Brace for Major Turbulence as Markets Eye Presidential Showdown

Kai Hoffmann Shares Resource Market Insights from Industry Insiders


Mike Gleason Mike Gleason
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October 11th, 2024 Comments

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Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we'll have a fascinating interview with Kai Hoffmann, CEO of Soar Financial and host of the well-known and highly regarded Soar Financially podcast.

Mike Maharrey dives into a range of topics with Mr. Hoffmann and taps into his expertise in the metals and the resource sectors specifically. Kai talks about what he's learned from talking to so many market insiders over the last few years on his podcast, discusses some real supply issues when it comes to silver and copper mining most notably, and answers the question on many people's minds -- that being why mining stocks have continually lagged behind bullion prices during the current gold bull market.

So, stick around for a tremendously insightful conversation with a man who has a wonderful pulse on precious metals, the economy and markets as a whole, Kai Hoffmann, coming up after this week's market update

In the aftermath of another powerful hurricane that tore through Florida, political and economic storm clouds may also be gathering.

Despite recent strength in the U.S. dollar versus other fiat currencies, inflation pressures continue to take a toll on Americans’ personal finances.

On Thursday, Consumer Price Index data for September came in slightly hotter than expected. The core CPI rose by 0.3%, translating into an annualized rate of 3.1%.

That interrupts a months-long trend of officially declared progress on inflation by the Federal Reserve. The Fed is still likely to cut its benchmark interest rate again next month, though at the risk of contributing more upside momentum to inflation.

Soaring costs for shelter remain one of the biggest drivers of inflation. Millions of Floridians now face the prospect of having to make expensive repairs on homes or replace them entirely. And the multi-billion dollar hit to the insurance industry could translate into higher premiums for homeowners not just in Florida but in every location that has the risk of being devasted by a hurricane, tornado, or other weather-related events.

Prices for crude oil and other commodities have been rebounding in recent weeks. And although gold has come off its record high from last month, the market has bounced back both on Thursday and again here today.

As of this Friday recording, the monetary metal is essentially flat for the week now, bringing spot prices to $2,668 an ounce. Silver stands at $31.78 an ounce as prices this week retreat 1.9%. Platinum is off 0.9% to come in at $997. And finally, palladium is posting a nice weekly gain of 5.1% to trade at $1,102 per ounce.

Market volatility could increase in the days immediately before and after next month’s election. The race for President remains extremely close, with former President Donald Trump gaining momentum in recent days in critical swing states.

Also extremely close, but given much less attention in the media, are the races for control of the U.S. Senate and House of Representatives. Polling suggests the Senate could flip to Republican control but with a majority of perhaps just a single seat. The House, meanwhile, is totally up for grabs. Neither party is likely to be able to implement any major legislative agenda items.

If Trump pulls off one of the greatest political comebacks in American history and returns to the White House, he will face intense opposition from Democrats as well as some anti-Trump Republicans who had voted to impeach him during his first term.

Some political observers worry the election will be so close that it will continue to be fought out in the courts and on the streets for weeks after Election Day. The process has already been marred by a perceived coup within the Democrat party to oust Joe Biden and two assassination attempts made against Trump.

Advocates of free and fair elections can only hope that there are no shenanigans involved in the casting, counting, and certifying of votes.

In any event, the country will remain deeply divided with gridlock likely to rule in Washington. That means there will be no real change in the trajectory of federal spending and borrowing.

Investors would be wise to prepare their portfolios accordingly by owning assets that can protect them from ongoing currency debasement.

Well now, without further delay let’s get right to our exclusive interview with a metals, mining, and resource sector expert.

Mike Maharrey and Kai Hoffmann

Mike Maharrey: Greetings. I'm Mike Maharrey, a reporter and analyst here at Money Metals. Today I'm joined by Kai Hoffmann. Kai is the CEO of the SOAR Financial Group, which is described as a diverse group of companies ranging from publishing, corporate communications and financial consulting to data analysis. He also hosts SOAR Financially a show where he does interviews and offers commentary relating to the world of precious metals, mining, the economy and stuff, mostly stuff. Kai has been active in the junior mining industry since way back in 2008. Greetings Kai, how are you doing today?

Kai Hoffmann: Yeah, pleasure to meet you, Mike. Thanks for having me on.

Mike Maharrey: Likewise. Well, I really appreciate you taking a little time out of your day and it's evening where you are and I'm getting ready for a hurricane. So we're going to roll through this and get us both on our way.

Kai Hoffmann: Literally roll through this.

Mike Maharrey: Yeah, exactly! So you're usually on the other side of the microphone. You're the guy doing the interviews, the interviewer, and today you get to be the interviewee, but I thought it would be interesting just to know out of all of the really interesting people that you've interviewed, is there somebody that really stands out, kind of a favorite interview that you've had of late that you can point out and then if so, why?

Kai Hoffmann: Very good question. You have a very diverse group of people on the show and we try to hear from everybody, positive on gold, negative on gold, positive on the markets, negative on the markets, same with the economy. So we try to capture a whole range of opinions just to form our own. That's sort of how I go through life. I like to listen to everybody and then come up with my own sort of viewpoint and we've had a lot of good guests on it. It depends a bit. It's tricky what you consider a good conversation. A lot of them I consider is where it just flowed really well. Because the content is, it is the content. Guest has the viewpoint where it's just, I agree, I don't agree. You can always find a statistic that matches your narrative.

But I like Simon Hunt for example. He's a phenomenal geopolitical commentator, somebody I could just listen to. Last interview we've done, I think it was last week with him actually. I let him talk for almost 15 minutes without interrupting because he was just going on about the geopolitics and explaining how everything is connected and the Russia, Iran, Israel, I just let him talk. It was a fantastic conversation with that regard because the best conversations for me are the ones where I have to Google stuff to fact check and where I learn at the same time. So I'm a one-man, oompah band when I do my interviews, I don't have somebody dude who Googles information from me while I conduct the interviews. I'm not Joe Rogan, I don't get the hundred million dollar Spotify contracts here.

So I have to do my own research and usually the best interviews I find where I learned the most are the ones where I Google things during that interview and with Simon Hunt, I always have to look things up because you have so much detail also in the narrative where how things are connected. And Simon Hunt, I'd lift up there, he's up there. I'm just looking actually real quick at the list. There's a lot of good guys, Lobo Tiggre I really enjoyed chatting with. We vibe really well. The conversation flows really well. He's a great market commentator. I think he's really coming up and gaining a lot of popularity as well, so I'm really glad that we've had him on the show quite a few times. Matthew Pippenberg is fantastic, more of a, almost historian when it comes to market commentary and he's somebody I enjoyed chatting with. He's based in Switzerland, always gets great views, but somebody I just, we understand each other really well, we vibe really well even when we just do this via Zoom.

Mike Maharrey: Yeah, that's a good list. So here's an interesting question that I'd love your perspective on because obviously as you say, you're talking to folks who are in the mainstream, I'm sure you're talking to folks that are kind of outside of the mainstream thinking, and I'm the type of person that gets really frustrated with a lot of the mainstream narratives because I think they're missing a lot of the underlying, it's almost like they're kind of looking at this surface thing, whatever came over X or on social media today, and they're not putting that in a big picture context. What is something that you've found that folks that are really just immersed in the mainstream narrative, what is the biggest thing that you think they're missing?

Kai Hoffmann: Good question. I think they're not in touch with the economy itself, or not the economy, but the underlying economy, sort of like you mentioned. It's really interesting how we're missing it. Everybody's talking about that we're not in a recession, that the US is not in a recession, but then you interview a few guests and you look at some of the numbers, statistics, you actually go to the US and you talk to people, people are struggling and that is not reflected.

