In this episode of On the Couch, Henry Jennings sits down with Sean Russo, Managing Director of Noah's Rule, at the International Mining and Resources Conference (IMARC) 2026. Recorded live in the OnAir podcast zone at ICC Sydney.

Sean spent 20 years at Rothschild before starting Noah's Rule, which helps mining companies manage price, currency and fuel risk. They discuss his view that miners tend to hedge at the wrong time, the trend and score method used to guide timing, and how gold is bought and sold in the West compared with Asia.

They also look at what gold's ratios to equity markets in Australia, the US and elsewhere are showing.

—

Marcus Today – Daily Market Insights

Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.

If you'd like to go further:

Start a free 14-day trial of Marcus Today
https://marcustoday.com.au/trial-sign-up/?utm_source=podcast&utm_medium=audio&utm_campaign=free-trial

Join Marcus Today
Use code MTPODCAST for 10% off.
https://marcustoday.com.au/sign-up/?pc=MTPODCAST&utm_source=podcast&utm_medium=audio&utm_campaign=sign-up

MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
https://marcustoday.com.au/managed-portfolios/?utm_source=podcast&utm_medium=audio&utm_campaign=mt20-info

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
https://marcustoday.com.au/mini-series-principles-sign-up/?utm_source=podcast&utm_medium=audio&utm_campaign=principles-mini-series

—

Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Welcome to the latest episode from Henry Jennings at Marcustoday. In this podcast, my guest is Andrew Elf, CEO of Mitchell Services. A long established mining services company with a good growth profile and strong balance sheet.

Andrew has been CEO since 2014 and in the last four years has paid down the debt and is no debt free and has cash in the bank. Plus it is paying a 6c Fully Franked dividend.

A good look inside a cyclical sector that has been in the doldrums for a while.

Marcus Today – Daily Market Insights

Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.

If you'd like to go further:

Start a free 14-day trial of Marcus Today
http://bit.ly/mt-trial-podcast

Join Marcus Today
Use code MTPODCAST for 10% off
http://bit.ly/mt-join-podcast-offer

MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast