Grizzle Pod: Thematic Growth Investing
Oct 11, 2026 · 3 hr 11 min · 25 segments
The latest Grizzle Hard Money Conference brought together our largest and most comprehensive lineup of producers, royalty companies, developers, and explorers to map out the current trajectory of hard…
David ShaverGuestJames SeyffartGuestMark BrennanGuestScott ThomsonHostDerek PattendenGuestRob McLeodGuestJames TworekGuest
Daniel HenaoGuest
Steve CopeGuestHeather TaylorGuest
Jim HeskethGuest
Derek MacPhersonGuestNow, they're kind of like, kind of the basis of our show, basically.
[laughs] Oh, hey, wait.
We should lead with this.
I didn't fully appreciate that until I saw this graph.
So, like, that, that was kinda like the, you know, and, and very critical for, uh, for this conference.
Um, the gap has since widened out.
Um, could you shed some light on what drove that spread widening? A.
And what are the catalysts that can tighten that spread back up again? So we'll, we'll throw up the chart.
So obviously, the two things to keep in mind here is that the AUM is going to change.
There's two things that are gonna drive the AUM of both of these underlying products.
It's the underlying performance of the asset and then flows, inflows or outflows.
Um, but like you said, it actually in December of twenty-four, they came within four billion in total AUM.
Just, just l- it was less than a year old and almost caught up to the total gold AUM.
But as you guys know, twenty twenty-five was very nice for gold ETFs, both from a price performance perspective and from a flow perspective.
Now, they're kind of like, kind of the basis of our show, basically.
[laughs] Oh, hey, wait.
We should lead with this.
I didn't fully appreciate that until I saw this graph.
So, like, that, that was kinda like the, you know, and, and very critical for, uh, for this conference.
Um, the gap has since widened out.
Um, could you shed some light on what drove that spread widening? A.
And what are the catalysts that can tighten that spread back up again? So we'll, we'll throw up the chart.
So obviously, the two things to keep in mind here is that the AUM is going to change.
There's two things that are gonna drive the AUM of both of these underlying products.
It's the underlying performance of the asset and then flows, inflows or outflows.
Um, but like you said, it actually in December of twenty-four, they came within four billion in total AUM.
Just, just l- it was less than a year old and almost caught up to the total gold AUM.
But as you guys know, twenty twenty-five was very nice for gold ETFs, both from a price performance perspective and from a flow perspective.
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