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Ted Oakley of Oxbow Advisors expects interest rate cuts by mid-2027 as the economy slows, and says gold will like that. But after gold jumped more than $100 on the midterm vote, he's cutting gold miners, he's out of silver, he's selling Google and Microsoft, and he's holding about half his clients' money in cash and Treasuries.Oakley, who has managed money through every cycle since the 1970s, says we're at the end of this cycle and expects weakness for most of 2027. He explains why the "just buy the S&P 500" approach is coming to an end, why commodities are signaling a slowdown, why he sold 20% of his top energy winners, and why he's moving that money into 3- to 5-year Treasuries.He also lays out how he'd invest $1 million in cash right now, why he says the US can't pay off its $40 trillion debt, and the biggest mistake he sees investors over 65 making. His new book with Chance Finucane, Asleep at the Wheel, is due out in early January.Recorded November 4 2026Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Oxbow Advisors on X: @Oxbow_Advisors (https://twitter.com/Oxbow_Advisors)CHAPTERS00:00 Midterm vote: gold, the dollar and stocks react01:00 Is the market reading the election right?02:00 "End of this cycle" and a weaker 202704:19 Stagflation? Why he expects rate cuts by mid-202705:43 The 1929 and 1999 stock market signal07:09 The top 20 stocks are weakening too08:49 "Just buy the S&P 500" is coming to an end10:12 Sell the Nasdaq bounce10:56 Gold vs. gold miners: why he cut the miners15:37 Central banks buying, who's selling gold16:41 Why he's out of silver, and the 18-month wait18:59 Copper peaked, short uranium23:13 How to value a gold miner now24:16 The gold stocks he never sells25:13 Energy: selling 20% of his top winners27:01 Where the money goes: 3- to 5-year Treasuries28:03 When markets fall hard, gold falls too28:39 Oil, pipelines and the long-term case30:00 Is this the 1970s?31:11 How much is in Treasuries now32:04 Corporate bonds and munis33:02 Why you need safe money now34:03 Big tech: just a bounce, selling Google and Microsoft36:55 Is 4% cash losing to inflation?39:00 The 30-year Treasury and financial repression40:16 The debt ceiling, the dollar and gold41:04 $2 trillion deficits: "never had the guts"41:38 Housing is stuck42:44 Is the consumer cracking?44:21 Lightning round: gold, silver, oil, Bitcoin49:46 $1 million in cash: only 20% in stocks52:24 The biggest mistake: too much stock for your age53:39 The consistency story#gold #stockmarket #interestrates__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

On a day gold dropped hard, the man who runs the New Orleans Investment Conference says the bull market is far from over. Brien Lundin calls this “another major secular bull market for gold,” and he expects it to be “the biggest and the best” yet, after 45 years of ever-easier money and mounting debt.Speaking with Kitco News anchor Jeremy Szafron, the Gold Newsletter editor says gold is “the piggy bank” in a margin call, broken open when investors suddenly need cash. The first 18 months of this bull market were driven by almost relentless central bank buying, he says, and the stomach-churning swings arrived only once Western traders piled in. If the selloff ever turns into a crisis on the scale of 2008 or COVID, he expects the policy response to be many times larger than the last.With cracks showing in the AI trade, Lundin warns that bubbles don’t deflate gradually. Still, he expects gold to find a low and rebound, likely reaching the high $4,000s by next year. He says the first mistake newer investors tend to make is selling in a panic, and he explains how tax-loss selling and jurisdiction risk could shape the junior mining market in the months ahead.This interview was recorded on Oct. 30, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible.To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Brien Lundin on X: @Brien_Lundin (https://x.com/Brien_Lundin)00:00 Welcome Back to New Orleans00:35 The Mood in a Gold Room on a Down Day01:38 When the AI Bubble Cracks, Metals Sell Too02:47 The Biggest Gold Bull Market Yet04:00 Gold as the Piggy Bank in a Margin Call05:30 Where We Are in the Junior Mining Cycle06:44 The AI Bubble and How It Bursts08:05 Junior Picks: Set-and-Forget vs Speculation09:57 Jurisdiction Risk vs Geology11:09 Seasonality and Tax Loss Selling12:20 What to Look for in Royalty Companies13:32 52 Years of the Conference, From Blanchard