Transcription
Hello everybody. Welcome into Commodity Culture, where we break down commodities markets, sound money principles, and geopolitics, all with the goal of making you a better investor in the commodities sector. My name is Jesse Day. Today is April 6th, 2026, and I'm thrilled to welcome Sheldon Inwintosh to the show, the co-founder of Newfound Gold, Premium Nickel, and NextG Energy, and the CEO of 3D Capital. We're going to be diving into Sheldon's decades of experience in the commodity sector today to get his view on gold, silver, uranium, energy, and more. Which area of these sectors is he seeing the most opportunity in at present? So, strap yourselves in for my conversation with Sheldon Inuh.
Sheldon Inwintosh, it is great to have you on Commodity Culture. You have a wealth of experience in the commodities sector, and there's so much I want to dive into with you today, but I want to start with the precious metals because war is raging in the Middle East, but gold and silver have sold off, surprising many. Um, why do you think that is, and and how do you expect the metals to react should this war drag on for longer than many anticipate?
I really believe that uh wars or geopolitical events are very transitory when it comes to the valuation of precious metals. Uh, I think their metrics are m are based on much longer term trends, whether it be inflation, currency devaluation, and so forth. Uh, there's always a flight to safety for a moment, and then people get uh afraid for one reason or the other and they sell what's liquid. So often precious metals correct in in these types of environments and then resume their trend when things settle down.
Well, let's focus in on silver for a moment here because a lot of interesting catalysts driving the market. We saw a tremendous run to nearly $120 an ounce before a pullback to, I believe we're in the mid-70s last time I checked. What do you make of silver's roller coaster price action, and do you think we get back to all-time highs this year?
Yeah, I think the uh the bull market theory of silver is fully intact for many, many reasons. I believe for many years it was suppressed and, you know, arguably, you know, shorted uh and manipulated, and I think that uh the big move was basically an unwind of of all that that had suppressed it for a long time. So, you know, markets always overreact in both directions, and um, I think that it, you know, probably for where it should be, went a bit too high, and it sort of corrected to uh a fair range to resume its upward decline uh an upward incline.
And so, do you think we get back to new all-time highs? And uh how much of silver's demand and catalyst behind it right now would you say are driven by industrial versus monetary?
Yeah, I'd say that, you know, it's probably some combat combination, but silver has very specific fundamentals in electronics and data centers and all kinds of metrics for the growth of uh what's called it the digital age. And so I think that uh silver mines are extremely rare in terms of uh as a single producing mineral. They're typically byproducts. So it's not so elastic that you can just suddenly come up with new sources of supply. So um, you know, I think that after this correction settles it settles out, I think it's uh there's going to be a continual uh supply gap.
Now, central bank gold buying was one of the main catalysts that a lot of people were pointing to when it comes to the gold market and the tailwinds driving it. That seems to have dropped off this year. And also, we've had the Fed uh pause rate cuts and potentially could be hiking rates up ahead. Do you see those factors as uh headwinds for gold and your overall thoughts on the gold market at present?
Well, I think gold's broken out into uh a very positive uptrend. I think it's going through what gold's always gone through, which is, you know, volatility, big moves, corrections, but higher lows. And I think central banks, you know, probably paused because the price moved up so much and they wanted to just wait for it to settle down because it's, you know, these nothing moves up continuously. Uh, there's always shakeouts, corrections, and so I view everything as extremely constructive at the moment.
And what about the gold and silver mining space? Because both categories, especially silver miners, have not really been providing that levered play on the metals prices that many expected. Are precious metals miners presenting an opportunity at these price levels in your opinion?
Absolutely. Um, you know, the markets pick their spots when they decide that uh they want to change valuations. Um, and I think that, uh, you know, when you look at the price, you look at the profit margins, you look at the supply deficit factors, uh, I believe that, you know, on dips, they're they're they're really exceptional buys.
And which area of the mining space do you think presents the most opportunity right now? Um, are the big producers still undervalued at these levels? Would you be looking more to the developers, explorers? What's your thought there?
I think you want a mix. I think when it comes to the producers, uh, you know, they're still trading at historically uh, great uh, valuations. Uh, they have cash flow, they're paying dividends, they're buying back their shares. So, all that bodess very well uh, for that end of the market. And then with all the new capital uh being raised for the more junior companies, I think we're going to experience some new discoveries. I think those discoveries, you know, give obviously um exceptional returns and, you know, for those that have the risk tolerance. Um, I believe it's good to have a mix.
And when evaluating mining companies from from your perspective, because you have a lot of experience in the industry, what what are the main things you're looking for? Obviously, this all depends on on the type of metal and and uh the size of the company, but what are some of the main things you're looking for, and what are some perhaps red flags you you could outline for us that that make you think twice?
Well, you know, I always like to have um, you know, good operators in these companies and uh, you know, people that know how to manage the capital properly, bring on the right technical people if it's for exploration, you know, geologists that have a track record. I think uh, you know, you want to really look and see who forms the team. Um, you know, what is their previous experience? Uh, do they care about their shareholders, you know, in terms of their capital structures and so forth, the integrity of management? That that that to me is quite important.
