Ed Baer

Unfiltered Advice from Seasoned Pro Ed Baer: Find Value, Avoid Greed, Shun Fools and Harvest Gains

• Top takeaway Baer's top point is to sell into strength rather than chase the top: take a little off at each level and try to get 65-70% of the original money off the table while playing 30-35%, because "nobody knows what the ultimate price is going to be."
• He stays focused on gold and copper, saying he prefers gold as an alternative to holding another currency amid Iran and Strait of Hormuz uncertainty, and that he does not see copper returning below $250 a pound soon.
• He says the financing window juniors have been counting on is narrowing quickly into the second and third quarters, so sponsors who are confident in a project should fund it now.
• On flow-throughs, he says most buyers never look past the tax benefit, pay a premium to the trading price, and get no guarantee of returns, so he doubts it is the best investment to make.
• He argues investors must know the jurisdiction they are buying into and do their own due diligence, and that raising capital is not the same as earning it — he dislikes high salaries and routine option and RSU grants.

Bullish commodity prices tempt investors into a euphoric gold-and-copper run, then pullbacks remind them the game is unforgiving. Ed Baer argues you cannot know the ultimate price of gold or copper, so sell into strength in tranches rather than ride a single bet. Baer sees the financing window for juniors narrowing fast, and urges acting now if you are confident in your project. He stays positive on gold as a currency hedge and copper as a life-and-grid metal, but rejects unrealistic $5,000 gold feasibility assumptions. Pan Global is his one loser; he blames dilution, salaries, and a credibility-damaging New Year's resource estimate he will not average down on.