Gold and silver have been rocked in recent weeks, so what should
investors do now? According to Jonathan Wellum gold isn’t just a
trade — it’s insurance. The President & CEO of ROCKLINC
Investment Partners and former money manager to Canadian
billionaire Michael Lee-Chin, joins In the Money with Amber
Kanwar to lay out why soaring government debt, currency
debasement, and rising geopolitical friction have pushed him to
one of his most conviction-heavy stances yet: a portfolio
anchored by gold, silver, and precious-metal businesses. Jonathan
explains why this cycle still feels early despite the recent
sell-off, how central-bank buying has reshaped the gold market,
and why sharp volatility hasn’t shaken his long-term thesis.
Drawing on decades of experience as a disciplined value investor,
Jonathan explains why precious-metal royalty companies form the
backbone of his exposure, offering cash-flow durability without
the same operational risks as miners. He also walks through
silver’s extreme swings, why supply deficits still matter despite
violent pullbacks, and how electrification, AI infrastructure,
and data-centre demand are quietly tightening metals markets —
all while stressing that gold’s role in portfolios is protection
first, speculation second.
While precious metals are a core pillar of his strategy, Jonathan
makes it clear he’s far from a one-theme investor. He also breaks
down how he’s selectively allocating to insurance, industrials
and global compounders — areas where valuations have reset and
disciplined capital allocation still offers long-term upside.
In the Mailbag, Jonathan weighs in on whether investors have
“missed” the move in Wheaton Precious Metals (WPM), breaks down
the upside torque in Agnico Eagle Mines (AEM) if gold prices stay
elevated, and explains why royalty models continue to outperform
through cycles. He also addresses volatility in silver-exposed
names, comments on Cameco (CCO) amid the nuclear renaissance, and
shares why he’s cautious about junior miners despite the
temptation of leverage. He also fields questions on Berkshire
Hathaway (BRK.B), Fairfax Financial (FFH), Markel (MKL), and
Trisura Group (TSU). The discussion extends to technology names
caught in the AI-driven selloff — including ServiceNow (NOW) and
Thomson Reuters (TRI), and he also gives his take on
Constellation Software (CSU) as he outlines how he separates true
value opportunities from potential value traps.
In Pro Picks, Jonathan shares three high-conviction ideas that
reflect his diversified, valuation-driven approach. He highlights
Carlisle Companies (CSL), a quietly dominant industrial with
strong returns on capital; MercadoLibre (MELI), a leading Latin
American e-commerce and fintech platform with years of growth
runway; and Sprott Inc. (SII), a leveraged way to participate in
a broad commodity and precious-metals cycle through asset
management rather than direct exposure.
To vote on your favourite In the Money swag ideas head to:
https://www.surveymonkey.com/r/XKGW2HT
Timestamps
00:00 show trailer
02:10 intro
04:30 Jonathan’s history as a value investor
06:50 Following the Buffett rules
11:00 Debt problems & Why 25% of Wellum’s portfolio is
in precious metals
14:00 Volatility in gold? We’re in the 3rd or 4th
inning
18:10 Wellum explains his belief in gold
19:50 Silver is a wild, wild ride
23:00 What else is in the fund?
23:40 The bloodbath in software- what’s Jonathan buying?
30:30 ITM Mailbag: Wheaton Precious Metals stock (WPM)
34:10 Agnico Eagle stock (AEM)
38:10 Cameco stock (CCO)
40:40 Berkshire Hathaway stock (BRK.B)
44:25 Fairfax Financial, Trisura, Markel, American Coastal
Insurance Company (FFH, TSU, MKL, ACIC)
49:40 Constellation Software stock (CSU)
54:05 Jonathan’s Pro Picks (CSL, MELI, SII)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
To explore BMO ETF tools, head to https://www.bmoetfs.com and
check out the Tools section.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions. In this episode we discuss
Constellation Software and Equinox Gold which are both stocks
Amber owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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