In short: His main call. "Gold shares are severely under priced, have high potential, and I think the public is going to pile into them out of fear and greed." All mining shares worldwide ≈ 15% of Nvidia's market cap; 1–2% of the S&P vs 12–15% at past peaks; institutions don't own them. "Do buy lots of mining shares, especially gold and silver mining shares." No fund or company named.
Mining companies dig the metal out of the ground, so their profits swing much more than the metal price itself: if gold rises, a miner's costs mostly stay the same while its revenue climbs, so profits can jump several times faster. That "leverage" works in both directions, which is why miners are the speculative way to play precious metals.
Casey's point is that almost nobody owns them. Add up every mining share in the world and it is worth only about 15% of Nvidia by itself, and mining is 1–2% of the S&P 500 versus 12–15% in past booms. Big institutions barely hold any. With gold already high, he thinks fearful and greedy investors will eventually pour into this tiny corner of the market — and a small pool of stock bought by a large wave of money is how shares multiply.
39:16Gold's not, you know, there's 92 elements in the periodic table. And so I've been involved in a lot of others besides just gold. But at this point, as we speak, gold shares are, relative to everything else in the world, I mean, gold itself is kind of reasonably priced in my opinion. Gold shares are severely under priced, have high potential, and I think the public is going to pile into them out of fear and greed in the future.
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