In this episode, Steve Yang sits down with Joe Mazumdar, editor of Exploration Insights, a geologist and widely followed analyst who helps serious investors “turn rock into money.” Joe explains why the direction of U.S. real rates — not just their level — pulls gold up or down, how central-bank diversification underpins the metal, why that demand doesn’t automatically flow into equities, and what it means for producers, royalty companies, and juniors. He also shares on-the-ground sentiment from conferences and site visits, plus where he’s looking in silver, copper, rare earths, and more.
Key Topics: Rate direction vs gold · Central-bank buying & de-dollarization · ETF flows into majors and royalties · The return of bought deals · Building a portfolio by time commitment vs liquidity · When to step down into developers and juniors · U.S. policy permitting tailwinds that could accelerate timelines.
Guest — Joe Mazumdar / Exploration Insights
🌐 https://www.ExplorationInsights.com
Weekly research letter covering ~20 companies across stages and commodities; new entries and exits with full rationale.
Companies Mentioned (for context only, not investment advice)
- Liberty Gold (LGD.TSX) — Heap-leach oxide gold project in Idaho; Centerra stake ~9.9%
- Headwater Gold (HWGOF / HWG.V) — Nevada epithermal veins; Newmont JV partner
- Arizona Sonoran Copper (ASCU.TSX) — Cactus project PFS update; HUDbay strategic investor