to Thatcher15:25 The Debasement Trade Crowd and First-Time Buyers17:21 The Biggest Mistake New Investors Make18:44 Gold in the High $4,000s a Year From Now19:49 Closing Thoughts#Gold #Silver #Mining__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Uranium stocks have been sold off alongside AI stocks, but Scott Melbye says the case for uranium doesn’t depend on a single new data center. With 440 reactors running worldwide and 70 more under construction, he sees a 1.7 billion pound deficit over the next 20 years, and he calls the gap between those fundamentals and share prices “an incredible dislocation.”At the New Orleans Investment Conference, the executive vice president of Uranium Energy Corp and CEO of Uranium Royalty Corp tells Kitco News anchor Jeremy Szafron that the inventories that once tamed price spikes are gone. The next pound now has to be mined, and utilities still haven’t contracted enough to cover what’s coming. Meanwhile, Russia controls half of Kazakhstan’s output, and Melbye says there’s no chance the U.S. ban on Russian uranium, fully in effect in 2028, gets waived.New buyers are lining up. Defense planners are seeking 4 million pounds a year of U.S.-origin uranium starting in 2030, and Big Tech is spending billions to restart shuttered reactors. Melbye calls American uranium “Louis Vuitton,” not Coach, and says small modular reactors have moved from concept to construction. Nuclear power, he adds, enjoys rare support from both parties.This interview was recorded on Oct. 29, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible.To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Learn more about Uranium Energy Corp: https://www.uraniumenergy.com/Learn more about Uranium Royalty Corp: https://www.uraniumroyalty.com/00:00 Welcome to the New Orleans Investment Conference 202600:47 Uranium Stocks Trade in the AI Basket02:26 Critical Mineral Status and 4 Million Pounds a Year of Defense Buying04:30 Utilities Face a Long-Term Contract Crunch06:41 Lessons From the 2006 Cigar Lake Flood and Kazakhstan’s Pivot East12:08 The Russian Uranium Ban Hits in 202813:48 The Premium on US-Origin Uranium14:54 Closing America’s Uranium Conversion Gap16:41 Uranium Demand Without the AI Hype19:35 Royalty Financing for the Next Generation of Mines20:58 Uranium 101 for New Investors22:08 SMRs Move From Concept Car to Showroom23:49 Nuclear’s Bipartisan Support and Closing Thoughts#Uranium #NuclearPower #Energy__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold fell back under $4,000 as AI stocks slid, and Adrian Day says that’s the metal doing its job. When markets crack, investors raise cash, and gold is one of the things they always sell. “That’s exactly what you own gold for,” says the chairman and CEO of Adrian Day Asset Management.At the New Orleans Investment Conference, Day tells Kitco News anchor Jeremy Szafron he sees strong support near $3,650 and doesn’t expect a V-shaped recovery, but he remains “extremely bullish” on the fundamentals. He points to past market shocks, from 1974 to 2008, after which he says gold and gold stocks returned 50% to 100% within 12 to 18 months, and to clients he has seen sell out and never get back in.The miners, he argues, are in the best shape they have ever been, with margins wide enough to absorb rising diesel costs and cash flow growing faster than any other S&P sub-sector over the past three years. For anyone who already owns some physical gold, he thinks the stocks are the better buy today, and he expects generalist money to return once the S&P 500 falls for a few months in a row. After the reported hack of crypto exchange Binance, he also makes the case that physical gold “can’t be hacked.”This interview was recorded on Oct. 30, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible. To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Learn more about Adrian Day: https://adriandayassetmanagement.com/00:00 Welcome to the New Orleans Investment Conference 202600:55 $1,650 Costs and Diesel Hedges at the Big Gold Miners02:12 Waiting for the War to End Before Buying Oil, and the SPR Refill03:58 Which Miners Are Most Exposed to Diesel05:08 Gold’s Drop Below $4,000 and Liquidity Selling07:09 Royalty Companies Hold Up Better09:01 Buy the Dip or Wait on Gold10:32 Staying Invested Through Gold Volatility13:51 Under-the-Radar Junior Ideas15:11 The Uranium Price and Stock Disconnect17:35 The Binance Hack and the Case for Hard Assets18:43 Physical Gold vs Gold ETFs19:56 What