I think there's a massive discrepancy between real economy and reported economy and yes, we have numbers like oh, wage growth, whenever I mention... GDP, wage growth is like 5%. But I talk to people, I read the commentary below my videos and people are saying, "What wage growth? I haven't seen a wage increase in three, four years. What are you talking about?" Right? So I think there's that discrepancy. The discretionary spending I think is a big topic nobody really talks about. Yes, the consumer keeps apparently spending, but also consumer credit is going up. So people are just trying to form a narrative that doesn't really fit what is happening on the ground and I think that's what they're missing.

You go around, one thing I've noticed in the U.S recently when I was traveling there that the cars are all getting older. The average age of a car on the road is, and I've checked that actually, it's 10.4 years or something like that. It's something like that. I might have to double check. I've looked it up like a year ago, but I've noticed that the cars are constantly getting older and I don't think that's reported and reflected anywhere. And that's, I think what's the mainstream is missing and that real, they're out of touch maybe. That's a good point.

Mike Maharrey: Yeah, that's a great way to put it. And I'm driving a 2011, actually both my wife and I have 2011 cars. Of course, part of that is because I just absolutely do not want some of the great technology that they're loading into automobiles these days. So I'll take my car that doesn't try to make me turn where I don't want to.

Kai Hoffmann: When was the Cash for Clunkers program in the US?

Mike Maharrey: That was right after the financial crisis, so it was either maybe 2008, maybe 2009, somewhere in that ballpark.

Kai Hoffmann: Yeah, but if you go on the roads, there are a lot of Honda Civics and Chevy Impalas, like the Malibus, around the Civic category that are all from that time. So you see a lot of those on the roadside. They haven't been renewed because people can't afford new cars.

Mike Maharrey: No, you can't afford a new car and I mean my cars are paid for, so I certainly don't want to buy a car payment on top of that, right?

Kai Hoffmann: Yeah, exactly.

Mike Maharrey: Yeah. So well let's kind of focus a little bit more on your focus, which is junior miners has kind of been your niche, which kind isn't exactly the niche [inaudible 00:06:53] it's not like you graduate from finance and think, "I'm going to go into junior mining." But that's kind of your area. What got you into the resource investment space to begin with? How'd you get interested in this?

Kai Hoffmann: Well, the short answer is dumb luck, right? No, I fell in love with the people quite honestly. I was working at a corporate finance boutique in Frankfurt at the time, and one of the companies I worked with was in the rare earth space, and that was in 2008, 2009. Of course things were flying high. I was young, I was very green behind the ears. I don't have a geology degree, I don't have an engineering degree, so mining was a weird industry to me, but I fell in love with the people. I got to market in San Francisco, got to market in Vancouver, around 2010 was Vancouver was when the Olympics happened in town and some of the friends, the person that had the booth next to me in San Francisco in 2009 is still one of my best friends in the industry. And 2010, same thing.

I still chat with people regularly that are super successful in the industry now. They just sold a second company, really close personal friends, and that's really what attracted me. Of course it's international, you get to travel, which is really appealing to me, but that's how I fell into it. I just wanted to stay there. It was easy to make a mark, Germany, personally, I don't have a lot of competition. There's four or five other people that are sort of doing similar things that we do at SOAR Financial and that is appealing as well. I never was the guy who did what everybody else did. I never followed the same soccer club all my friends did and it was just appealing. It was something else and something different.

Mike Maharrey: Yeah. So with gold hitting record highs left and right, I mean it seems like almost every week we're seeing new record highs in the spot price, but miners have kind of lagged that. Gold mining indexes are still, I think below pre-pandemic levels. And of course the conventional wisdom is that your mining stocks and your gold stocks are going to follow the price of metal. What's causing, in your opinion, the disconnect right now in this obviously a bull market for metal, but where are the miners?

Kai Hoffmann: I'm running out of excuses for the sector, why people are not invested in mining. Seriously, I'm running out. We've seen a proof of concept that miners are valuable investments over the last couple of years actually because this year we've outperformed the NASDAQ, the S&P and by we outperform these, I mean GDX, GDXJ, those are the main indices obviously, have outperformed. But again, you've got to take a higher risk into consideration as well. So the question is how much risk are you willing to have in your portfolio by rather owning the GDX over the S&P 500? For example, every investment advisor tell you it's like S&P hundred 90% of your portfolio, GDX max 10 or so.

