Looking at more than 200 skulls dating to 20th and 16th century Spain, as well as approximately 50 skulls from 20th century Portugal, the researchers found that craniofacial differences between contemporary men and women are less pronounced than they were in the 16th century.

The post Study finds facial structure of men and women has become more similar over time appeared first on Smithsonian Insider.

The predictability and scale of seasonal changes in a habitat help determine the distance migratory species move and whether the animals always travel together to the same place or independently to different locations.

The post Changes in vegetation determine how animals migrate, scientists find in new National Zoo study appeared first on Smithsonian Insider.

Using the deepest X-ray image ever taken, astronomers found the first direct evidence that massive black holes were common in the early universe. This discovery from NASA's Chandra X-ray Observatory shows that very young black holes grew more aggressively than previously thought, in tandem with the growth of their host galaxies.

The post Chandra X-Ray Observatory finds massive black holes common in early universe appeared first on Smithsonian Insider.

Astronomers have probed into the distant universe and discovered that galaxies display one of two distinct behaviors: they are either awake or asleep, actively forming stars or are not forming any new stars at all.

The post Astronomers find that galaxies are either asleep or awake appeared first on Smithsonian Insider.

Now, a new study of hellbenders by scientists at the Smithsonian Conservation Biology Institute will place these amphibians at the center of the conservation of Appalachian salamanders.

The post Will global warming be hell on the hellbender? Smithsonian study aims to find out. appeared first on Smithsonian Insider.

"I nearly fell out of my chair at the telescope when I saw one star change its speed by a staggering 750 miles per second in just a few minutes," said Smithsonian astronomer Warren Brown, lead author of the paper reporting the find.

The post Astronomers find two white-dwarf stars locked in death spiral appeared first on Smithsonian Insider.

This is the first report of this invasive species in this area, and may indicate a recent range expansion of the snakehead population.

The post Smithsonian team finds northern snakehead fish in Maryland’s Rhode River appeared first on Smithsonian Insider.

Researchers at the Smithsonian Conservation Biology Institute have discovered why older females are rarely able to reproduce—and hope to use this information to introduce vital […]

The post New finding may enable scientists to bolster genetic diversity of captive cheetah population appeared first on Smithsonian Insider.

Depending on where the fish disperse from, the use of ‘stepping stones', flotsam or simply being an adult can help in the journey to find a new home.

The post Ability to raft with flotsam and use non-reef habitats helps tropical fish journey to new places, study finds appeared first on Smithsonian Insider.

A new study by a team of scientists from the Smithsonian’s National Museum of Natural History, the National University of Singapore and the Slovenian Academy of Sciences and Arts have unlocked the secret to mate binding in orb web spiders, and revealed just how it calms the cannibalistic female spider.

The post Suitor’s gentle massage soothes aggressive, cannibalistic female spiders, researchers find appeared first on Smithsonian Insider.

For the first time, researchers from the Smithsonian Conservation Biology Institute’s Migratory Bird Center analyzed how songbirds are affected by both general noise and the acoustics of hard human-made surfaces in urban areas.

The post Urban songbirds adjust melodies to adapt to life in the big city, Smithsonian scientists find appeared first on Smithsonian Insider.

Small monkey groups may win territorial disputes against larger groups because some members of the larger, invading groups avoid aggressive encounters.

The post Members of small monkey groups more likely to fight, researchers find appeared first on Smithsonian Insider.

A new study of marmosets, small South American monkeys, indicates that obesity may begin very early in life and suggests that marmosets may be a helpful model for obesity in humans.

The post Is obesity predestined at infancy? Marmoset study may help scientists find out. appeared first on Smithsonian Insider.

Their research revealed that the types of waterbirds that inhabit urban estuaries are influenced not only by urban development, but also by a far more natural process―rain.

The post Scientists find that rain may not always be a welcome thing to waterbirds appeared first on Smithsonian Insider.

The scientists made the spiders exercise by irritating them with a small paint brush and causing them to move around until they became exhausted. Spiders from the group with palps removed were able to travel 300 percent further than spiders with their palps intact.

The post Weight of genitals reduces physical endurance in male orb web spiders, researchers find appeared first on Smithsonian Insider.

Detecting alien worlds presents a significant challenge since they are small, faint, and close to their stars. The two most prolific techniques for finding exoplanets […]

The post New method of finding planets scores first discovery appeared first on Smithsonian Insider.