Brings Money Back to Gold, and Value Overseas22:54 Cash, Treasuries and Buybacks vs Dividends for Miners25:55 Day’s Rules for Selling a Gold Stock28:08 From the LSE to Gold, and the Speed Round31:01 Midterms, Windfall Taxes and Mine Permitting32:43 Gold Miners Lead the S&P in Cash Flow Growth#Gold #GoldStocks #Mining__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The AI boom is carrying the U.S. economy, but Danielle DiMartino Booth says it’s leaving most households behind. By her count, more than 100% of GDP growth is now coming from the AI trade, and without it the economy “looks kind of like an EKG that flat lines.” Families, she says, are spending what they have on rent, healthcare, gas and groceries.The former Dallas Fed adviser, now CEO and chief strategist of QI Research, tells Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference that gold’s Oct. 30 drop alongside tech stocks “tells you margin call.” In a credit upset, she argues, precious metals are one of the few places to hide. She sees the cracks forming in credit first, from a private credit market she calls a “black box” to the 82% of hyperscaler debt she says sits off balance sheets, and she puts the bankruptcy cycle at recessionary levels.She also questions who Fed Chair Kevin Warsh is making policy for, faulting him for citing jobless claims that capture only one in four unemployed Americans. In her view, the sources of inflation are shrinking, not spreading.This interview was recorded on Oct. 30, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible. To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Danielle DiMartino Booth on X: @DiMartinoBooth (https://x.com/DiMartinoBooth)00:00 Welcome Back to New Orleans01:07 The AI Boom vs Shrinking Paychecks03:01 Fed Hawks vs a Rallying Bond Market05:11 Kevin Warsh and the Fed’s Family Fight06:48 How Families Are Coping With Rising Costs10:09 Inside the Private Credit Black Box12:21 The End of Extend and Pretend14:22 Recession Radar and the Jobless Claims Problem16:19 Margin Calls Hit Gold and Silver18:19 Stage Preview and Closing Thoughts#Gold #FederalReserve #Economy__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Frank Giustra has a simple test for giving up on gold: give him “world peace, honest politicians, and benevolent bankers.” The Lionsgate founder, who helped turn a tiny company into Goldcorp when gold sat under $300, tells Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference that we’re getting none of the three, and his gold thesis still holds.Giustra says central banks are slowly replacing dollars with gold, building a floor under the price that won’t go away. What’s missing, he says, is the crowd. He sees no “Lamborghinis in the driveway” and none of the frenzy of the 2003 to 2008 run, when he was doing a deal almost every second day.The Fiore Group CEO also warns that oil could go a lot higher if the U.S.-Iran conflict escalates, with Brent already above $110. As diesel costs squeeze the miners, he expects the majors will eventually have no choice but to buy juniors, including those holding big copper deposits. He also shares the lessons behind his new memoir, The Money Dilemma, out Nov. 3.This interview was recorded on Oct. 29, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible.To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)Follow Frank Giustra on X: @Frank_Giustra (https://x.com/Frank_Giustra)00:00 Welcome to the New Orleans Investment Conference 202601:00 $110 Brent and the Risk of Another Strike on Iran04:34 Behind the Scenes of US-Iran Diplomacy05:53 Who Profits From War and What It Means for Gold08:10 The Ego Trap That Keeps Wars Going09:19 The Midterms and the Political Fallout Ahead12:18 Rising Diesel Costs and Gold Mining M&A15:25 Copper’s Supply Deficit and Billion-Ton Juniors16:49 Colombia’s New Government Courts Mining18:37 Gold Under $300 in 2001 and the Goldcorp Story21:19 No Retail FOMO in Gold Stocks Yet22:39 Retiring at 39, Then Bre-X23:46 Tough Love From a Sudbury Miner Father25:26 The Money Dilemma Explained26:38 Finding Purpose Through Philanthropy27:41 Wealth Concentration and Social Unrest30:05 Five Secrets to a Balanced Life32:34 Pitching Gold at $4,000 Like a Movie35:08 Buy and Build, the Goldcorp Formula36:47 The Hardest Chapter to Write39:11 Lionsgate, Cash Flow and Closing Thoughts#Gold #Copper #Mining__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold fell back below $4,000 on Oct. 30, and Robert Quartermain has weathered