Value Investing & Gold – How does that fit? An interview with Caesar Bryan

Value Investing und Gold – das ist eine Kombination, das man selten gemeinsam antrifft. Von Warren Buffett soll sogar dieses Zitat stammen: “Gold wird aus dem Boden in Afrika oder irgendwo sonst in der Welt ausgegraben. Dann schmelzen wir es ein, graben ein anderes Loch, verstecken das Gold wieder darin und bezahlen dann Menschen, um darum herumzustehen und es zu bewachen. Gold ist einfach unnütz. Wenn Marsmenschen das sähen, würden sie sich am Kopf kratzen”.

However, there are some value investors who, despite this assessment by Warren Buffett, are consciously investing in gold. These include Jean-Marie Eveillard of First Eagle Funds. Caesar Bryan of Gabelli Funds is also a gold and value investor. In early 2019, we were able to talk to the fund manager Caesar Bryan in Munich and learn more about his investment approach.

Caesar Bryan - Value Investing in Gold
Caesar Bryan during our interview

Caesar Bryan on Gold vs. Bitcoin

In the first part of our interview we talked to Caesar Bryan about his path to becoming a value investor with a focus on gold. He also gave us insights into the structure of the gold sector. We went through the entire value chain from developers to miners. We also talked about the drivers of the gold price, which is very important for value creation in this sector.

We also drew the comparison between Bitcoin and gold. For Caesar Bryan, gold still has many advantages over gold, as he explains in this video:


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Caesar Bryan on good capital allocators in the gold industry

In the second part of our interview we learned more about the structure of the gold sector. Caesar Bryan also explained what a good capital allocation in the gold industry do look like and how to invest in gold mines as an investor who only does his research from his desk.

The value investor also gave us insights into his process. Furthermore, he answered both the question of when to sell and how to find value in the gold sector.


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Tilman is a very enthusiastic, long-term investor. Over the last years he has taught himself important investing concepts autodidactically. He tries to combine a positive climate and environmental impact with his investments.
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