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What podcasters are saying about Gold & precious metals
Summary
In the past 30 days, 38 speakers on 17 finance podcasts discussed Gold & precious metals in 80 views. Chorus has followed Gold & precious metals since October 1, 2026.
Who talks about it most
- Brien Lundin · 8
- Trey Reik · 6
- Axel Merk · 6
- Patrick Ceresna · 5
- Chris Whalen · 5
- Peter Grandich · 3
- Mike Preston · 3
- Larry McDonald · 3
- Jesse Felder · 3
- Danny Moses · 2
The latest views
Newest first. Every quote is checked against the episode's transcript.
Jay Hatfield · Infrastructure Capital Advisors
Negative on gold; war, a strong dollar and high rates are the drivers, not loss of confidence.
Hatfield says he has been negative on gold. He argues the metal is driven by only two factors: a strong dollar and high rates during a war. He rejects the explanation that gold rises or falls because of fiat money or loss of confidence. He says that people invent many reasons for a move when there is usually one, and that the current setup is bearish for gold.
“I've been negative on gold. ... When there's a war going on, the dollar's strong, rates are high. Those are the two factors that drive gold.”at 33:29
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Patrick Ceresna · Big Picture Trading
Gold is in short-term distribution near $4,000 and could fall 5-10% if support breaks, though long-term he is very bullish.
Gold needed a dovish Fed pivot and a change in the macro backdrop to break higher, and neither happened. It is trading along its $4,000 support, where the summer lows were, and there is no sign of accumulation. Ceresna calls the chart distributive with no visible buyers. The prevailing downtrend is the path of least resistance. A breakdown below that support would leave room for a further 5-10% drawdown. He stays very bullish on gold long term but expects a distribution cycle in the short term, driven by macro catalysts, until an inflection point appears.
“a key technical breakdown like this would leave room for even a five to 10% further drawdown.”at 49:01
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Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Gold and silver macro case is very strong; leveraged metals plays are a generational opportunity.
Lundin argues the macro picture for metals is very strong because debt loads are too large for the Fed to raise rates consistently, so currencies will be debased. He sees gold and silver as the beneficiaries and says the sector can be played through leveraged vehicles. He calls it a generational opportunity, and says he personally owns many names in the sector.
“The macro picture for the metals is so strong. The argument is so strong. ... You can invest along that with these leveraged plays. And I think it really is a generational opportunity.”at 0:30
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Western traders now buy gold on dips, acting as price support rather than driver.
Central banks drove the gold market before, but now Western investors are the marginal buyers. Lundin says they keep allocating the same dollar amount to the sector, so as the price falls they buy more gold, making them a support rather than a driver. He views the January spike as a bubble looking for a pin, now worked off, which returned prices to where they were before the Fed-hike scare.
“As the price drops, they're allocating probably the same amount of money to the sector, so they're buying more gold.”at 5:46
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Gold and silver miners earn tech-like profits yet investors ignore them; upside is large.
Gold and silver miners are outperforming and earning profits that any tech company would envy, yet Western investors have largely ignored them. Lundin thinks the miners will get attention when AI-bubble enthusiasm deflates. The sector is a tiny backwater next to Apple, Tesla, SpaceX and the Magnificent Seven, so a small slice of global liquidity would have an outsized effect, especially in the more leveraged silver names. Many tech stocks are priced on potential rather than earnings, which he contrasts with miners.
“And in the meantime, you have dramatic outperformance by gold and silver miners who are turning out earnings that any tech company would, you know, be envious of.”at 9:00
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Gold supply should rise only after a four-to-five-year golden period of constrained output.
Many large, known gold projects only became economic around $2,200 an ounce and are now robustly economic but still need years to build. Producers can also process low-grade ore already on waste piles, and should do so at these prices. Even so, Lundin expects about four to five years before gold production rises meaningfully in response, giving a window of constrained supply.
“we've got about a golden period of four to five years before we start seeing gold production really rise in response to these prices.”at 21:44
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Majors will have to buy juniors upstream, at takeover premiums, to refill depleted pipelines.