The impact of industrial fishing on coastal ecosystems has been studied for many years. But how it affects food webs in the open ocean―a vast […]

The post Scientists find impact of open-ocean industrial fishing within centuries of bird bones appeared first on Smithsonian Insider.

Hellbenders, aquatic salamanders from the eastern United States, are surprisingly good at dealing with unpredictable weather. In a recent study published in the Journal of […]

The post Zoo scientists find sudden stream temperature changes boost hellbender immune systems appeared first on Smithsonian Insider.

An 880-pound asteroid moving at 38,000 miles per hour hit the moon last September with a blast equivalent to 15 tons of TNT. While errant […]

The post Give us the telescopes and we’ll find the asteroid mines! appeared first on Smithsonian Insider.

Astronomers announced today that they have discovered a new type of planet – a rocky world weighing 17 times as much as Earth. Theorists believed […]

The post Astronomers find new type of planet: The “Mega-Earth” appeared first on Smithsonian Insider.

Humanity is on the threshold of being able to detect signs of alien life on other worlds. By studying exoplanet atmospheres, we can look for […]

The post Finding ET by searching for alien air pollution appeared first on Smithsonian Insider.

What do you want to be when you grow up? Would you want to explore the world searching for long lost creatures of our past? […]

The post Five amazing fossil finds that will make you want to be a fossil hunter appeared first on Smithsonian Insider.

To paraphrase Mark Twain, the report of the Kepler spacecraft’s death was greatly exaggerated. Despite a malfunction that ended its primary mission in May 2013, […]

The post Kepler spacecraft proves it can still find planets appeared first on Smithsonian Insider.

For the first time, a team from the Smithsonian Conservation Biology Institute’s (SCBI) Center for Conservation Education and Sustainability collected photo evidence of an Andean […]

The post Scientists Find Andean Bears with Camera Traps In Peru appeared first on Smithsonian Insider.

Miniature camels and horses, a rhinoceros and a giant bear-dog are among fossils unearthed in the recent excavations of the Panama Canal expansion project. These […]

The post First five years of Panama Canal excavations reveal fossil finds appeared first on Smithsonian Insider.

As average annual temperatures increase, mosquitoes have also been on the move—up the mountains of the Hawaiian islands. Once a refuge for native birds susceptible […]

The post Scientists race to find genetic clues as malaria decimates rare Hawaiian honeycreepers appeared first on Smithsonian Insider.

Serial crystallography records still diffraction patterns from single, randomly oriented crystals, then merges data from hundreds or thousands of them to form a complete data set. To process the data, the diffraction patterns must first be indexed, equivalent to determining the orientation of each crystal. A novel automatic indexing algorithm is presented, which in tests usually gives significantly higher indexing rates than alternative programs currently available for this task. The algorithm does not require prior knowledge of the lattice parameters but can make use of that information if provided, and also allows indexing of diffraction patterns generated by several crystals in the beam. Cases with a small number of Bragg spots per pattern appear to particularly benefit from the new approach. The algorithm has been implemented and optimized for fast execution, making it suitable for real-time feedback during serial crystallography experiments. It is implemented in an open-source C++ library and distributed under the LGPLv3 licence. An interface to it has been added to the CrystFEL software suite.

Smithsonian Scientist Helen James dives into dormant Hawaiian volcanoes to find bird fossils. Her work to identify these species (some new species, some extinct) helps us learn about the past--specifically, how humans might have caused the extinction of certain bird species.

The post Meet Our Scientist–Helen James dives into dormant Hawaiian volcanoes to find bird fossils appeared first on Smithsonian Insider.

The post What will invasive round goby fish do to Great Lakes streams? Join SERC post doc Matt Kornis and find out. appeared first on Smithsonian Insider.

Inupiaq artist and teacher Holly Nordlum visited the National Museum of the American Indian to study Arctic objects and archival photographs in the museum’s collections. […]

The post Art to Help Boys Find Their Way appeared first on Smithsonian Insider.

What they observed was unique among all bird species: successful male caribs maintained and defended territories with nectar supplies that were two to five times greater than their daily needs and also isolated part of their crop for the exclusive feeding rights of visiting females.

The post A well-defended territory is what some female hummingbirds find most attractive in a mate appeared first on Smithsonian Insider.

