Geopolitical Risk and the Case For Physical ETFs

Mining is increasingly risky. Maybe we should just own the commodities

In November, Panama’s government caved to growing protests and shut down a large copper mine. This was serious but survivable for one of our portfolio’s royalty companies (see Just How Bad Was Franco-Nevada’s Bad News), but it’s an existential threat for First Quantum Minerals, which owns and runs the Cobre Panama mine.

The new normal?

Until recently, an…