Blog | Entrepreneurship

The Golden Entrepreneur

I endorse gold, silver and Bitcoin for one reason, because I don't trust the Federal Reserve Bank.

Want to talk about something that I strongly feel. I endorse gold, silver and Bitcoin for one reason, because I don't trust the Federal Reserve Bank. I don't trust central banks. That's as simple as it gets. They're run by academic elites, and I don't trust them. I've been buying gold since 1972, ever since Nixon took gold off that gold standard, the dollar off the gold standard.

I have been to South America, Peru, Mongolia in search of gold. I finally found gold in China. My partners and I discovered the biggest gold fine in China. We took it public on the Toronto Stock Exchange. Shortly after, the Chinese government said, "Thank you very much. We like your deal," and then they took our mine.

Since then, I’ve done many different kinds of deals with many different partners. One partner is Marin Katusa. [Full disclosure, I do invest with Marin. We've made a lot of money together.] One of my favorite things about Marin is that he is still looking for gold. Marin taught me an old saying that God created gold, but the devil took it and spread it around. That is why it is usually found in places run by friends of the devil.

I know what you are thinking, “What does this have to do with entrepreneurship?”

Entrepreneurs solve problems. Let me tell you a story of a problem.

There was a PhD geologist who discovered something incredible. He the highest producing grade gold mine in the world. [I cannot tell you where the mine is because Marin is still finalizing his deal]. Marin thought it was too good to be true. But Marin figured he had nothing to lose. He took the painstaking efforts to get through the Covid red tape and became the first outsider to see the discovery. Remember that. He got through the Covid red tape first. Once there he filled his pockets rocks and took above ground hours later. It was true, the highest-grade gold mine in the world.

How could this be?

Decades ago a company called Kennecott, the world's largest copper producer, was producing in this area. They were mining the world's largest copper mine for roughly forty-years. Let me tell you why this matters. When you have copper, you produce a copper concentrate that you send to the smelter. But before the copper is finished it needs to be blended with a flux to make sure the temperature is right to extract the copper and gold. The flux separates out mercury, fluorine and all the things you don't want in your copper.

This area the gold was found in was producing the flux. The huge copper mining company did not know the gold was there. The 300 million ounces of silver and 2.9 million ounces of gold was completely missed by Kennecott. Why? Kennecott did not have the modern technology of an XRF gun. This gun $50,000 battery-controlled gun. When you shoot a rock with it, it tells you how much gold you have and how much silver you have. It's the new technology. No geologist could see it with their own eyes.

I’ll say it again. God produced gold, but the devil took it and spread it around to his friends. I think that's the key aspect. God makes the riches but the devil, accidently, makes the opportunity. Entrepreneurs see the opportunity and take action.

The more crazy the world gets, the more fanatical people get. Right or wrong, Covid has made people fanatical. It did not stop Marin Katusa. It stopped everyone else from going to that mine, but not Marin. The real entrepreneurs will find more opportunity, while everybody else is complaining about the stock market volatility, and the interest rates going up, Covid and so much more. But, and here is the lesson, if you're an entrepreneur and you know your stuff, there's more opportunity because the crazies out there, the fanatics, are creating more opportunities for all of us. But you've got to be able to see them.

Marin told me that when everybody froze in 2020 and 2021, he got more aggressive and did site visits when no one would even leave their house. Marin found a way to see an opportunity with Covid. It kept his competition away.

Katusa and his research team were the first site visit out of Canada during the pandemic. They had to file all the forms, cross the ‘Ts, dot the ‘I’s and jump when the bureaucrats say “jump” because that's how you get the opportunity. When everybody is frozen, focused on something else, there's incredible opportunities, you just have to see them.

You have to be open minded, take risks, and conduct all the due diligence. It’s one of the reasons I invest so heavily with Marin. Its why I have Marin on my podcast so often and its one of the reasons I love his newsletter. Marin has the vision to see opportunity. Marin is my golden entrepreneur, and that is why he is my partner and we make a lot of money together.