Major gold producers are making a lot of money but can only spend so much on buybacks and dividends. New analysts will judge them on reserve pipelines, and some majors now hold fewer reserves than a decade ago, with share prices flat for ten to twenty years. So far deals have been mergers of equals or acquisitions at 10 to 20% premiums, because developers already raised the money to advance projects. Lundin expects majors to move further upstream, buying explorers and early developers at takeover premiums that reward junior shareholders.
“I think we are going to see the majors at some point begin to go further upstream to more of the explorers and early stage developers to lock up some of these deposits at cheaper levels, but at takeover premiums that would be highly rewarding for the shareholders of those junior companies.”at 23:55
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
With above-ground silver gone, industry will absorb all new silver output and pay up.
Silver roughly doubled to around $120 in early 2026 and industry kept buying, forced to bid against investors for available supply, which Lundin says is new in his career. Above-ground stockpiles that used to cap the price are gone, so he now expects industrial demand to take every newly mined ounce over the next few years. Silver is about 70% a byproduct of other metal production, which makes a supply response harder, and industry will have to pay whatever the going rate is.
“This is the first time where I think that the industrial demand for silver really will have an impact because there are no longer any above ground supplies.”at 37:40
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Silver is indispensable and cheap in products, and 70% is byproduct output, so its supply follows other metals.
Lundin says about 70% of silver production is a byproduct of other metals, so silver output is driven by the economics and dynamics of those other metal markets rather than silver's own price. He says silver becomes the more valuable metal only at a price far above today's. He argues silver is indispensable in many applications and adds little to the final cost of those products, so it is unlikely to be engineered out or innovated around.
“So it is indispensable in a lot of applications. It doesn't add a lot to the final cost of products in in many of those applications.”at 39:13
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)
Debt and deficits make higher metals prices the one confidently knowable trend, though timing is uncertain.
Lundin argues that after decades of ever-easier money, the system is in the end game. The primary macro driver he sees now is debt and deficits. He says the macro picture for metals is very strong. He is skeptical about timing, and says no one is smart enough to predict the precise path or how it will end. He is confident in the trend, which he says is clearly visible and tells investors to be in these sectors. He describes the metals sector as a generational opportunity, and says investors can ride the trend with leveraged mining stocks.
“The one thing we can be very confident in is the trend. We can see that. And that trend tells us you wanna be in these sectors, and you'll do very well”at 1:00:31
Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin ·
Trey Reik · Bristol Gold Group LLC
Gold's two-year performance shows markets are worried about a deficit-driven feedback loop.
Reik identifies himself with the gold trade, which has studied the deficit for two decades and has been waiting for a point where it becomes unmanageable. He reads gold's performance over the past two years as evidence that investors are starting to worry about a feedback loop from government debt and financing costs, a sign that the deficit concern is becoming mainstream.
“And I think clearly Gold's performance over the past two years is demonstrating that we're in one of those periods where people are starting to worry about a feedback loop.”at 31:57
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Trey Reik · Bristol Gold Group LLC
Gold's year-to-date pullback is a reasonable correction after big gains; $4,000 should hold as a floor.
Gold is down about 6% year to date after gaining 27% in 2024, 65% in 2025 and 25% in January. Reik says that if any other stock or commodity fell this much after those gains, it would look like a reasonable correction, so he does not read much into the drop. He calls the January surge a blow-off that broke technical levels, but thinks gold has performed better than people expected given the strength in long-term Treasury yields. He expects the $4,000 level to act as a durable floor. Once investors lower their expectations for a Fed rate-hiking cycle, he thinks gold could get a good push higher.
“I personally think 4,000 is going to prove to be a very durable floor. And once people reduce their expectations for a Fed rate hiking cycle, I think gold could have a pretty good spur.”at 40:29
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Danny Moses · Moses Ventures
Gold is still early and will rise sharply on any Fed rate cut, as the firm has held it since under $1,000.
Danny says the firm has been on the gold trade since it was under $1,000, and that gold is held more by central bank balance sheets than US Treasuries. He thinks worries about fiat currencies and the dollar's decline from the low 70s to the mid-to-high 50s, combined with sovereign debt and deficit issues, keep gold in demand. He expects a slowdown, a Fed pause or even a cut would push gold up sharply. He prefers gold to being short the S&P 500 and says it yields nothing but is a good hedge.