Two grass species that had been relatively rare in the plots, Spartina patens and Distichlis spicata, began to respond vigorously to the excess nitrogen. Eventually the grasses became much more abundant. Nitrogen ultimately changed the composition of the ecosystem as well as its capacity to store carbon.

The post Scientists find excess nitrogen favors plants that respond poorly to rising CO2 appeared first on Smithsonian Insider.

A joint Harvard-Smithsonian study released today in the journal PLOS ONE reveals how much — and how little — Northeastern forests have changed after centuries of intensive […]

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One way to avoid a cold or the flu, doctors say, is to stay away from crowded places. Viruses spread fast in places where people […]

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Each year from summer into fall, ornamental crape myrtle trees in the southern and central U.S. lay out a visual feast of vibrant flowers in […]

The post Crape myrtle trees aren’t native to the US, but hungry native birds still find them tasty appeared first on Smithsonian Insider.

An elementary method is described for finding the coordination sequences for a tiling, based on coloring the underlying graph. The first application is to the two kinds of vertices (tetravalent and trivalent) in the Cairo (or dual-32.4.3.4) tiling. The coordination sequence for a tetravalent vertex turns out, surprisingly, to be 1, 4, 8, 12, 16, …, the same as for a vertex in the familiar square (or 44) tiling. The authors thought that such a simple fact should have a simple proof, and this article is the result. The method is also used to obtain coordination sequences for the 32.4.3.4, 3.4.6.4, 4.82, 3.122 and 34.6 uniform tilings, and the snub-632 tiling. In several cases the results provide proofs for previously conjectured formulas.

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A new study shows that the West Antarctic Peninsula is experiencing some of the most rapid climate change on Earth, featuring dramatic increases in temperatures, retreats in glaciers and declines in sea ice. The Southern Ocean absorbs nearly half of the carbon dioxide -- the key greenhouse gas linked to climate change -- that is absorbed by all the world's oceans. The study tapped an unprecedented 25 years of oceanographic measurements in the Southern Ocean and highlights the need for more monitoring in the region. The research revealed that carbon dioxide absorption by surface waters off the West Antarctic Peninsula is linked to the stability of the upper ocean, along with the amount and type of algae present. A stable upper ocean provides algae with ideal growing conditions. During photosynthesis, algae remove carbon dioxide from the surface ocean, which in turn draws carbon dioxide out of the atmosphere. From 1993 to 2017, changes in sea ice dynamics off the West Antarctic Peninsula stabilized the upper ocean, resulting in greater algal concentrations and a shift in the mix of algal species. That's led to a nearly five-fold increase in carbon dioxide absorption during the summertime. The research also found a strong north-south difference in the trend of carbon dioxide absorption. The southern portion of the peninsula, which to date has been less impacted by climate change, experienced the most dramatic increase in carbon dioxide absorption, demonstrating the poleward progression of climate change in the region.

Image credit: Drew Spacht/The Ohio State University

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Many people turn to the Internet to find a Mr. or Ms. Right. But lemurs just give their potential partners a sniff. A study of lemur scents has found that an individual’s distinctive body odor reflects genetic differences in their immune system, and that other lemurs can detect these differences by smell. From just one whiff, these primates can tell which prospective partners have immune genes different from their own. The ability to sniff out mates with different immune genes could make their offspring’s immune systems more diverse and able to fight more pathogens. Shown here: Fritz the ring-tailed lemur sniffs a tree for traces of other lemurs’ scents.

Image credit: David Haring/Duke Lemur Center

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On August 17, 2017, scientists made history with the first direct observation of a merger between two neutron stars. It was the first cosmic event detected in both gravitational waves and the entire spectrum of light, from gamma rays to radio emissions. The impact also created a kilonova -- a turbocharged explosion that instantly forged several hundred planets’ worth of gold and platinum. The observations provided the first compelling evidence that kilonovae produce large quantities of heavy metals, a finding long predicted by theory. Astronomers suspect that all of the gold and platinum on Earth formed as a result of ancient kilonovae created during neutron star collisions. Based on data from the 2017 event, first spotted by the Laser Interferometer Gravitational-wave Observatory (LIGO), astronomers began to adjust their assumptions of how a kilonova should appear to Earth-bound observers. A team of scientists reexamined data from a gamma-ray burst spotted in August 2016 and found new evidence for a kilonova that went unnoticed during the initial observations.

