Skip to content
Bloomberg the Company & Its ProductsThe Company & its ProductsBloomberg Terminal Demo RequestBloomberg Anywhere Remote LoginBloomberg Anywhere LoginBloomberg Customer SupportCustomer Support
  • Bloomberg

    Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

    For Customers

    • Bloomberg Anywhere Remote Login
    • Software Updates
    • Manage Products and Account Information

    Support

    Americas+1 212 318 2000

    EMEA+44 20 7330 7500

    Asia Pacific+65 6212 1000

  • Company

    • About
    • Careers
    • Diversity and Inclusion
    • Tech At Bloomberg
    • Philanthropy
    • Sustainability
    • Bloomberg London
    • Bloomberg Beta
    • Gender-Equality Index

    Communications

    • Press Announcements
    • Press Contacts

    Follow

    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
  • Products

    • Bloomberg Terminal
    • Execution and Order Management
    • Content and Data
    • Financial Data Management
    • Integration and Distribution
    • Bloomberg Tradebook

    Industry Products

    • Bloomberg Law
    • Bloomberg Tax
    • Bloomberg Government
    • BloombergNEF
  • Media

    • Bloomberg Markets
    • Bloomberg Technology
    • Bloomberg Pursuits
    • Bloomberg Politics
    • Bloomberg Opinion
    • Bloomberg Businessweek
    • Bloomberg Live Conferences
    • Bloomberg Apps
    • Bloomberg Radio
    • Bloomberg Television
    • News Bureaus

    Media Services

    • Bloomberg Media Distribution
    • Advertising
  • Company

    • About
    • Careers
    • Diversity and Inclusion
    • Tech At Bloomberg
    • Philanthropy
    • Sustainability
    • Bloomberg London
    • Bloomberg Beta
    • Gender-Equality Index

    Communications

    • Press Announcements
    • Press Contacts

    Follow

    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
  • Products

    • Bloomberg Terminal
    • Execution and
      Order Management
    • Content and Data
    • Financial Data
      Management
    • Integration and
      Distribution
    • Bloomberg
      Tradebook

    Industry Products

    • Bloomberg Law
    • Bloomberg Tax
    • Bloomberg Government
    • Bloomberg Environment
    • BloombergNEF
  • Media

    • Bloomberg Markets
    • Bloomberg
      Technology
    • Bloomberg Pursuits
    • Bloomberg Politics
    • Bloomberg Opinion
    • Bloomberg
      Businessweek
    • Bloomberg Live Conferences
    • Bloomberg Apps
    • Bloomberg Radio
    • Bloomberg Television
    • News Bureaus

    Media Services

    • Bloomberg Media Distribution
    • Advertising
  • Bloomberg

    Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

    For Customers

    • Bloomberg Anywhere Remote Login
    • Software Updates
    • Manage Contracts and Orders

    Support

    Americas+1 212 318 2000

    EMEA+44 20 7330 7500

    Asia Pacific+65 6212 1000

Bloomberg UK

Switch Editions
  • UK
  • Europe
  • US
  • Asia
  • Middle East
  • Africa
  • 日本
Sign In Subscribe
  • Bloomberg TV+

    Bloomberg Daybreak Europe

    Bloomberg Daybreak Europe

    Bloomberg Daybreak Europe. Live from London, tracking the breaking and top business news stories in the lead-up to the opening of European markets.

    Bloomberg Radio

    Bloomberg Daybreak Europe

    Bloomberg Daybreak Europe

    Overnight on Wall Street is morning in Europe. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Markets never sleep, and neither does Bloomberg News. Monitor your investments 24 hours a day, around the clock from around the globe.

    Listen

    Quicktake

    Idea Generation: Marsai Martin

    Idea Generation: Marsai Martin

    Actor and executive producer Marsai Martin walks us through her journey from being a struggling child actor in Dallas to becoming the youngest person to executive produce a major motion picture in the history of Hollywood.

