Why gold still shines: Roscoe Widdup on the cycle, central banks and picking miners
Former Goldman Sachs analyst Roscoe Widdup (Triple Eight Capital) explains why he thinks the gold bull market still has room to run, what central bank buying really means, how supply responds in phases, and the practical checklist he uses to separate high-quality gold miners from the rest.
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Show Notes
In this Australian Investors Podcast episode, your host Mitchell Sneddon discusses:
– Why a specialised gold fund makes sense in the passive/AI era
– Gold’s demand drivers, especially central banks and ETFs
– How supply responds in phases and why that can steepen the cost curve
– A practical checklist for picking quality, cash-generating gold miners
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Topics Covered
– Why gold still plays a “store of wealth” role and why central banks matter
– The three-phase supply response and what it means for price
– A 5-point miner checklist: asset quality, jurisdiction, balance sheet, responsibility, edge
– Final thoughts: portfolio sizing (bullion vs miners), cycles and when to walk away
Chapters (approximate)
(00:00) Introduction
(01:55) Why Roscoe Established a Gold Fund
(04:10) Why Gold?
(08:21) What Would Stop Central Banks From Buying
(09:44) Why Roscoe Is Bullish
(11:59) Does Roscoe Specifically Invest in the Commodity Gold?
(14:06) Business Life Stages
(16:09) What Makes a Good and Bad Miner
(22:56) Does Roscoe Visit The Places?
(24:19) What Does Roscoe Ask Management?
(27:05) How Many Gold Miners Are In the Investable Universe
(29:17) Why Not Gold ETFs?
(33:42) Where Are We In The Cycle?
(40:44) What Would Make Roscoe Decide To Close It
(43:30) Leigh's Favourite Investors
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