Image credit: NASA/ESA/E. Troja

Source: Streetwise Reports   05/05/2020

For the last several summer drill seasons, most of Aben Resources Ltd.'s (ABN:TSX.V; ABNAF:OTCQB) attention has centered on its 23,000-hectare Forrest Kerr Gold Project, located in northern British Columbia, in the heart of the Golden Triangle.

Some of Canada's greatest mines, such as Premier, Snip and Eskay Creek, have been found on the Golden Triangle, located just inland from the Alaska Panhandle. Other significant and well-known deposits located within the Triangle include Brucejack, Galore Creek, Copper Canyon, Schaft Creek, KSM, Granduc and Red Chris.

In recent years, the Golden Triangle area has attracted lots of new exploration as infrastructure improvements, such as roads and power lines, have made access easier.

Aben's drills at Forrest Kerr at the end of the 2017 season discovered the North Boundary Zone, where values as high as 21.5 g/t gold, 28.5 g/t silver and 3.1% copper over 6 meters were unearthed. The following year drilling uncovered multiple high-grade gold zones at shallow depths in the zone, including an interval of 62.4 g/t Au over 6.0m starting at 114 meters downhole, establishing the continuity of the North Boundary Zone. Drilling also found the South Boundary Zone, located 1.5 kilometers from the North Boundary Zone, where assays showed "broad horizons of low-grade gold mineralization punctuated by intermittent intercepts of moderate to high-grade gold-silver-copper-zinc values."

For the 2019 exploration season, in nearly 10,000 meters of drilling that wrapped up on October-November 2019, Aben focused on the area south of the North Boundary Zone. "We were trying to find, not just continuity, but a structural source to it. We were drilling and testing a lot of these anomalies that showed up in the mag survey that we did at the beginning of last year before the season started. That was giving us good targets to work with," Aben CEO Jim Pettit told Streetwise Reports.

"As we headed south, much like the South Boundary Zone that we drilled back in 2018, we came up with these good intersections of gold and silver, but there were also lead-zinc and broader intersections of lower grade. So we had obviously come out of that zone that was high grade into a different type of mineralization," Pettit explained.

Pettit is hopeful that Aben will be able to explore Forrest Kerr this year. "Mining is deemed an essential activity in British Columbia, but, because of the coronavirus, we are concerned about the safety of our workers. We will be discussing this with the Tahltan Central Government to develop the proper protocols and make sure that the safeguards are in place for safely operating a camp."

The company has spent the winter analyzing its data in preparation for exploration this year. "We've gone through and detailed meter by meter all the drilling we've done. We've got some pretty good looking concepts to work with where we could be looking for possibly the feeder zone for the high-grade system and continuity," Pettit stated.

"Because of what we did last year on the west side of the Creek Fault, we've encountered another fault system that seems to be controlling a lot of the lower-grade mineralization as we headed south.," Pettit said. "If we follow that back up north toward the high-grade North Boundary Zone, there is a very large blind anomaly there that was not tested because it was covered in scree. This could give us some tremendous targets to work with.” "

In November, Aben reported that its drilling satisfied the expenditure requirements set out in the 2016 option agreement on the Forrest claim block, resulting in the company's 100% ownership of the Forrest Kerr property.

In addition to exploring Forrest Kerr, "Aben is always on the lookout for new projects to extend its exploration potential throughout the year," Pettit said.

Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aben Resources, a company mentioned in this article.

( Companies Mentioned: ABN:TSX.V; ABNAF:OTCQB, )

Source: Streetwise Reports   05/07/2020

Streetwise Reports: Let's start with gold, which has seen an impressive rise in the last few months as the broader markets have declined on the back of the coronavirus pandemic. What do you think is ahead for the metal?

Frank Holmes: There is a short-term view and a long-term view. What's really hard for so many investors and asset allocators to recognize is that gold bullion since 2000 has far outperformed the S&P 500. In fact, of the last 20 years, in 16 of those years gold has been positive. So if we look at the numbers, it's double what the S&P 500 has done for the past 20 years.

With gold, there's the fear trade and the love trade. The love trade is 60% of the demand and it is long-term demand. The fear trade is short-term demand, and it's about 40%. Right now, we're living with fear that's really dominating the markets. The two factors that go with that are negative real interest rates and the amount of debt being printed by the government. So whenever you have the combination of a rising Fed balance sheet with Quantitative Easing 1, 2 and 3, buying junk bonds, whatever they're doing in the stock markets to try and provide liquidity, as that flows dramatically so does the price of gold.

