What Dave Iben is saying
CIO, Kopernik Global Investors
4 dated public stances tracked since 2025-04-14, most recently 2025-04-14. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Dave Iben's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Dave Iben is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
2025-04-14
PLATINUM
bullish
Wealthion · video
Platinum is scarcer than gold and historically commanded a premium (American Express and airline tier conventions: silver/gold/platinum), yet it is now at such an extreme low that tripling the price would still leave it below gold—a 'bizarre' dislocation…
“platinum now is at such an extreme low that if the price tripled tomorrow, it would sell below gold”
Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup
2025-04-14
Gold Miners
bullish
Wealthion · video
GDXJ is down over 50% from its 2011 peak while gold is up over 50%, an extreme gap created by Wall Street DCF models that penalize long-life mine reserves by time-discounting recoverable ounces—making junior gold miners deeply undervalued relative to the…
“we like gold but we like gold miners more”
90d +4.9% · 180d +58.7% · 1y +102.9%
Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup
2025-04-14
NAK
bullish
Wealthion · video
Northern Dynasty's Pebble project holds decades of long-life gold/copper reserves that the market structurally undervalues via time-discounting DCF conventions; an optionality framework shows those reserves represent a multi-decade free option, not a…
“the ability to own Seabridge and Northern Dynasty and things like that”
90d +123.7% · 180d +174.2% · 1y +95.9%
Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup
2025-04-14
long OIL / NATURAL GAS / NICKEL / long GOLD
ratio
Wealthion · video
Gold/oil, gold/natural gas, and gold/nickel ratios are at 100-year extremes, making energy and base metals historically cheap relative to gold and warranting a portfolio migration toward useful, scarce commodities that have historically maintained their value…
“is the gap between gold and oil or gold and natural gas or gold and nickel too extended”
Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup
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