“The minute you get a whiff of a Fed rate cut, gold is going up a lot.”at 39:11
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Axel Merk · Merk Investments
Precious metals should benefit from an eventual resolution of the Iran conflict; Merk holds precious metals.
Merk says he likes his precious metals holdings because he believes the Iran conflict will be resolved at some point, and any resolution should be positive for precious metals. He adds that long-term physical investors have kept adding to holdings while speculators pulled back, which he calls encouraging. He also argues that gold is tied to real rates: the Iran war is priced as a shock rather than a structural change, which implies higher real rates and is a headwind to gold. Precious metals only do very well if policymakers react strongly to the stagflationary impact. He frames metals and miners as a diversifier if AI debt later forces a slowdown.
“The reason why I like my precious metals holdings is that I do believe there's going to be a resolution at some point. Any resolution should be a positive for precious metals.”at 1:14:38
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Axel Merk · Merk Investments
Gold miners' very high margins make mining attractive versus high-cost, uncertain AI investment for capital.
Merk says precious metals miners have phenomenal margins. He argues gold now competes with AI for investor capital, and AI is a very high-cost investment with uncertain margins. Because of the high margins, industrial investments in general and precious metals mining in particular are becoming quite attractive, so the playing field is more level. He cautions with an analogy: when software was 'eating the world' in 2011, a low-barrier, high-margin industry boomed, and that marked the start of a bear market in gold.
“On the mining side, the margins are phenomenal that these miners have. ... gold is competing with AI, which is very high cost investment, uncertain margins, and so suddenly industrial investments in general and precious metals mining in particular, because of the high margins, are becoming quite attractive.”at 1:16:42
Thoughtful Money: FOMC Live Reaction: Is The Fed Making A Policy Error? | Axel Merk ·
Axel Merk · Merk Investments
Precious metals miners look attractive: high margins and very attractive valuations after a volatile year.
Merk argues that high margins at precious metals miners are making industrial investments in the sector, especially mining, quite attractive, and that the sector now offers a more level playing field. He calls valuations very attractive, while acknowledging the sector is down year to date, very volatile, and not for the faint of heart after dramatic gains last year. He ties his positive view to the monetary backdrop: the Fed is tightening but not in a higher-for-longer regime, which he says makes him more positive on miners and gold than he otherwise would be. He says he likes to hold the sector if the investor can afford the risk and describes it as part of his allocation.
“...industrial investments in general and precious metals mining in particular, because of the high margins, are becoming quite attractive... And as far as valuations are concerned, I think they're very attractive.”at 1:17:20
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Jeffrey Gundlach · DoubleLine Capital
Gold should be added on dips, moving 1% from commodities into gold per $100 drop toward 10%.
Gundlach's current mix holds 5% in gold within a 20% commodities sleeve. His rule is to shift 1% from the broad commodity index into gold each time gold falls $100. If spot gold reaches $3,500, the mix would be 10% broad commodities and 10% gold, so gold is a buy on weakness in his framework.
“Right now, I would have 15% in simply the Bloomberg Commodity Index and 5% in gold. But at this point, what I would do is every time gold drops a $100, I would switch 1% from the broad commodity index into gold.”at 23:47
Bill Baruch · Blue Line Capital
Gold has significant upside after holding $4,000 support; expects a strong finish to the year.
Baruch says gold dipped below the $4,000 psychological level last week but has responded ahead of the Fed. He expects consolidation, then higher prices, with $4,000 as strong support and a breakout above $4,200 bringing momentum. Drivers include the debasement trade returning, dedollarisation, widening fiscal deficits, and central bank and Chinese buying. Gold also rose despite net ETF selling every day that week. He expects seasonal strength from mid-December through January and a strong finish to the year and start to next year. He notes that CTAs have not liquidated and producers are closing shorts, which he sees as positive.
“Gold got below 4,000... I think gold has some significant upside... I'm looking for gold to trade higher even if it chops around a bit for the next month or so. I expect a strong finish to the year and a strong start next year.”at 43:59
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David Schassler · VanEck
Gold heads well above $5,500; catalysts now stronger than when it peaked.