Typically and most significant, in every country in the world we have found that when you have negative real interest rates, gold goes up in that country's currency. Take the yield on 10-year government bonds and subtract the monthly Consumer Price Index (CPI) number; if it's a positive return, gold is not attractive as an asset class. But if it's a negative real rate of return, gold appreciates in that country's currency.

When gold went to $1,900 in September of 2011, the 10-year government bond had a negative real rate of return of -300 basis points. Then five years later, the price of gold went down to $1,100 and real interest rates were +2% over the CPI number. So you had a variant swing from -3 to +2, which is 500 basis, and that's why gold corrected. Since then, we've had these periods now, and particularly in the past year, of negative real interest rates in America. That's how gold started staging a rally, which started about this time last year, peaked in August, sold off and now it's coming back again.

The Federal Reserve said recently it's going to keep rates basically at 0. The CPI is still running more than 1%. In fact, we could get big food inflation, the way it looks, for beef, chicken, etc. Inflation could have a big impact on negative real interest rates, and gold is moving higher.

So short term, it's all about real negative interest rates. As long as they stay negative, then we're going to see gold go up in the U.S. dollar. It could go up against the euro, against any country's currency.

I mentioned earlier that 60% of gold demand is love, and it predominantly comes from China and India. China and India are 40% of the world's population, and if you throw in the Middle East and Southeast Asia, we're now talking about 50% of the world's population. They give gold for weddings and for birthdays, and there's a strong correlation of rising gross domestic product (GDP) per capita in those countries for the past 20 years, and rising gold consumption.

China and India comprise approximately 50% of the world's gold demand GDP per capita. Indian women wear six times the amount of gold on their bodies than what is in Fort Knox, and they predominantly wear 24 karat, minimum 22 karat, gold jewelry. It's protected them from bad governments and bad government policies.

SR: What do you see happening with silver?

FH: Silver has more industrial applications than gold, so silver is like a warrant on gold. If a stock takes off and there's an option or a warrant in the money, it explodes and goes up much more percentage-wise. It has greater volatility. Every 10% move in gold usually translates to a 15% move in silver, up or down. And with this fear that's been taking place with negative interest rates and the calamity of money printing around the world, what we see now is that silver didn't move at first. Silver has always lagged.

SR: Do you recommend that the individual investor hold gold bullion?

FH: Yes. I think the easiest way is the SPDR Gold Trust (GLD). Or if you want to buy the physical gold insured, go to a reliable site like Kitco, and you can take physical delivery.

There is a company called Mene Inc. (MENE:TSX.V; MENEF:OTCMKTS) at mene.com. It sells 24-karat gold jewelry with only a 10% markup. And it will buy back your gold jewelry at a 10% discount to the price of gold if you ever want to sell it back. That's the business model. It will deliver throughout the U.S., I think using Brinks for delivery of simple gold jewelry.

SR: Let's talk about bitcoin for a moment and how that fits into a portfolio.

FH: I am the chairman of HIVE Blockchain, which became the first real cryptomining company. We are mining using green energy, surplus energy in Iceland, Sweden and now Quebec, which sells electricity to New York state. Quebec has a surplus of it. So we started mining these coins.

What I found is that the Bitcoin is very different than Ethereum. Bitcoin is going to become, to me, like Andy Warhol's art. If you look at the original paintings of Marilyn Monroe or Elvis Presley, when he came out with his prints in different colors, they came out at $1,000, went up to $10,000, fell, went up to $50,000, fell, went up to $100,000 and went to $125,000—because there are just more people, widened GDP, over time, and then they become art collectors. I think that if you have an original Bitcoin that's never been traded, it's going to be in that space.

The other part is that cryptocurrency is very new, and digital money is going to only grow. Blockchain technology is a superior piece of technology. What we saw was that Bitcoin bottomed a little over a year ago. Then it rallied, it went up to $14,000. All the central banks got worried. They knocked it down, and it's making a comeback.

Bitcoin, in mid-May, is going to halve production. There's a limited number of Bitcoins allowed to be ever created. The methodology when you mine them is you get new Bitcoins. They're called genesis or virgin coins. The number of coins you get every time you mine is going to halve. So the supply is going to shrink dramatically. A thought process with that is that Bitcoin will trade higher, probably above $10,000. Bitcoin is very speculative, just like buying Andy Warhol's art early.