And what about red flags?
Well, I think people that have had difficulties uh, you know uh, in previous companies uh, failures uh, you know, problems with regulators, like you know, those that have checkered past, I think you you should be very, very careful about geopolitical risk, what countries the uh, you know, where the properties are located. You know, some countries have had leftist regimes and they've they've been more difficult uh, in terms of exploitation. Uh, you know, so yeah, you you just want to be careful of of of where the properties are located as well as an addendum.
And do you see anywhere as a truly safe jurisdiction at this point in time? Because in a place like Canada, for example, you might have generally speaking the rule of law, but you don't necessarily have very fast permitting times. There's all sorts of environmental red tape. Um, it's a very lengthy, drawn-out process. Same with many states in the US. Um, you we're starting to see perhaps a shift in places like Argentina and Colombia to more favorable governments in terms of the mining space. But is there essentially risk no matter where you go, just of different kinds, or or there's certain jurisdictions that you look at as just completely safe bets?
Well, I think you know you can say Canada's safe, but you're right, exactly. You have to, you know, get uh in many provinces, deals with the First Nations, the local people, um, you know, the environmental, it's a very, very time-consuming process, whereas you go to certain countries, say in Africa, and you can permit relatively quickly and also have projects at scale, in other words, big, big areas that you can have um, and the governments want jobs and they want revenue. So some of the places that people didn't go are actually perhaps have the best economics. Um, but in terms of safety, you know, um, I think the US, Canada, you know, I really happen to like Africa, Australia, South America has more and more jurisdictions, as you said, that are now uh much more promin.
The sponsor of today's episode is Arc Silver Gold Osmium. Owner Ian Everard is praised even by his competitors as one of the most honest and level-headed bullion dealers in the United States. They have some great prices. You can see some of them displayed right now on screen. Take advantage of these specials today by reaching out to Ian at 307-264-9441 or by email at ian@archsg.com. Make sure to tell him, of course, that Commodity Culture sent you. And now back to the interview.
You co-founded NextGen Energy, which many see as perhaps the next uranium producer in the Athabasca Basin. We're seeing a structural supply deficit in the uranium sector. It doesn't appear to be getting solved anytime soon. So that begs the question, where is the uranium going to come from that's needed for all these reactors? And are you seeing an opportunity in the uranium sector right now?
Yes, I I I believe there's uh an opportunity, but it's like a super tanker. Moves very, very slow because it takes a long time for these projects to get permitted, way longer than regular mines. So what happens is you have to be exceptionally patient and, you know, it's not like the economics don't occur overnight. So I just think that people should be cautious and realize that, you know, this is a very challenging area for investors.
Absolutely. And one thing that has proven out really is >> it's a long time halt.
Yeah. And and there's a lot of volatility in the sector as well. We've certainly seen that play out recently, sometimes with double-digit percentage gains and losses within single trading days. Um, what are your thoughts on the volatility of this sector? If you had zero exposure right now, would now be a time you'd be deploying capital to the space, or or would you be sitting on the sidelines um, perhaps letting all of this uh volatility play out?
Yeah, I would I think I would wait till the volatility slowed down and the volumes declined and, you know, everything settled in, and then, you know, pick your spots, pick the companies that you think are the best and, you know, nimly uh acquire shares.
And now in the uranium space, far different than the precious metals mining space, there's very few companies to choose from. Uh, once again, the same question. Are the big producers, do you think, still a place worth uh investing in at this point? Your Camecos, your Kazatomproms? Would you be looking more towards the developers like NextGen who are getting perhaps closer to to producing? What are your thoughts?
Yeah, I think it's best to probably stick with the producers at this point.
Yeah, that makes sense. Now, what about copper? This is another metal where a supply-demand imbalance appears to be playing out with many analysts projecting a massive supply shortfall that could send prices much higher. Would you agree? And is copper a smart place to be positioned right now in your view?
Yeah, I like copper a lot. Um, you know, not saying that all this destruction and the world's going to have to be rebuilt. Uh, but certainly in the defense industry, you need a lot of copper. Uh, copper is a fundamental commodity. It's also used in connectivity uh for electronics. So I I like copper. I think that uh many of the copper companies aren't trading at massive premiums. So I I'm I'm a fan to invest in that sector for sure.
And how about energy? Because this is obviously a hot topic. WTI soaring to over 100. I haven't checked it now. I don't know if trading's opened yet. And what's what's happened as a result of Trump potentially talking about peace. There's this cycle that happens. Talk about peace, bomb them. Talk about peace, bomb them. So, I I I don't know that oil is going to be going down anytime soon, but nonetheless, perhaps a little bit precarious considering this war that's going on. Um, is there opportunity here, or are things too uncertain to be deploying capital into oil and gas as a major conflict rages?