Gold peaked above $5,500 and has pulled back to around $4,000. The reasons people hold gold, including debasement, inflation, geopolitical shocks, weaponization of the dollar and broad uncertainty, are significantly more elevated now than at the peak. The earlier correction came from overbought prices, higher rates and a stronger dollar, which are not the same forces now. He thinks gold goes a lot higher, beyond $5,500.
“The catalysts for gold are significantly more elevated now than they were at $5,500. ... We think gold goes a lot higher.”at 25:09
Peter Grandich · Peter Grandich & Company
Gold mining stocks have record free cash flow but are not attracting money the way tech stocks did.
Grandich contrasts the mining industry, which had years of negative cash flow and now posts record free cash flow, with big technology companies whose free cash flow turned negative over the last couple of years. Despite the mining cash flow, he says no one stampedes into miners the way they did into technology. He says that is why he expects to be fully invested in mining stocks again by the end of the day.
“the mining industry that for many years had a lot of negative cash flow now has record free cash flow, but no one stampedes into them the way that they stampeded into the technologies.”at 21:30
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Peter Grandich · Peter Grandich & Company
Gold has technical damage and needs a base near $4,000 before a major move up, with downside to $3,400-3,500 risked.
Grandich says the paper gold market has been played to the downside since late August, breaking key technical supports. Gold has made two lower highs after a strong run while still supported near $4,000. He says a rally would need to retake the prior high near $4,800 to avoid breaking $4,000 and falling to support around $3,400-3,500, which he doesn't see as the likely outcome. He needs a base of at least a few weeks at $4,000 before people trust the level, though he notes gold is entering a seasonally stronger period. He says he is committing virtually all his investment capital to gold now, betting it won't fall much below $4,000.
“Listen, I'm committing virtually all my investment capital to this area now. So I'm obviously betting it's not gonna go much below 4,000”at 26:47
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Mike Preston · New Harbor Financial Group
Precious metals pullback resembles 2008-09, likely followed by a thrust higher, not a 2011 top.
Mike says precious metals are in an eight-to-nine-month pullback from the January high, deeper and more tiring than expected. He compares it with the 2008-09 precious metals pullback, which lasted about the same time, with gold down about 35% and silver down about 50%. Those metals later doubled or more, reaching their 2011 high. He believes the current pullback is a 2008-09-type event that will be followed by a thrust higher, rather than a 2011-type top that marks a decade-long peak. He admits this is hard to hold and says he isn't recommending the ETFs he's showing.
“That's just a really big, [painful] pullback that's going to be followed by a thrust higher. I still believe it's a 2008, 2009 pullback versus a 2011 high”at 1:11:49
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Mike Preston · New Harbor Financial Group
Gold is probably bottoming after an eight-week drawdown; technical support levels are holding.
Mike reads the gold weekly chart as having broken a downtrend line and cleared a blue line that he considered important, and says the drop has moved through three waves lower. He had earlier thought July was the bottom and says it may still be. He calls the recent eight weeks of weakness an unexpected, painful consolidation, and he says critical support levels are being tested. He ties the view to the sentiment backdrop: negativity is widespread and bulls are struggling, which he reads as a sign of a bottom. He says his firm holds a metals position in its model that it can stick with, and that it sizes positions so clients aren't uncomfortable. The support is technical, with no fundamental data cited.
“So, I personally think that we're probably bottoming here and just creating a ton of negativity but it's hard to hold.”at 1:13:35
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Mike Preston · New Harbor Financial Group
Silver could rebound to $70-90 within three months if it reverses from current support.
Mike says silver broke a downtrend that had been in place for many weeks, which gave some relief. Its rally toward $70-75 then rolled over, and it is now at or near its low. He does not expect a waterfall decline, though he says anything could happen. He is conditional: if silver reverses out of this area, he thinks it can reload and move back to $70-90 in 30 to 90 days. His firm holds a metals position in its model. The forecast rests on technical reversal and chart support, not on fundamentals.