I think that anyone who looks at Bitcoin or Ethereum must recognize that the daily volatility is four times the S&P 500 and gold. Thirty percent of the time gold or the S&P can go up or down 1%. For Bitcoin and Ethereum, it's 4–5%. Cryptocurrency is a huge secular trend, but it's going to be volatile.

SR: How do you feel about gold stocks? Are you looking at seniors or juniors or both? What should investors be looking at?

FH: For the first time in a long time, I'm becoming very bullish on gold stocks. I've been very negative on gold mining companies for over a decade now, for raising capital and actually destroying value per share. But over the decade, new boards of directors and new chief executive officers have come on, and there's become a greater discipline on cash flow returns rather than on cash flow, revenue per share growth, cash flow per share growth, rising dividends, all the normal things you buy a Starbucks or any great company for. It's the capacity to have revenue growth. Mining companies did a lot of silly mergers and acquisitions work, with which they destroyed capital, but that has changed.

During this past decade I've been a big advocate of royalty companies, such as Franco-Nevada Corp. (FNV:TSX; FNV:NYSE), Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE), Royal Gold Inc. (RGLD:NASDAQ; RGL:TSX). These three had the highest revenue per employee in the world.

Franco-Nevada has a royalty on Newmont Goldcorp Corp. (NEM:NYSE) and Barrick Gold Corp.'s (ABX:TSX; GOLD:NYSE) joint venture assets in Nevada. The revenue per employee at Franco-Nevada is over $20 million. For Barrick or Newmont, it's $500,000 of revenue per employee. Goldman Sachs has $1 million of revenue per employee. So these royalty firms are very efficient companies. If you look at the past decade, Franco-Nevada has far outperformed Berkshire Hathaway. It has far outperformed any gold stock. It's because it's showing revenue per share growth, cash flow per share growth, over the rolling one year over three years on a consistent basis.

What's now happening is we have new management for these other gold stocks. The big move in gold stocks occurs when the generalists start to buy the sector. They've not been owning the underweight gold stocks because of the bad discipline by management and boards or silly acquisitions. Now what we're seeing, for the past three years, through the end of March, we're going to see the one year revenue growth over two years strong. Now you get 36 months of a strong growth in revenue and cash flow from the industry, and all of a sudden, generalists show up. When you start seeing more and more of the stocks in that industry showing free cash flow, the generalists start to show up.

The coronavirus this past quarter hurt the S&P 1500 stocks because the majority of them had free cash flow yields of about 4%, and they got evaporated, obliterated, because of this global shutdown. But the gold stocks didn't. They actually have rising free cash flow. They're going to show this quarter the price of gold is up, some of them had shut-ins for very temporary periods of time but their revenue, their cash flow, as a whole is going to truly outshine the overall industry. And when the quants and the fundamentalists start looking at where their growth is, these stocks are going to show up.

I did an analysis of only looking at free cash flow and picked the 10 gold stocks every quarter that had the highest free cash flow yield. And I sold them and bought them every quarter. I far outperformed any gold index. So that discipline shows up as a key metric to attract the quant fund or the generalist. When I look at my data—the two-year number is so important—I'm becoming very bullish on gold stocks.

When we talk about the names, my bias is U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU). I launched this several years ago as a smart quant approach to picking gold stocks. It has three royalty companies that we talked about, Franco-Nevada, Wheaton Precious and Royal Gold. They're 30% of that ETF. They rebalance every quarter.

Then all the other names, they go down to a $200 million market cap but they have to be able to show the highest cash flow returns on invested capital. Once they do something silly or stupid, they're thrown out. Back testing, that model has outperformed the VanEck Vectors Gold Miners ETF (GDX) and the VanEck Vectors Junior Gold Miners ETF (GDXJ) just on a basket of 60 gold stocks. This only has 28 names. Since I launched it, it's far outperformed on a rolling 12-month basis. It's smart data, and it dynamically recalibrates every quarter.

If you want to buy the individual names, then I would focus on those three big royalty companies. Thereafter, I would focus on those companies that have this metric I talk about, free cash flow yields. Out of the 100 gold stocks in the world that we follow, there are only about 14 of them that really have attractive free cash flow yields. What's interesting is that Barrick and Newmont—and Newmont's part of the S&P 500—does have a free cash flow yield that is positive, so you're seeing it has really done exceptionally well this past quarter because it has an attractive free cash flow yield and has not been hurt by the coronavirus.