But the point is we've outperformed. If you follow gold, yes, gold has been doing phenomenally well, but the miners slow to catch up. The GDX is up only 26, 27% year to date, correcting a little bit right now, which is fantastic to see because no bull market goes up in a straight line and I don't want to see it goes up in a straight line. We need little corrections here and there and it's healthy for us. But that said, the miners are lagging because they've done stupid acquisitions back in 2011, the risk is way higher, some of the bigger miners are in jurisdictions that people don't feel comfortable about, you always hear negative stories about the miners, ESG is at the forefront and miners don't really fit that ESG profile. So I understand why people are not too excited about it, but that is changing and if you really want to make returns, in my opinion of the next three years, five years, I hope that cycle lasts five years, miners are the way to go, especially early on. We haven't missed anything.

I said that before. It's early days. The GDX, it sounds like a lot, the GDX is up 26%, but it's barely keeping up with gold price right now. And usually it outperforms gold three to one in that regard. So usually a lot of leverage. So if you believe that you've missed the train or that you missed the boat, I think the boat is still in the dock and the train is still in the station. It might've pulled out one card, but you haven't missed anything. All you've seen is a case study or proof of concept that it is viable to invest, that it's here to stay. And we're seeing, actually we're recording this October 8th, so we've seen first production numbers coming out of some of the companies. I haven't looked at them in detail, so I can't really comment what they look like, but I've seen a couple come out already. But we've got financials coming up for Q3 over the next four to six weeks here as well, and they should really add fuel to the, let's call it the rally, like the gold stock rally.

Because if that doesn't convince you that the miners are printing money right now, then I don't know what will, because right now we're looking at record margins, oil prices at about $70 a barrel. So it's not a cost factor per se, last quarter wage growth has slowed down, so inflation on the cost side is down or flat. So I don't see any pressure, margin pressure, and that should really tell the algos and the general investors that there's money to be made in our sector. You don't buy Walmart at a 44x valuation when you can buy a miner at a 3x valuation that's actually giving you a 3% dividend as well. So that's my point.

Mike Maharrey: Yeah, that makes absolute sense. So most of our listeners are going to be primarily interested in physical gold, physical silver. That's kind of the niche of the Money Metals world and most, I am guessing, but I'm going to say most of our listeners probably aren't heavily invested in miners or in shares at all. I guess you could argue maybe it keeps them out of trouble because you can lose money. It's definitely a higher risk factor there. But if somebody's listening and they want to kind of branch out in this direction, what kind of risk tolerance should they have to go down this path and what approach might they take? I mean, should they look at individual mining stocks? ETFs? How would you counsel a newbie to look at this sector?

Kai Hoffmann: It's very tough to generalize because as you correctly pointed out, it really depends on your risk profile, right? The easiest way, I brought up the GDX, GDXJ, the HUI, the [inaudible 00:12:59] Index, that's the lazy and easy way to do it. People do the management for you of those ETFs, so you don't have to worry about stock picking or anything. You just buy it. If you believe that GDX or the mining stocks should outperform gold, just buy the ETF, you'll do fine. You'll outperform. You should outperform. You always got to put an asterisk to it, right? You should outperform. That's the easy way.

If you want to go into the miners, you can start picking larger producers, developers, royalty companies, although if you believe that there's a lot of torque in the market, royalty companies are probably second or third on my list nowadays. They used to be first because it was the easiest most risk-free investment or most risk-free investment, got to be careful what I say here, but you catch my drift. So you have to adjust for that. The highest risk end of course, gives you the highest returns. Meaning if you go junior exploration or junior developer, the earlier you go, the more money you can make in the sector and the more torque. You can easily see 500 to 1000%, but that just sounds already very promotional. You got to be careful with those. I guess I run a promotion PR company as well, but we're not the cheerleaders like the pom-pom waving cheerleaders of every single stock.

