The 4th Pillar: June 2024

The 4th Pillar

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Just a few weeks ago, on May 20th, both gold and copper reached new all time highs.

Breathless articles were penned and magazine covers commissioned. Investors could not get enough and FOMO had firmly arrived. Well markets are a fickle beast and today they are trying to ditch them both as fast as they can.

Such are the gyrations of volatile markets, but it is important to put price action in a slightly broader context.

Gold started the year at $2062/oz, peaked at $2450 and is trading as $2312 as I write. Copper started the year at $3.87/lb, peaked at $5.15 and is currently at $4.48/lb.

Our job as investors is not to get too caught up in short term movements, but keep our eyes on the longer term trend.

What matters most for the companies we invest in is not whether there is some short term spike or decline, but rather whether structurally we are in a higher price environment that allows them to capture higher margins over an extended period of time.

The company we feature today is ideally positioned to take advantage of such an environment.

Many times over previous issues, we have discussed why we think there will be a bull market in real assets. Our view has not changed. In fact it is stronger than ever. First, the unprecedented level of money printing (and the subsequent devaluation of fiat currencies) simply means that the units of measurement we use…

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