Rudi Fronk argues that copper and gold are still underowned and undervalued, with commodities likely to reconnect to equities after a market bubble unwinds. He uses Seabridge Gold as an example of long-duration optionality, emphasizing large in-ground metal per share, rising metal prices, and the disconnect between net asset value and market valuation.
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This Wealthion interview centers on Rudi Fronk’s bullish case for hard assets, especially gold and copper, and on Seabridge Gold as a vehicle for leveraged exposure to those metals. Fronk says he has spent 45 years in the mining business, founded Seabridge with a colleague about 27 years ago, and built the company around the idea of growing ounces in the ground faster than shares outstanding. He repeatedly stresses that mining companies often destroy value through dilution, while Seabridge has tried to preserve and expand per-share metal exposure. On the macro side, Fronk says the hard-asset universe is broadly underowned and undervalued. He claims western investors own gold at historically low levels, and expects those investors to eventually return, which would help reconnect gold equities with the metal price. …
Near term, the actionable setup is a potential rotation toward hard assets if equity leadership starts to wobble; copper and gold miners are the most direct expressions of that trade. The immediate risk is that momentum in AI and large-cap equities keeps capital trapped in paper assets for longer.
Over the next few months, the base case is that commodities can start to re-rate if supply tightness and infrastructure demand stay firm while investors begin to question elevated equity valuations. Confirmation would come from stronger metal prices, rising miner multiples, and more visible capital flowing back into gold and copper exposure.
Structurally, the transcript argues for a regime where physical scarcity, long mine lead times, and electrification keep real assets strategically important. If that regime persists, large resource owners with disciplined share counts should gain lasting pricing power versus financial assets.
The world will need substantially more copper, but current supply is not keeping up.
Fronk argues copper demand is rising and the industry is not producing enough new supply.
Western investors are underowning gold on a historic basis, creating room for a future reallocation back into the metal.
He says exposure in large North American capital pools is below historical norms.
Gold equities are cheap relative to bullion and should reconnect with the gold price when investor demand returns.
He says gold stocks are historically cheap versus the underlying metal and should re-rate.
Can you tell the Wealthon audience a little bit about your history in the industry and your efforts in the formation of Seabridge?
Rudy Franc has been in the mining business for 45 years, mostly running publicly traded gold companies. He built mines in third world countries and had those mines expropriated by governments, learning about political risk. He formed Seabridge Gold with a colleague about 27 years ago with the goal of creating a public company that grows gold ounces in the ground faster than shares outstanding, a concept they have delivered on for 27 years.
Can you develop the concept of ounces per share a bit more in terms of comparing Seabridge to other exploration and development plays?
Franc argues the gold/mining industry could be the worst allocators of capital on the planet, with massive dilution that isn't offset by real value. Share counts go from tens of millions to billions without real value offset. Seabridge takes a disciplined approach: when they issue shares, they must convince themselves, the board, and shareholders that those dollars will grow ounces in the ground faster than shares outstanding.
Where do you think hard assets are in today's landscape? How do you look at the hard asset investment proposition in 2026?
Franc says 'underowned and undervalued' is the simplest answer. He notes that large US capital pools have less than 0.5% exposure to gold, whereas historically it was 2-3%. He believes the western investor will come back to the space, and when they do, gold mining shares will reconnect with the gold price. Currently gold equities are very cheap relative to the gold price on a historic basis.
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