Viewing 2022 through the Eyes of Crescat Capital

Kevin Smith, Tavi Costa and Quinton Hennigh return as guests on this week’s program.

This episode of Turning Hard Times Into Good Times will focus on the macroeconomic views of Kevin Smith and Tavi Costa of Crescat Capital and the views of Dr. Quinton Hennigh regarding some of your host’s favorite gold and silver exploration stocks, including sponsors to this show. As Daniel DiMartino Booth noted, you can be 100% certain that in the new year the Fed will make a policy error because whatever it does, it will wreck havoc on the markets.

The Fed cannot raise rates because if it does, something like 20% of American companies, that are essentially being kept alive by way of low interest rates, will fail. So the Fed cannot raise rates. At the same time the Fed cannot not raise rates because the seeds of a massive inflation have been set in motion through outrageously permissive monetary and fiscal monetary policies.

But which of those two policy mistakes is the Fed likely to commit, or might they end up committing both as they try to thread the needle unsuccessfully? Those are important questions because they will have a profound impact on the direction of various markets.

Kevin and Tavi gave their views on the topics. Quinton provides updates on Eskay Mining, Eloro Resources, Firefox Gold, Hannan Metals, Labrador Gold Corp, Lion One Metals and Novo Resources.

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Kevin Smith, CFA, is the Founder and CIO of Crescat Capital. He has been managing investment portfolios since 1992, a career spanning multiple business cycles. Kevin has been the lead Portfolio Manager of Crescat’s five investment strategies since their respective inceptions. He is the creator of Crescat’s firmwide global macro investment process and systematic equity valuation model. Prior to founding Crescat, he worked as a Wealth Advisor with Kidder Peabody. He earned an MBA from the University of Chicago Booth School of Business with a specialization in Finance and a concentration in Statistics. Born and raised in the San Francisco Bay Area, he received a bachelor’s degree in Economics and German studies from Stanford University. He holds the Chartered Financial Analyst designation.

Otavio (“Tavi”) Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil and is fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and in international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Dr. Quinton Hennigh is an economic geologist with 25 years of exploration experience, mainly gold related.  Early in his career, he explored for major mining firms including Homestake Mining Company, Newcrest Mining Ltd and Newmont Mining Corporation.  Dr. Hennigh joined the junior mining sector in 2007 and has been involved with a number of Canadian-listed gold companies including Gold Canyon Resources where he led exploration at the Springpole alkaline gold project near Red Lake Ontario, a 5-million ounce gold asset that was sold to First Mining Gold.  In 2010, Dr. Hennigh helped start Novo Resources, now a gold producer, by assembling its Australian exploration portfolio. He is Geologic and Technical Advisor to Crescat Capital. Dr. Hennigh obtained a Ph.D. in Geology/Geochemistry from the Colorado School of Mines. 

About Jay Taylor

Jay Taylor is editor of J Taylor's Gold, Energy & Tech Stocks newsletter. His interest in the role gold has played in U.S. monetary history led him to research gold and into analyzing and investing in junior gold shares. Currently he also hosts his own one-hour weekly radio show Turning Hard Times Into Good Times,” which features high profile guests who discuss leading economic issues of our day. The show also discusses investment opportunities primarily in the precious metals mining sector. He has been a guest on CNBC, Fox, Bloomberg and BNN and many mining conferences.