Episode summary
Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin
Thoughtful Money
· · Hosts: Wolf Richter, Adam · Guests: Brien Lundin
Summary
Brien Lundin argued that the recent pullback in gold and silver has largely shaken out the froth from the earlier blowoff and may be setting up a renewed advance. He said western traders drove the volatility after Powell’s Jackson Hole pivot, but he believes the bigger macro force is that the Federal Reserve cannot sustain a long tightening campaign with debt loads this high.
He also made the case that the miners are being overlooked despite much stronger fundamentals. In his view, gold and silver producers are generating far better earnings than the market is giving them credit for, while the sector remains tiny relative to global liquidity. He expects that if broader investors rotate out of crowded AI trades or if capital starts noticing the leverage in miners, the re-rating could be sharp.
Lundin was especially constructive on supply constraints, saying gold discoveries have dried up, copper projects take years to build, and silver is now being bid for by industry as well as investors. He also thinks M&A should increase as majors try to replenish reserves, and he named Banyan Gold and Relevant Gold as companies he likes.
Key takeaways
- Brien Lundin thinks the latest gold and silver weakness has mostly worked off the excesses from the early-year spike and could precede another upcycle.
- He argues the Fed cannot keep raising rates for long because today’s debt load makes a sustained tightening cycle unrealistic.
- Lundin says mining stocks remain underowned even though many producers are posting much stronger earnings and cash flow than a year ago.
- He expects reserve depletion and weak discovery rates to force more M&A as majors move further upstream for new ounces.
- He said silver is becoming tighter because industry is now competing directly with investors for available supply.
Notable quotes
“I think it really is a generational opportunity”
“the Fed really can't raise rates in any kind of consistent or longlasting manner”
“the macro picture for the metals is so strong, the argument is so strong, you can invest along that with these leveraged plays”
“I visited their projects. I don't know if they're going to make their big discovery from this drill season”
How the episode opens
The macro picture for the metals is so strong, the argument is so strong, you can invest along that with these leveraged plays. Uh and I think it really is a generational opportunity. Welcome to thoughtful money.
I'm thoughtful money founder and your host Adam Tagert. welcome you today for a discussion about all things precious metals with one of the great precious metals experts out there, Brian London. Brian is the publisher of the um mining stock newsletter, goldnewsletter.com.
He's also the proprietor of the fantastic New Orleans investment conference which I will be attending in just a couple of days. It is the longestr running uh financial investment conference I believe in the US. True.
Uh in the world as far as — Yes. and gold newsletter I believe is now the longest running investment newsletter in the world. So, — Wow. Longest running and best. — There you go. There you go. Checks in the mail, Adam. Thank you.
I know. Um well, look, so uh you've got your conference coming up. So, I just had my conference and for folks that that can't get enough of this type of macro material, especially when it comes uh you know, you you you have speakers that talk about everything macro markets, but there is a bent towards real assets and particularly the precious metals.
So, folks um you know, still want more of that. Obviously, they can go to your conference. We'll tell them how to do that in just a bit.
Um let's just start at the top though, Brian. When I was at your conference a year ago, there was a sense of real growing enthusiasm. Um, I think silver think uh had just crested like $50 an ounce.
Um, there was a real sense that like, hey, this this price action that we've been waiting for, predicting for a long time was really starting to get underway.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- gold and silver prices
- precious metals miners
- fed rate outlook
- mining sector supply and demand
- debt and currency debasement
Watch the episode
Watch “Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Thoughtful Money, this episode and its artwork belong to Adam Taggart | Thoughtful Money. Octagon is not affiliated with the show; this page is an independent summary.