SR: Let's switch gears for a moment. U.S. Global Funds runs the Jets ETF, an airline ETF. Obviously, the airlines have been battered. Do you see them coming back? Do you see bankruptcies?

FH: I think that the government agencies and the politicians have learned a lot from two big corrections: the 9/11 correction and 2008–2009. When you look at this industry, the Federal Aviation Administration says that 1 in 15 people is associated with the airline industry. That's huge. When you look at the multiplying effect of the airline industry, it's massive, just as housing is. One dollar for housing is worth $16 approximately. So when it comes to airlines, we're talking a double digit number of multiplying effect.

What's happened is that the government has been very smart this time to say we must make sure that we don't unwind this industry as we've done in previous times. So I think there's going to be a faster turnaround from the bailout policies.

What's happened with the airlines is they have ancillary revenue that has been very significant in the past five years. Some $20 billion of revenue then went to $100 billion of revenue, which covers a lot of costs. It aggravates you and me when we fly: change fees, baggage fees, but all these fees have let the airlines not be victimized by the price of oil because every time the price of oil went up, airline stocks fell. Every time oil went down, airlines went up. It was this inverse relationship that took place. Oil has represented less and less of ancillary fees. Now what's happened on this correction is not only the ancillary fees and everything have fallen, but oil has crashed. So airlines' biggest cost is way, way down. That means when they turn, and they come out of this correction, they have huge upside. Not only do they have the support of the government, they have the ability to start adding on these fees.

Because of the bailouts, airlines are not going to be able to buy back their stocks and they're not going to be increasing their dividends in this process. But that doesn't matter. Their revenue capacity per share is explosive. So I think that that's a very big difference.

SR: Anything else that you would like to talk to our readers about in this period of extreme volatility and uncertainty?

FH: Yes, bad news is good news. There's the optimism of trying to find who's going to be the solution to the problem. Had the U.S. Food and Drug Administration and the Centers for Disease Control and Prevention used Google and Amazon technology, they probably could've adapted faster to this coronavirus. Amazon hired 100,000 people. It's amazing that in all that negative news, it adapted the fastest. It's trying to understand how capital markets morph. There are certain industry leaders. I love Clorox. I don't think that stock is going to be given away. I think it's one of those just steady dividend payer and growing dividend stocks. So it's in the negative news where you can find opportunities besides airlines, besides gold. You can turn around and find these other pockets.

SR: Thank you, Frank. I appreciate your time today.

Frank Holmes is CEO and chief investment officer at U.S. Global Investors, which manages a diversified family of funds specializing in natural resources, emerging markets and gold and precious metals. In 2016, Holmes and portfolio manager Ralph Aldis received the award for Best Americas Based Fund Manager from the Mining Journal. In 2011 Holmes was named a U.S. Metals and Mining "TopGun" by Brendan Wood International, and in 2006, he was selected mining fund manager of the year by the Mining Journal. He is also the co-author of The Goldwatcher: Demystifying Gold Investing. More than 30,000 subscribers follow his weekly commentary in the award-winning Investor Alert newsletter, which is read in over 180 countries. Holmes is a much sought-after keynote speaker at national and international investment conferences. He is also a regular commentator on the financial television networks CNBC, Bloomberg, BNN and Fox Business, and has been profiled by Fortune, Barron's, The Financial Times and other publications.

Disclosure:
1) Patrice Fusillo conducted this interview for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this interview are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Frank Holmes: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: N/A. I, or members of my immediate household or family, are paid by the following companies mentioned in this article: HIVE Blockchain Technologies. My company has a financial relationship with the following companies mentioned in this interview: N/A. Funds controlled by U.S. Global Investors hold securities of the following companies mentioned in this article: Mene Inc., Franco-Nevada Corp., Royal Gold Inc., Wheaton Precious Metals, Newmont Mining, Barrick Gold Corp. I determined which companies would be included in this article based on my research and understanding of the sector. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
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( Companies Mentioned: FNV:TSX; FNV:NYSE, MENE:TSX.V; MENEF:OTCMKTS, RGLD:NASDAQ; RGL:TSX, WPM:TSX; WPM:NYSE, )

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