Bob Haber
Founder, partner and CIO at Proficio · Former Fidelity balance-fund manager
aka Robert Haber
“We're very bullish on miners this trip around. ... When we buy miners, we're buying gold in the ground somewhere and with leverage. And the leverage is operating leverage. ... They don't waste money anymore. There's very little exploration, there's a lot of free cash flow ... And they want to return capital to shareholders. So there's been a historic 2-3x return of miners relative to gold.”
“One of the things they done now still there are still miners that hedge out their forward production but they do it a lot less because they were chastised by investors for missing all the upside. ... I think gold production might be up only 1 or 2% in the next 12 months ... So it's doing its job of being a supply constrained hard asset.”
“In the case of silver, we think it's a huge opportunity because silver has been in primary deficit now for several years. There are very few silver only mines in the world generally you produce gold, you get some silver, or you produce copper, you get some silver. But silver is also a key component in solar energy ... What we haven't seen yet, which may occur is central bank buying of silver as a reserve asset. We're watching for that hasn't happened yet.”
“The US government needs to finance rollover $12 trillion a year in debt, growing every year. ... they're also pushing everything toward the shorter end, the T bill end of the curve. ... When Besant goes in the market and does these things, they're not brilliant strategies. It's the forcing of these strategies by the problems of financing where we are as a country. It's called fiscal dominance.”
“We may in this, let's call it fourth quarter, get the Fed to raise once as kind of a, you know, attempt to show that we are, you know, hawkish, so to speak. But I'm of the opinion that Besson and War believe that we're going to AI our way out of this problem. ... I'd be really shocked if it comes before the election. ... That will be a buying opportunity in these assets.”
Bob Haber
One-line summary: Proficio CIO; tracked here for gold-miner operating leverage, silver deficit, fiscal-dominance, and a possible Q4 hawkish-theater hike under Warsh.
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Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On treasury-buyback-twist-to-hard-asset-debasement:
"We're very bullish on miners this trip around. ... When we buy miners, we're buying gold in the ground somewhere and with leverage. And the leverage is operating leverage. ... They don't waste money anymore. There's very little exploration, there's a lot of free cash flow ... And they want to return capital to shareholders. So there's been a historic 2-3x return of miners relative to gold." — 2026-09-03-forward-guidance-fiscal-dominance-is-breaking-the-60-40-portfolio (2026-09-02)
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On treasury-buyback-twist-to-hard-asset-debasement:
"One of the things they done now still there are still miners that hedge out their forward production but they do it a lot less because they were chastised by investors for missing all the upside. ... I think gold production might be up only 1 or 2% in the next 12 months ... So it's doing its job of being a supply constrained hard asset." — 2026-09-03-forward-guidance-fiscal-dominance-is-breaking-the-60-40-portfolio (2026-09-02)
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On silver-depletion-to-solar-supply-squeeze:
"In the case of silver, we think it's a huge opportunity because silver has been in primary deficit now for several years. There are very few silver only mines in the world generally you produce gold, you get some silver, or you produce copper, you get some silver. But silver is also a key component in solar energy ... What we haven't seen yet, which may occur is central bank buying of silver as a reserve asset. We're watching for that hasn't happened yet." — 2026-09-03-forward-guidance-fiscal-dominance-is-breaking-the-60-40-portfolio (2026-09-02)
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On treasury-buyback-twist-to-hard-asset-debasement, fiscal-operation-twist:
"The US government needs to finance rollover $12 trillion a year in debt, growing every year. ... they're also pushing everything toward the shorter end, the T bill end of the curve. ... When Besant goes in the market and does these things, they're not brilliant strategies. It's the forcing of these strategies by the problems of financing where we are as a country. It's called fiscal dominance." — 2026-09-03-forward-guidance-fiscal-dominance-is-breaking-the-60-40-portfolio (2026-09-02)
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On warsh-higher-for-longer-to-brokerage-nii-rerate:
"We may in this, let's call it fourth quarter, get the Fed to raise once as kind of a, you know, attempt to show that we are, you know, hawkish, so to speak. But I'm of the opinion that Besson and War believe that we're going to AI our way out of this problem. ... I'd be really shocked if it comes before the election. ... That will be a buying opportunity in these assets." — 2026-09-03-forward-guidance-fiscal-dominance-is-breaking-the-60-40-portfolio (2026-09-02)
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