    Also streaming on your TV:

    • Markets
      Markets
      • Economics
      • Deals
      • Odd Lots
      • The FIX | Fixed Income
      • ETFs
      • FX
      • Factor Investing
      • Alternative Investing
      • Economic Calendar
      • Markets Magazine
      Airbnb Said to Be Raising Funding At $10 Billion Valuation

      City of London

      Airbnb London Prices Soar as UK Eyes Curbs for Tourist Hotspots

      Fed To Plow Ahead On Half-Point Hikes Undeterred By Stock Slump

      Economics

      Fed Minutes Could Bolster Bets for 75 Basis-Point Hike in July

      Market Data

      • Stocks
      • Commodities
      • Rates & Bonds
      • Currencies
      • Futures
      • Sectors

      Follow Bloomberg Markets

      View More Markets
    • Technology
      Technology
      • Work Shifting
      • Code Wars
      • Checkout
      • Prognosis
      Used Car Startup Kavak to Invest $180 Million in New Global Push

      Technology

      Used Car Startup Kavak to Invest $180 Million in New Global Push

      Chinese Chipmakers Surge After US Pushes for More Industry Curbs

      Technology

      Chinese Chipmakers Surge After US Pushes for More Industry Curbs

      Paul Tang GETTY sub

      Technology

      Big Tech Shadow Lobbying Campaigns Under Fire in EU Parliament

      Follow Bloomberg Technology

      View More Technology
    • Politics
      Politics
      • US
      • UK
      • Americas
      • Europe
      • Asia
      • Middle East
      Russian Tech Exiles Feature

      Politics

      Russia’s Brain Drain Is Officially Underway

      Sunshine State Offers Ray Of Hope For U.S. House Hunters Squeezed By Low Supply

      Politics

      Trump Appraiser Fined $10,000 a Day for Not Producing Documents

      Featured

      • Hong Kong's 25 Years Under China
      • Next China

      Follow Bloomberg Politics

      View More Politics
    • Wealth
      Wealth
      • Investing
      • Living
      • Opinion & Advice
      • Savings & Retirement
      • Taxes
      • Reinvention
      New York City As Covid Restrictions Are Lifted After Reaching Vaccine Goal

      Wealth

      Manhattan Home Prices Hit a Record While Sales Frenzy Winds Down

      BRAZIL-ELECTION-CAMPAIGN-LULA

      Politics

      Lula Reassures Brazilian Billionaires Wary of Leftist Turn

      Featured

      • How to Invest

      Follow Bloomberg Wealth

      View More Wealth
    • Pursuits
      Pursuits
      • Travel
      • Autos
      • Homes
      • Living
      • Culture
      • Style
      Ons Jabeur Makes More History for Arab Women At Wimbledon

      Pursuits

      Ons Jabeur Makes More History for Arab Women At Wimbledon

      David Laslav

      Pursuits

      Warner Bros. Discovery CEO Zaslav Chats Netflix, CNN at Sun Valley

      Featured

      • Screentime
      • New York Property Prices
      • Where to Go in 2022

      Follow Bloomberg Pursuits

      View More Pursuits
    • Opinion
      Opinion
      • Business
      • Finance
      • Economics
      • Markets
      • Politics & Policy
      • Technology & Ideas
      • Editorials
      • Letters
      UK PM Boris Johnson Hosts His New Zealand Counterpart Jacinda Ardern

      Marcus Ashworth

      Boris Johnson’s in Trouble. But the UK Economy’s OK for Now.

      Le Mans 24 Hour Race

      Chris Bryant

      Why Volkswagen Buyers Get a Lamborghini for Free

      UK Airports Struggle With Long Queues And Cancellations Ahead Of Holiday Weekend

      Andrea Felsted

      That Hot Beach Summer Isn’t Looking So Hot

      Follow Bloomberg Opinion

      View More Opinion
    • Businessweek
      Businessweek
      • The Bloomberg 50
      • Best B-Schools
      • Small Business Survival Guide
      • 50 Companies to Watch
      • Good Business
      • Subscribe to the Magazine
      CHINA-XICHANG-SATELLITES-LAUNCH (CN)

      Business

      Geely Is Launching Satellites in a Bid to Bring Driverless Cars to China

      Google Is Going to Let Politicians Spam Your Inbox

      Remarks

      Google Is Going to Let Politicians Spam Your Inbox

      The Lottery Lawyer Won Their Trust, Then Lost Their Mega Millions

      The Heist Issue

      The Lottery Lawyer Won Their Trust, Then Lost Their Mega Millions

      Follow Bloomberg Businessweek

      View More Businessweek
    • Equality
      Equality
      • Corporate Leadership
      • Capital
      • Society
      • Solutions
      RUSSIA-US-DIPLOMACY-BASKET-COURT