drops like this before. He started in the business when gold was $140 an ounce, and he says the industry’s discipline means producers are still making money at today’s prices, with costs around $1,600 to $2,000 an ounce.At the New Orleans Investment Conference, the veteran mine builder tells Kitco News anchor Jeremy Szafron that gold is “still a small trade,” so short sellers and liquidity squeezes can knock it down fast. The fundamentals haven’t changed, he argues, with central banks still buying and gold still flowing into China. Most of his own net worth is tied to gold, and he says there’s “a point where even I start buying physical gold back again.”An honorary colonel in the Royal Canadian Air Force, Quartermain also explains why North America’s critical minerals gap is in refining, not mining, and how China built that choke point over the past two decades. Gold is critical in every phone and server, he notes, but it’s missing from NATO’s list of defense-critical materials because it’s so abundant. For the first time in his 50-year career, he adds, politicians are talking about the need for these metals.Disclosure: Robert Quartermain is co-chair of Dakota Gold, the sponsor of this coverage.This interview was recorded on Oct. 30, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible.To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Dakota Gold on X: @DakotaGoldCorp (https://x.com/DakotaGoldCorp)00:00 Welcome Back to New Orleans00:39 Gold Below $4,000 and Industry Discipline03:33 Investor Sentiment on a Volatile Day04:34 Rare Earths, China and Military Supply Chains09:26 South Dakota and the Homestake District13:25 Permitting on Private Land and a 2029 Target15:14 The Richmond Hill Study16:31 Scaling Up Production17:56 Building Instead of Selling19:44 High-Grade Drilling at Maitland21:45 Financing a Mine While Limiting Dilution23:23 What Separates Mines That Get Built25:15 The Hemlo Turnaround28:13 Diesel Costs and Mining Margins29:41 Handing Over the CEO Role31:25 From Air Cadet to Honorary Colonel32:42 Gold’s Long-Term Thesis34:45 Closing Thoughts#Gold #Mining #CriticalMinerals__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Taken as one sector, gold miners would have the cleanest balance sheets in the stock market, says Tavi Costa, yet mining makes up less than 1% of it. The founder and CEO of Azuria Capital calls this pullback “one of the most compelling windows of opportunities” he has seen this cycle, and with gold down about 30% by his count, he thinks “we’re closer to the bottom.”Speaking with Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, Costa points to free cash flow yields near 10% and bank models that still value the miners on $3,000 to $3,500 gold. Plug in a higher long-term price, he argues, and the whole industry gets re-rated. He is especially drawn to silver miners, some holding 10% to 15% of their market cap in cash, and he sees resources as the new moat in a world AI can disrupt, calling mining “the best AI trade.”Costa also sees AI spending as a wartime race with China, expects a 2000-style rotation out of tech, and says the Fed will probably have to lower rates again once higher borrowing costs start causing problems. He explains how gold could reach multiples of today’s price if Treasuries were ever backed by gold at past levels, and he warns sound money investors that when the run finally comes, the industry’s biggest enemy may be their own discipline.This interview was recorded on Oct. 29, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible. To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Tavi Costa on X: @TaviCosta (https://x.com/TaviCosta)00:00 Gold Miners Have the Cleanest Balance Sheets in the Market01:38 AI Bubble or Wartime Spending Race With China03:36 Bank Models Still Price Gold at $3,50005:46 Miner Fatigue and Cash-Rich Silver Companies07:19 The Macro Setup for a 12 to 24 Month Miner Trade09:04 Rising Rates, Credit Spreads and the Rotation Out of Tech12:09 Resources Are the New Moat in an AI World15:42 Gold and Silver Producers vs Copper on Valuation18:22 The Miners’ Biggest Enemy Is Their Own Discipline19:33 $40 Trillion in Treasuries and the Gold Backing Chart20:48 Brazil’s Selloff and Emerging Market Valuations22:49 Closing Thoughts#Gold #Silver #Mining__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Peter Boockvar says the S&P 500 has become "one idea," and that idea is AI. The chief investment officer at OnePoint BFG Wealth Partners and editor of