Maria Smirnova runs the only silver equity mutual fund in North America. Her $278-million Ninepoint Silver Equities fund was the brainchild of Eric Sprott, her former boss, mentor and now a mining financier, who has long been a bull on “poor man’s gold.”
But soon after the fund’s launch in 2012, silver fell into a bear market. The metal shot up in price after COVID-19 took hold last year, however, and silver producers’ shares have soared.
We asked the 43-year-old, who also co-runs Ninepoint’s Gold & Precious Minerals fund, why U.S. President Joe Biden’s green energy agenda is a tailwind for silver and whether bitcoin is a headwind for gold.
Gold has bounced around its 2011 peak of about US$1,920 an ounce in recent months. Silver also peaked in 2011, near US$50 an ounce, then sank, but has been volatile lately amid bets by retail traders in Reddit’s WallStreetBets forum. What’s your outlook?
We don’t have price targets on the metals, but our outlook is positive given the macroeconomic picture. Both metals will benefit from a low to negative interest-rate environment and a depreciating U.S. dollar.