      Equality

      Biden Receives Plea from WNBA Star Griner on Release From Russia

      Mike Grier

      Society

      NHL’s First Black General Manager to Join San Jose Sharks

      Pro-Choice Advocates Rally At Florida Capitol As State Lawmakers Prepare To Vote The 15-Week Abortion Ban Bill

      Equality

      Florida’s 15-Week Abortion Ban Is Back in Effect as State Appeals

      Follow Bloomberg Equality

      View More Equality
    • Green
      Green
      • New Energy
      • ESG Investing
      • Weather & Science
      • Electric Vehicles
      • Climate Politics
      • Greener Living
      • Cleaner Tech
      Homes of 85,000 People At Risk, But Rain Eases Around Sydney

      Green

      Homes of 85,000 People At Risk, But Rain Eases Around Sydney

      AUSTRALIA-WEATHER-FLOOD

      Green

      Sydney Floods Show Urgent Need for Climate Action, Albanese Says

      Featured

      • Data Dash
      • Hyperdrive

      Follow Bloomberg Green

      View More Green
    • CityLab
      CityLab
      • Design
      • Culture
      • Transportation
      • Economy
      • Environment
      • Housing
      • Justice
      • Government
      • Technology
      Virus Cracks Germany’s Defense Against Jobless Surge

      Economy

      Intel Seeks Salvation in German Town of Boom and Bust

      In the Land of $87,000 Corollas, Cars Just Got Pricier Again

      CityLab

      Singapore's Sky-High Car Prices Are a Warning for Global Cities

      HUD Secretary Marcia Fudge (second from left) tours an affordable apartment complex in Alexandria, Virginia, in August 2021. 

      Housing

      Does the White House Need a ‘Zoning Czar’?

      Follow Bloomberg CityLab

      View More CityLab
    • Crypto
      Crypto
      • Decentralized Finance
      • NFTs
      • Regulation
      • Technology
      Turkish Cryptocurrency Kiosks as Bitcoin Rout Deepen