The Boock Report tells Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference that investors should be "reassessing their exposure," because the market is "very much riding on one idea."Boockvar says gold's drop below $4,000 on Oct. 30 looked like forced selling, with gold trading in a "very unusual tight correlation" with the S&P 500. Gold "is treated like an AI stock today, which it's not," he says, and the two big headwinds for gold this year, rising real rates and a strong dollar, are starting to shift.He argues the AI trade now matters to the Fed's December decision, calls the September hike "a tweak," and urges investors not to make buy and sell decisions based on what they think the Fed will do "to save the day."He also covers what's hiding inside 3.4% GDP growth, Big Tech's cash burn, why Japan matters for U.S. yields, France's bond stress, who is buying record U.S. Treasury issuance, why the deficit could widen sharply if the AI trade cracks, whether 60/40 works again for retirees, and why he still likes energy stocks.Read The Boock Report: https://peterboockvar.substack.comThis interview was recorded on Oct. 30, 2026.Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)Follow Peter Boockvar on X: @pboockvar (https://twitter.com/pboockvar)0:00 Big Tech's $900B Loss and Gold's Drop0:56 Why the AI Trade Now Matters to the Fed3:37 Will the Fed Hike in December?5:19 Don't Count on the Fed to Save the Day6:20 What's Hiding Inside 3.4% GDP Growth7:38 Warsh's Fed and the "Wrong Reason" to Sell Gold9:52 What Has to Happen for Gold to Turn11:50 Why Gold Is Trading Like an AI Stock12:58 Big Tech's Cash Burn and the AI Dominoes17:29 The Non-AI Trade19:12 Is Your Retirement Fund Riding on One Idea?20:01 Fewer Fed Votes, and Does Politics Reach the Fed?21:17 Why Japan Matters for Your Interest Rates23:30 France and the Next Bond Scare26:25 Who's Buying America's Debt, and a 10% Deficit Risk28:48 What Gold Does If Bond Buyers Stop29:37 Does 60/40 Work Again for Retirees?30:50 The Mood at the New Orleans Conference31:50 Gold Stocks, Margins and Diesel Costs33:21 Why He Still Likes Energy Stocks34:10 Wrap-Up#Gold #StockMarket #AIStocks__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Measured in dollars, America keeps getting richer. Measured in gold, Dominic Frisby says it has been getting poorer for 50 years, with output per person down roughly 57% since 1975 by his math. “If you use gold, it tells the truth, but politicians don’t like the truth,” says the author of The Secret History of Gold.Speaking with Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, the founder of The Flying Frisby sees gold treading water for a few more months before clearing $5,000 next year, much like the sideways stretch after 2006 that came before new highs in 2008. By the end of the decade, he targets $7,000 to $10,000. For now, oil is the trade he likes. He thinks crude could reach $150 “quite easily,” and he warns that $150 oil played an often overlooked role in the 2008 financial crisis.Frisby says the era of cheap money is over for households and governments alike. The payment on his own mortgage nearly quadrupled, and next year Britain will spend as much on debt interest as on education, with long-term gilts at 6%, he says. He keeps as little as possible in sterling and warns that money in the bank isn’t really yours as Britain’s tax authority gains the power to pull funds straight from accounts. When the money printer returns, he expects gold stocks to outrun Bitcoin.This interview was recorded on Oct. 29, 2026.Special thanks to our sponsor, Dakota Gold, for making this coverage possible.To learn more, visit: https://dakotagoldcorp.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Dominic Frisby on X: @DominicFrisby (https://x.com/DominicFrisby)Check out Dominic Frisby's Substack: (https://www.theflyingfrisby.com/)00:00 Welcome to the New Orleans Investment Conference 202602:12 US Output per Person Down 57% in Gold Since 197505:04 Debt Interest Rivals Government Budgets as UK Gilts Hit 6%07:35 The Case for $150 Oil and Energy Stocks11:45 When the Taxman Can Take Money From Your Bank Account14:25 Losing to Inflation on Savings and Where to Hold Wealth16:13 The End of Cheap Money for Housing and Stocks19:20 Gold Sideways Until Next Year and Copper’s Entry Point20:57 Gold vs Bitcoin When the Money Printer Returns22:18 Gherkins, the Budget and Closing Thoughts#Gold #Oil #Inflation__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.