Why this commodity bull market is different - Queen's Road Capital

While many metal prices have rocketed, mining equities have mostly under-performed, noted Queen's Road Capital CEO Warren Gilman.On Friday Gilman recorded a podcast with Kitco correspondent Paul Harris and mining audiences manager Michael McCrae.Queen's Road Capital (TSX:QRC.V) finances miners. The company focuses on convertible debt securities. Some investments are NexGen Energy, Adriatic Metals and Los Andes Copper.Metal prices are up due to supply disruptions and the pandemic, but Gilman said companies are still under-valued."It's generally harder to deploy capital in a equity bull market, but this is a different equity bull market," said Gilman. "Commodity prices are doing very, very well. Equities aren't quite keeping pace. That's particularly true in the North American gold space."Over the past year, the gold price is up 9.8% but the VanEck Junior Gold Miners has lost 8.21% over the same time period.Gilman said his company is not focused on any particular commodity."I think being commodity agnostics agnostic helps us to find opportunities in out of focus sectors," said Gilman. "We are focused on debt securities. So we're not direct equity investors normally. We have that protection of a debt position in the company's balance sheet. We go to relatively safe jurisdictions in the mining sector, and we try to diversify the portfolio to your point amongst different commodities, amongst different projects and amongst different geographies."Kitco Roundtable was sponsored by Libero Copper.