So we've got to be careful with that. Work your way down the list. Start with a big cap mining companies. Look at a Barrett, look at a Newmont, look at Agnico Eagle. The numbers are going to be phenomenal, I'm pretty sure when they come out in Q3, I haven't heard anything to the contrary yet, and I've been following of course the sector quite closely. And then you can look at the developers. There's a lot of leverage in the developers, for example, companies that are about to go into production. There's execution risks. Be careful. Like we've seen it in Ascot Gold for example. They've turned on the mill, had to shut it down three months later because they couldn't feed it. So there's massive risks. So if your risk tolerance is that you're willing to lose everything, go further down the value chain, because that means you can also make 10x your money.

It is proven in history. I don't want to tout any names here. You just got to be careful. Follow channels, there's a lot of good content. One of the positive, very few positive things that came out of COVID is a lot of good content, a lot of great content creators out there. Make sure you subscribe to a couple YouTube channels or podcasts and then educate yourself. Maybe you hear from a CEO, maybe you see somebody that does an interview and you look them in the face, it's like, "Oh, I kind of like that guy." Maybe follow up on that. Don't fall for it. Of course, don't allocate a hundred percent of your portfolio. That's something everybody should know, but don't do that. Educate yourself. There's so much content out there. If you like a stock, do some research, listen to three more podcasts, other interviewers, is the story consistent?

That's sort of what I would recommend to newbies. Oftentimes people say, well, you got to follow the people. It's like, well, if you're new to the sector, you don't know anybody, you don't know people. So start there. Go find some mining stock, Mining Stock Daily [inaudible 00:15:48] is a good friend of mine, great podcast. Start there. Listen to a couple of company interviews and introductions. If you like the story, follow up with some other interviews and learn about the junior mining space and then invest, allocate, be careful, only invest what you can lose and then have some fun, because I think we're in for a fun ride the next three years.

Mike Maharrey: Yeah, I agree. So there was a lot of talk a couple of years ago, maybe it weren't a couple, a few years back, about peak gold because we were starting to see this incremental decline in mine output. What is your thinking on that? Is that kind of an overblown worry or is that something that is a realistic thing for people to look at?

Kai Hoffmann: It is realistic, but right now it doesn't affect anything. It doesn't really affect the price of gold. The price of gold is not dictated by supply and demand in that regard. From the production side, it's not by supply, it's more paper contracts and the physical delivery of bullion. So the mine output doesn't really matter. Of course, if the Barretts and Newmonts of the world stop producing tomorrow, yes, you will feel that, but you won't notice another a hundred thousand ounce producer coming online in the price of gold. That won't make a difference. Right? So peak gold, yes, I think we've seen it because it's difficult, same with copper, by the way as well, to backfill the discoveries, to backfill the reserves. Yes, the majors, they're doing a lot of brownfield exploration, near mine exploration. There's new projects like Silicon from Anglo-Gold Ashanti in Nevada that is coming up in the pipeline. That's 13.3 million ounces in resources and reserves. So that's coming along, but it's not having a price effect per se. I think that's what you're hinting at to a degree.

But we are seeing a lack of discoveries, a lack of massive gold discoveries. There's a lot of brownfields exploration happening or existing mine sites, but we haven't seen a Great Bear 2.0 for example. That's a story everybody knows in this sector. We haven't seen those type of discoveries. Snowline, sorry, Snowline we've seen, apologies, I almost forgot about Snowline. Fantastic discovery in the Yukon. But it's going to be a while until that gets developed as well. So there is a bit of a lag because we haven't seen, and that's actually not true. I was going to go say we haven't seen enough investment in sector, we have, it's just more difficult to discover. The gold resources are undercover. You have to go drill deeper, you have to look deeper. The grade is declining. So yes, peak gold we might've seen, but I don't think it's something to worry about it just yet. Copper for example, is a completely different story in that regard.

Mike Maharrey: So completely different when you're talking about copper in a more profound way?