      Crypto

      Crypto ‘Fear and Greed’ Gauge Improves a Bit After 60% Selloff

      Key Speakers At The Bitcoin Conference

      Crypto

      Crypto Mining Giant Dumped Most of Its Bitcoin Holdings in June

      Crypto Venture Investors Choi, Wang Launch Fund for Web3

      Crypto

      Crypto Venture Investors Choi, Wang Launch Fund for Web3

      Follow Bloomberg Crypto

      View More Crypto

Live on Bloomberg TV

CC-Transcript

  • 00:00We do see gold grinding higher here and ultimately what's driving gold is basically an economic backdrop that is generating sluggish economic growth. Gold's ultimately driven by what real interest rates are doing and in this environment where global growth is constantly being revised downwards. This should be a supportive environment for global growth and even if you look at the US you know the US which is supposedly now taking along really really well. And you know Atlanta Fed GDP now forecasts are just north of 2 percent and you can go back and you know the last time the US had economic growth north of 3 percent despite QE 1 2 3 Operation Twist taking rates down to zero. The last time growth was north of 3 percent was 2005 . And in that environment persisting should be positive for gold . Let's take a look at this graph here which let's let's put that up again if we could it's interesting because it shows a long term look at gold and the huge up cycles and the very dramatic declines that can you speak of us. Yeah sure. So you know we you know we're out there we're telling people that it's time to take a look at gold. We think that we're in a new bull market cycle. If you do subscribe to that a lot of people is sort of suffering from sticker shock saying Well well you know that the stocks are up 70 percent from their low point which is you know a 10 plus year low point and they're up 70 percent from that that point in time . We try to provide people with perspective and saying that if you do believe that we're in a new bull market cycle that there could still be a lot more to go. If you look back to 1970 there were seven bull markets. The average return was about three hundred and sixty percent and the average duration of the bull market was three point six years and we would argue that maybe this is going to be a little more pronounced than the average cycle considering that the bear market we were in was was so severe in terms of magnitude and duration when the stocks were down 80 plus percent over you know four plus year timeframe. So how do you find value in the gold sector. Do you see it. And what metrics do you use. So you know value is always in the eye of the beholder because it's going to be dependent on what gold price forecasts are using. But typically especially when you're in the early stages of a bull market and you're you know you're reviewing what analysts are saying and how people are modeling it you know they're constantly revising their gold price higher . So you know something that may look expensive today in a higher gold price actually looks cheap. So the two things that we sort of were the three things we look at price 10 Navy we would argue that that that stocks are still very reasonably priced on that metric especially if you compared to previous bull market cycles we look at price to cash flow. They're near the call at the bottom quartile of their 20 year band. And then we look at the at the ratio equity bullion ratio and if you look at that you know that's near at forty five year low which is indicative of both sentiment and considering the fact that gold bullion actually has done okay in various currencies over the past number of years. But gold stocks have not. Are you looking at midcaps large caps or that the whole universe. So you know art you know what where we add value as fund managers is really going to be in the small to mid-cap space. You know that's where we you know we've spent millions of years millions of dollars a year on due diligence. We have a team of dedicated geologists. You know we can do the work on an asset. We visit the asset we review the technical reports and we believe we're going to see significant M and A theme within the gold industry because of two things number one. No. Companies the bigger companies have not spent on exploration and that's going to drive basically declining production profile. And unlike something like oil and gas Riegel spend a few million bucks and you can be producing in 30 days. Mines take years to delineate to develop a mine plan and most importantly and most critically to permit. So a lot of these majors are beyond the point of no return or they're going to be facing declining production profiles. The only way they can dress a address that is through any activity and it's going to be predominantly targeting the small to mid-cap names the companies that are single lots of producers are the companies that are transitioning an asset into production .
  • NOW PLAYING

    Sprott's Mayer: More Gold M&A On The Horizon

  • 07:10

    Bank Indonesia 'Still Comfortable' With Inflation Level, Governor Says

  • 01:35:18

    'Bloomberg Daybreak: Asia' Full Show (07/06/2022)

  • 08:36

    Bank of Thailand Says Top Priority Is Economic Recovery

  • 07:15

    Maju Group's Faiq On Restructuring, Expansion

  • 06:35

    HSBC Neumann: Recession Jitters Are Overdone

  • 07:36

    JPMorgan Wendy Liu on China, Asia Strategy

  • 02:38

    Macau Places SJM’s Grand Lisboa Casino Under Lockdown

  • 06:28

    Goh: Take More Selective Bets In AxJ, China & UK Stocks

  • 01:39

    China’s Covid Outbreak Flares, Fueling Fears of Spread

  • 08:23

    Lavin On US-China Trade, Possible Easing Of Chinese Tariffs

  • 05:39

    SocGen's Benzimra on Markets and Strategies

  • 05:05

    Nomura's Ticehurst on FX and Bonds Outlook

  • 04:55

    Defiance ETFs' Jablonski on Markets

  • 47:04

    'Bloomberg Daybreak: Australia' Full Show (07/06/2022)

  • 05:37

    UBS Global Wealth Management Says It's Too Early to Buy Gold Yet

Stream Schedule:

U.S. BTV+
  • U.S. BTV+
  • U.S. BTV
  • Europe BTV
  • Asia BTV
  • Australia BTV
  • U.S. Live Event
  • EMEA Live Event
  • Asia Live Event
  • Politics Live Event
No schedule data available.

Sprott's Mayer: More Gold M&A On The Horizon

October 25th, 2016, 10:03 PM GMT+0000

Jason Mayer, Senior Portfolio Manager at Sprott Asset Management joins Bloomberg TV Canada's Mark Bunting to discuss what will drive gold stocks' next leg of bull run. (Source: Bloomberg)


  • Bloomberg Technology

    The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. Hosted by Emily Chang.
    More episodes and clips
    • 44:47

      'Bloomberg Technology' Full Show (07/05/2022)

    • 02:11

      US Pushes for Netherlands' ASML to Stop Selling Chipmaking Gear to China

    • 08:52

      Crypto Report: Cryto Fundraising for Women's Activism

    • 07:18

      Nasdaq Senior VP Thomas on IPOs, SPACs, Private Market

See all shows
Terms of Service Trademarks Privacy Policy ©2022 Bloomberg L.P. All Rights Reserved
Careers Made in NYC Advertise Ad Choices Help