Yeah, I think that uh I would stay on the sidelines because you know you're dealing with um sort of the whims of politics and, you know, um there there is a lot of uh oil in the world. It just has to get to markets. So, you know, my feeling is when things all settle down, the price of oil will also settle back.
And do you think we're going back to the $50, $60 a barrel? And what about the long-term trajectory for for oil and gas? If we look out over a three to five-year time horizon, do you think prices could be heading higher?
I think uh 50 to 60 is kind of low. Um, I would look at more the 70 to $80 range as the kind of long-term equilibrium.
And out of all the commodities we've discussed today, where do you think provides and presents the greatest opportunity?
Well, I I I happen to like the precious metals and the copper space as areas that I think have pretty solid fundamentals and will over time uh do very well.
And what about other areas of the market, commodities, or or otherwise that we haven't touched on? Um, emerging markets and any other sectors that that you think are worth taking a look at?
Yeah, I mean um, you know, certainly 3D, we we have uh minerals um that cover all the categories that you're you were speaking of. Uh, we happen to be big believers in AI and what is evolving in AI. We're also involved in quantum computing. We believe that's going to become maybe the greatest growth area of all. So we have exposure to to all these uh verticals and um, we believe that, you know, this is our year on many fronts. The catalysts are going to come from our mineral portfolio, our AI portfolio, and our quantum portfolio.
Well, let's talk about AI for a moment because a lot of people believe that the broad market is in a bubble at this point um, largely driven by a lot of AI-related stocks. Some are calling it an AI bubble. Um, would would you agree? Do you think some of these companies have gotten over their skis in terms of valuations? Do you expect a correction in the broad market? And which areas of the market when it comes to AI specifically are are you looking at?
Yeah, I I you know, the broad market, I think is is actually going to go higher. Um, I believe AI is going to bring on tremendous productivity gains in companies because they're going to be able to do a lot of things very fast with different types of people and fewer people. AI agents are going to be doing a lot on behalf of humans and corporations. And we see the whole agentic world, we'll call it, as exploding and making many, many companies who adopt AI even more profitable. And so we think their valuations are going to go higher. Um, and we're extremely bullish.
What about the quantum computing space makes you bullish? Because as far as I understand, full-scale commercial adoption of that technology is still a ways away. um, why do you think quantum computing is presenting an opportunity at present from an investment standpoint?
Yeah, so it's a it's a very good question. Um, quantum technology is still from a commercial standpoint, quite some time away. Um, what we're excited about is we've discovered a company that we believe is has quantum that is ready today, and that is a major, major leap in technology. And when people look at uh classical computers, they happen in logical patterns of one uh sequence after another. When you look at quantum, millions of transactions, not transactions, but searches and analytics can happen in parallel at the same time. So you get insights that are just unable to do on classical computers. So it's been considered the holy grail. And we believe uh we've discovered a company that's in 3D that is launching this year that is going to provide quantum solutions today.
Very interesting. That's a perfect segue into discussing 3D Capital. Tell us about what it is you do there. Um, and and how you can help people who want to potentially deploy capital into some of the spaces that we've been discussing today.
Sure. So, we're we're involved in all of these spaces and where 3D's sweet spot is. We get involved at the beginning of these companies. So, unless we see a 50 or 100x in our investment, we don't get involved. And so you have it in the mining sector where you discover uh new mines, and we've done that many, many times. We believe we have a number of companies that are going to discover new mines in our portfolio. And in the same way, when we get involved in technology, we get involved really at the beginning. So it allows investors, we have about 50 companies to diversify uh their shots at early early stage companies that are being managed professionally. And when I had Pine Tree Capital, it started at 10 cents and we exited at $26 with the same pretty well business model. So we think that we can do that here. uh, and we're focused in, as I mentioned, quantum, we're very excited about AI, and junior mining, and um, we believe that uh the combination of these will basically allow investors to get outsized returns and not have to worry about what's going on in each individual company at any point in time because they may not have access to the information, nor do they have access to the investment at the beginning.
And is 3D Capital uh for accredited investors? Can any retail investor get involved? Is it for institutions? Could you walk us through that?
Yes. Well, we trade in Canada um, and we trade in the US. Canada, I think our symbol is IDK, and in the US, IDKFF, and uh anybody can buy the shares. We also trade at a discount to what we're worth. So, we're trading at below our net asset value.
Great. Well, I'm going to put a link in the description below to the 3D Capital website for people who want to check it out. Sheldon, this has been a great conversation. Thank you so much for coming on the show.
Thank you.
Thank you for joining us today. Our sponsor Arc Silver Gold Opium has some great specials on precious metals bullion products. You can see them on your screen right now. These are subject to change and while supplies last. So, make sure to reach out to owner Ian Everard today at 307-264-9441 or by email at ian@archgo.com. And make sure to tell him that Commodity Culture sent you. And of course, pick up your stacks, not fiat t-shirt in the Commodity Culture Shop, backed by a 100% quality guarantee. Use the link in the description below, and I'll see you guys in the next episode.
Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.