Kai Hoffmann: Yeah, it's like you use copper, it just disappears. You use it in a car battery or so you use it, the demand is growing exponentially. It's not like the gold, unless of course the bricks announce a growth currency next week or in two week’s time. Then the narrative is a different one again. But unless the massive factor changes there, copper is a very different story in that regard because supply does not exist for the demand that everybody forecasts will be created by electrifying the world. Simple as that. It doesn't matter what forecast you believe to, we're running into a massive supply shortage, zero discoveries pretty much being made in the last 10 years. Zero new copper mines being brought into production that could fill any sort of supply shortfall and that's what we're looking at.

And that will have massive implications on the copper price because copper price reacts to supply shocks. Like when Copper Panama, the first quantum mine came offline about a year ago almost now, then we've seen a price spike in copper and copper rallied. So copper reacts to those supply shocks and demand shocks in that regard. There's deficit looming, depends on who you want to listen to. It could be this year, it could be next, it could be 2026, but it's coming. That's a given. If the world keeps pushing for electrification of vehicles and everything else, we need more copper. There's not enough copper and that's a very different story from gold.

Mike Maharrey: Yeah, I feel like that's maybe not quite as profound, but also playing out in the silver market, just actually wrote an article a couple of weeks ago about silver mine output and it's not really declining so much as it's just flat and yet you have this massive uptick in demand with the solar panels and all of this stuff. Do you follow the silver miners to the same degree you do gold?

Kai Hoffmann: Yeah, it's a little more difficult to track the silver supplies and mine production, of course I get the Silver Institute numbers as well. I think it's up 4% or something on the year. Nothing too crazy, but it's a byproduct. Most of it is a byproduct to the major copper production, right? So copper production ramps up, I don't think we'll see a big problem on silver supply. I think that'll catch up. Right now we are in a deficit. Silver Institute says 250 million ounces roughly. I think it's actually more than that supply right now. It's interesting that it hasn't really had an effect on the market personally. How much longer can we sustain this until it really, the lid blows off? I'm really curious to see that happen.

But on the supply side, I'm less concerned, perhaps, like yes, there is a shortfall, there's a gap, but I think we can fill that, I would say rather quickly, but once other mines come online, we've got Bunker Hill going online and it's a smaller mine but my point is that it's a lead zinc silver mine, or zinc silver mine, sorry, in Idaho, if that goes public, a lot of silver will be produced again. It's not going to fill the gap, don't get me wrong, and I don't want to confuse anybody, but my point is that if a zinc mine goes online, a lot of silver will come with it, right? I haven't seen a graphic worked out like people do or like the Glencores, the traffic gurus of the world do for copper where they say, "Hey, this mine is going to produce this, that, and that." I haven't seen that really for silver.

Mike Maharrey: Yeah, I haven't either.

Kai Hoffmann: And having that overview, I don't think anybody's put that out. I might've missed it, but that doesn't exist in my opinion.

Mike Maharrey: Yeah. Okay. I'm going to get you out on this one. And I like to ask folks this because, especially folks that I talk to who tend to be a little bit more contrarian in their thinking, what is something that you think that the mainstream is missing that is extremely important? And it can be either you can get a specific into the world of mining or even more broadly in the economy. What's something that you see that's going on that you think a lot of people that are missing and they need to pay attention to?

Kai Hoffmann:

That mining and energy is at the forefront of everything. I love that sentence and I've heard it way too many times in the past.

Mike Maharrey: That's great, yeah.

Kai Hoffmann: But if it's not mined, it's grown. Not grown, it's mined. And I think that the mainstream media in general completely forgets where everything comes from. It doesn't make any sense. The whole narrative, everything you read is against mining. The UK just shut off their last coal plants and the steel manufacturing. I get it. I get the drift. I'm all for cleaner air and everything, but we forget where everything comes from. It's fine if it's produced in the Congo, but it's not fine if it's produced in the [inaudible 00:22:59] in Germany. Everybody wants an EV, but we're protesting Tesla building a factory outside of Berlin because some trees are being felled there. And it wasn't even an old-growth forest. There was some planted trees that were there for purpose and massive protests there. I think that's what the narrative is completely missing. There's a lot of hypocrisy in the reporting.

