anyway but I think that might be one of
the reasons but certainly you look at
the comx you’ve got last week you had uh
uh uh almost regular High open interest
and yet the physical held in in the in
in the warehouse was was down so it
suggests to me that more and more people
are wanting to to take delivery of gold
and again that makes sense yeah if
you’re buying gold because you think
it’s cheap and because interest rates
are coming down and you think over the
next year you can make 20% on your money
you don’t really care why go out buy
physical and have to store it why not
just buy an ETF or buy a a a contract on
the comx but if you’re buying gold
because you’re actually afraid of the
financial system well you want physical
yeah absolutely Yeah well yeah
fascinating stuff um let’s talk gold
stocks here um they were on a move um
really again in mid to late February we
had it bought them and they just ran
until recently probably last week uh
week to 10 days uh they just went
straight up parabolic uh they’ve come
down a little bit what are your thoughts
now and really again I want to give you
props because you really you hit it up
you hit the nail on the head on that one
um what do you think um would you be
accumulating off these pullbacks would
you be taking some more profits um what
are your thoughts g into the rest of the
year okay no good question the second
one is a little more difficult than the
first one
right
um look the the thing I would say is
that the gold stocks as as a sector are
still extremely
undervalued they are
still the prices are way down from
previous prices and of course there’s a
difference between price and value as as
Oscar wild reminded us um and and
they’re very very under
own so just to give an example of value
you look at AO eil which is the third
largest Gman company in the world and I
men like Neo because like there’s no
hairs on like Neo when I say something
about bar people say oh well that’s
that’s cheap because they’re in Pakistan
why say something about Newland oh
that’s cheap because they just bought a
ukis but if you look at at nego they in
solid jurisdictions great balance sheets
great minds great Pipelines
um great management etc etc so there’s
no oh well that’s only because with ago
and yet other than the last quarter of
2015 it’s selling at basically its
lowest price to free cash flow in 40
years that’s crazy you know that just
doesn’t make sense when gold is where it
is and where Costo where they are
Everybody Talks I think I think the
companies haven’t done themselves any
favors
by being overly optimistic some of them
overly optimistic on costs and every
quarter had to come out saying well we
missed that cost inputs because
inflation you know everybody knows about
inflation um and I think they they made
investors too too anxious about the cost
going up you know if you look at oil
right now oil is the is the number one
cost input for running a mind not for
building a mind but for running
operating mind oils at what $85 or
something in 2011 the last time gold was
over 2,000 oil was at 140 145 if you the
second highest the second largest cost
in P is all the local costs local labor
local uh you know food you buy for your
people the housing all the local stuff
you
buy and a good way of measuring that is
to look at the cost of local currencies
so if you look at what are called
commodity currencies your Australian
dollar Canadian dollar the South African
rand they are all very low today Chile
and peso very low today compared to 2011
in 2011 the Australian dollar Canadian
dollar was selling the 25 30% premiums
to the US do they’re now at 25 30%
discounts so the cost although the costs
have gone up and they are likely to
continue to go on and it is something we
should definitely watch the plain fact
is is that today they are pretty low and
the earnings this first quarter’s
earnings and the second quarter earnings
should be pretty robust when you’ve got
gold to 2200 or 2300 as it is you know
today even after the decline it’s over
2300 and you’ve got all in sustaining
costs of
14,300 those are robust margins yeah so
and and we tend to forget that now I
think we’re I think the market is right
to look at costs because that was what
killed us in 2011 as cost ran out and
people were only looking at the price of
gold not at the cost so anyway I think
they’re they’re very undervalued today
and I get the example of aga’s price
free cash flow but I could give other
examples of uh any and earnings and yeah
so for other companies so the stocks are
cheap and they’re they’re still nowhere
near
uh at at their high prices the industry
is
robust um uh and they are very as I
mentioned earlier they are very very
undervalued when the sector turns let’s
not forget you know we’ve all seen those
comparisons of of gold stocks versus
apple or versus Tesla and they’re
definitely worth looking at but I I’ll
give you another one if I may the value
of every Gold stock in the world
including the expiration companies is
maybe 400
billion you look at the largest gold
mining company which is Newland which is
about what 50 billion yeah Nvidia Nvidia
has had 10minute moves but are four and
five times the market cap of the largest
gold money company in the world Tesla
has traded more in a single day than the
market cap of the largest uh goney
company in the world point I’m making is
when money turns into this sector you
know the stocks are going to move
dramatically now would I be buying now
that’s always a difficult question
because when you’re already pretty fully
invested I would say there is no need to
increase right now at this point if I
was underinvested or didn’t own anything
I would certainly want to
buy and and and I I sort have said no
but we are buying certain stocks today
you know mostly the smaller stocks well
B2 gold for example which is not that
slow B2 gold of 455 it’s a great company
great balance sheet they pay a dividend
that’s about oh gosh it’s about almost
6% right now but um uh uh sorry
255 um it came down a lot when they
bought um Goose Bay from Sabina in the W
SA
uh in the Yukon it came down a lot as
often happens you know when a company’s
in the process of constructing you’ve
got to borrow money you’ve got to
build go wrong right so the stocks T
typically come down and then in the last
couple of months it’s come down
additionally because of the problems in
Mali their largest mine 27% of their n
is in Mali and so that’s cost extra
extra CERN now that’s just an example
that there are great companies that I
would would buy another one I like is
origin origin royalty which um uh has 70
million 18 million in cash strong strong
balance sheet for an exp for a junior
you know Prospect generator exploration
company um uh 18 18 million they got
they got cash flow from royalty
andano uh first Majestics mining in
Mexico so i’ got cash flows so they’re
free cash flow positive which is very
unusual for a junior company yeah great
yeah and they have a royalty on Anglo
Gold’s a big new discovery in southern
Nevada the the BT District they have a
royalty on two of a deposits silicon
Merlin uh which currently according to
Anglo is over 13 million ounces right
now and they have a a 1% royalty on that
so and that’s come down a few
pennies um and we’re buying that but by
and large you know looking at AO or
barck
um or Franco you know I wouldn’t be
adding to positions if I already had
good positions so just be very selective
ping companies but but but I should end
on the positive which is if you’re
underinvested I think you’re better off
paying
$122 for Franco rather than trying to
get it for 118 and maybe missing it yeah
that would agree it’s it’s the big
companies I would definitely I would
definitely be getting a position if you
don’t have yeah I would agree so really
um and I want to paraphrase just let me
know if I’m telling you what is correct
we’re still in the the beginnings of the
run if you would and um if you don’t
have any go you is there’s certainly not
a you would be accumulating and so would
I um and I just paraphrase there uh
let’s end on this um would you be taking
any gambles with any Prospectors or not
Prospect is wrong but just any really
Juniors that are just you know more or
less wild no absolutely but here’s the
thing in at the beginning of a gold
market uh typically the big cap stocks
move first and they move for obvious
reasons that and not only do they move
first but they’re much more certain to
move so if you were to buy just to name
the ones I’ve said Barrick andigo the
second and third largest and Franco and
Roy or weaton the two largest royalty
companies and throw in a Cisco and Beach
you gold for fun you well beu is not a
not a big cap so but but the big cap
ones you can be virtually certain but if
gold goes to 2500 you can be as certain
as almost anything in the invest
business that they will go up right some
may go up more than others some may go
up less than you expect but they’ll all
go up you buy Consolidated L posture and
Amalgamated Ajax they may or may not go
up and so at the beginning of the bull
market I think you want to be in the
senior stocks but are the first to move
and more certain to move um but am I
buying any Juniors oh absolutely much
more selectively than the seniors but
some of them are just are just well I
mentioned origin as an example that’s
not you know tiny but it’s small um yeah
I mean some of them are just
ridiculously G
um yeah no I would agree Lage
what I would say though that if you’re
buying the Juniors I would first of all
you want to be more selective but the
one Criterion that I would really look
at is is is the balance sheet either
they must have cash if they they must
have cash have cash flow which is few of
our between or at the minimum have
access to cash by access to cash I mean
um oh I don’t know um I can’t think of a
good example off top of my head I I mean
if you think back to Virginia when
Audrey gon ran Virginia anytime he
wanted money he could raise
money so you don’t have to worry about
it but if we start seeing the economy
slow unemployment going
up uh you know may even though interest
rates may come down it may just be more
difficult to get Capital his money make
sure but when they say that they have
cash you it’s not just a number it’s
cash in relation to their spend what’s
called a Runway you want to see a
company that an expiration company with
at least I I like to see at least 18
months wrong way yeah that’s great
advice that’s great advice and I can’t
tell you how many times has happened to
me where it’s like
okay great project great jurisdiction
the usual blah blah blah blah blah but
then you you look at how much cash they
have and it’s not 18 months at least
minimal
as he would say and then they have to go
out and raise money they dilute my
shares um so yeah and if they have to
raise money in a bad period you know if
you’ve only got a year left that’s not a
long time because you can’t wait till
month 11 before you raise money and
everybody in the market knows you need
to raise money yep yeah and you’re not
getting varable terms yeah so Adrian
great talking to you uh where can people
find you if they want to be a part uh
work with you or be a part of of your
funds that you manage yeah um well the
best place to go is Adrien day.com
and and we have information on the
newsletter we have information on money
management we also have a lot of well
interviews from your competitors sorry I
hope you don’t but we have a lot of
Articles and interviews and stuff on the
website excellent I’ll put all this in
the show notes well I want to thank you
so much for your time and um I’ll have
you on again in the next few months to
see where we’re at excellent thank you
so much Andy thank you for having me
thanks Adrian

In this insightful interview, investment expert Adrian Day discusses the current state of the gold market, including the pivotal role of central bank buying and the impact of economic factors like interest rates and the dollar strength on gold’s value. Adrian shares his strategies for investing in gold, emphasizing the importance of starting with senior stocks in a bull market and being selective with junior stocks. He highlights several companies for potential investment, focusing on their value, balance sheet strength, and cash flow. The conversation also touches on the broader economic environment’s impact on gold investments, including the Fed’s interest rate policies and the global debt situation. Adrian provides advice on evaluating junior mining companies, stressing the significance of a strong balance sheet and sufficient cash runway.
For more info or to work with Adrian Day, please visit:

Adrian Day Asset Management

00:00 Navigating the Bull Market in Gold Stocks
00:28 Adrian Day’s Market Insights and Predictions
01:10 The Driving Forces Behind Gold’s Value
03:26 Understanding the Shift in Gold Buying Trends
09:07 The Surprising Strength of Gold Amid Economic Challenges
23:17 Exploring the Potential of Gold Stocks
32:34 Strategic Investment in Juniors and Seniors in the Gold Market
33:58 Expert Advice on Selecting Gold Investments
35:49 Connecting with Adrian Day for Investment Opportunities