We want this, but we don't want this. But you can't have this without that. And that is mining, right? The NIMBYism is driving me nuts sometimes and maybe I'm probably to blame for as well because I don't want anything down the road here, but we need it. And unfortunately I'm not in an affected area so I don't have to have those discussions. But that's something, the overall narrative, the narrative on mining is always negative and it's driving me insane. Same with gold actually, just the gold narrative as well. I just saw an article, it was today or yesterday, somebody shared on X. Might've been Forbes or Barron's or one of those platforms that came out. Owning and buying gold bullion is a bad idea.

Mike Maharrey: Yeah, oh yeah. You see it all the time. It's a useless relic.

Kai Hoffmann: Yeah, it's like the premiums, you can't buy and sell. Yes you can. But the reason is why do you buy gold? Why do you buy bullion? You don't buy it to trade. You buy paper gold if you want to trade gold, you buy gold to put it in your safe and give it to your grandkids or so. It's completely different, and I think that's something the mainstream media is also completely ignoring, forgetting. I don't think there's an agenda, don't get me wrong. I think it's just cluelessness, a certain cluelessness about gold, the function of gold and how people buy and own it and why they buy and own it. And that is another misconception maybe. So I know a lot of points thrown in together, but you triggered me.

Mike Maharrey: I like it. I like it. And yeah, I see the whole NIMBY thing as well. It's really frustrating. And then the same people are flying around on jets to protest. It's like...

Kai Hoffmann: Yeah, don't get me started on Hollywood's movie stars owning ranches somewhere in Wyoming protesting mining projects.

Mike Maharrey: Yeah, exactly. Well, I really appreciate you taking a little bit of time to talk, a lot of really good insights. And before we go, I would love for you to let folks know where they can follow your work and catch your show and do all of those things that they need to do to be informed.

Kai Hoffmann: I truly appreciate it. No, thanks so much for the opportunity here. And you can follow me YouTube.com/SOARFinancial, that's our main macro channel where we do all the interviews. I'm on Twitter, X, @Jrminingguy, so feel free to reach out. The DMs are open, feel free to send me a message, happy to chat. Those are the easiest way. I'm on LinkedIn as well. If you reach out and you're not in the mining industry and I don't know you, which I apologize for, please leave a quick message on LinkedIn. I get quite a few requests and if I don't know the person or not connected with them, let me know why you reached out. Happy to connect. I'd love to do it.

Mike Maharrey: Well that is fantastic and I perused your show and it is fantastic and a lot of great guests and I think people would find value in listening, so check that out. Kai, I really appreciate you again taking a little bit of time in your evening as I'm getting ready to play hurricane, so I'm going to let you go and get back to it, but we would love to have you on again at some point and just keep on doing what you're doing.

Kai Hoffmann: Thanks so much. Stay safe, please.

Mike Maharrey: All right, I'll do it. Thank you.

Very enlightening conversation there and I hope you enjoyed it.

And that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And don’t forget to tune into the Money Metals Midweek Memo, hosted by Mike Maharrey and airing each Wednesday. To listen to any of our audio programs just go to MoneyMetals.com/podcasts or find them on whatever podcast platform you prefer.

Until next time, this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.

This week, we interview with Kai Hoffmann, CEO of Soar Financial and host of the well-known and highly regarded Soar Financially podcast. Mike Maharrey taps into Mr. Hoffmanns expertise in the metals and the resource sectors.

Mike Gleason

About the Author

Mike Gleason

Mike Gleason is a Director with Money Metals Exchange, a precious metals dealer recently named "Best in the USA" by an independent global ratings group. Gleason is a hard money advocate and a strong proponent of personal liberty, limited government and the Austrian School of Economics. A graduate of the University of Florida, Gleason has extensive experience in management, sales and logistics as well as precious metals investing. He also puts his longtime broadcasting background to good use, hosting a weekly precious metals podcast since 2011, a program listened to by tens of thousands each week.