“I still think that if we can reverse out of here, we can load the energy again. I think that we could easily move back up to seventy to ninety silver even in the next thirty ninety days, three months.”at 1:15:09
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Axel Merk · Merk Investments
Gold is hostage to the Iran supply shock; expects it to decouple as bonds and metals focus on risk-off.
Gold and bonds have been trading on the Iran supply shock rather than on broader risk sentiment. Last week gold fell, but Merk reads that as a positive sign because both bonds and gold focused more on the risk-off environment and less on Iran. He has been waiting for this decoupling and has seen several attempts in recent months. He says the market is forward-looking and should focus on the next development, so decoupling is positive even on down days. He notes gold's correlation with equities is roughly zero in the long run but unstable in the short run.
“what I've been waiting for is that the bond market more broadly, but then precious metals markets more specifically, are less hostage of that. And we've seen several attempts in recent months for this decoupling.”at 5:02
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Axel Merk · Merk Investments
Central bank, diversification and purchasing-power demand should support gold over the long term.
Merk splits precious-metals buyers into groups. Central banks are incentivized to diversify out of the dollar, especially those hostile to the US. They will not move all reserves into gold, but gold benefits on the margin. Diversification investors are embracing precious metals as an asset uncorrelated with traditional assets. Purchasing-power investors are alive and well because US deficits are huge with no credible path to sustainability. He also notes the speculator returned to metals in spring 2025 and is now on the sidelines. He runs a firm that manages a lot of precious metals and says he personally holds more gold and gold miners than most investors.
“Central banks have been quote unquote incentivized to diversify out of the dollar, notably central banks that are hostile to The US. That doesn't mean they'll reallocate all the reserves out of the dollar into gold, but on the margin, gold has been a beneficiary.”at 11:54
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Axel Merk · Merk Investments
Gold miners look cheap, and high precious-metals prices give them very high profit margins.
Merk says he believes the miners have some of the cheapest valuations in the market. Current precious-metals pricing gives miners very high profit margins, even though mining needs substantial investment. He argues this levels the playing field against capital-heavy sectors such as AI, where margins are uncertain. He says he holds a bigger miners allocation than most people and can afford the swings, so he is invested on this view.
“you also have very high profit margins in current pricing environment for precious metals. So you suddenly have a much more level playing field across many sectors.”at 41:06
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Brett Rentmeester · WindRock Wealth Management
Gold and silver held up in the 1970s rising-rate era and are useful hard assets now.
In the 1970s, when rates rose, bonds lost significant ground after inflation and stocks roughly tread water in real terms. Hard-asset-oriented holdings did well, including oil during the embargo, farmland, and gold and silver. He concludes that in a rising-rate environment with a tougher outlook, hard assets play a role. He cautions against putting everything into gold, though, which he would not advise.
“Hard asset oriented things tended to do well. So oil did well. I mean, we had the oil embargo and other events. Farmland did well. Gold and silver did well.”at 18:29
Lyn Alden · Lyn Alden Investment Strategy
Gold's bull market got ahead of itself short term but remains on track over the longer term.
Alden says she has been bullish on gold, which she sees as a competing store of value to Treasuries. She concedes the bull market got ahead of itself for a period but says it is still on track over the longer term. She adds that silver, platinum, copper and energy assets should benefit from the same trends. She also argues that capital is rotating from non-resource assets toward resource assets, which she expects to persist for a long time. Her view is that gold rose from about $2,000 to $5,000 so quickly that a pause is needed, but the trend holds. She says she has also been bullish on equities, and that gold has outperformed the S&P 500 over long periods, with the S&P 500 to gold ratio in a fourth major bear market over the past century.
“That's somewhat separate from commodities because that's more of like a competing store of value with the treasury primarily. But I think that that bull market is... I mean, I think it got ahead of its skis for a period of time, but I think it's still, over the longer term, on track.”at 1:03
Wealthion: The Treasury’s Gold Revaluation Play | Lyn Alden ·
Lyn Alden · Lyn Alden Investment Strategy
A Treasury gold revaluation would be inflationary, lifting gold and asset holders while hurting wage earners.
Alden treats a revaluation of US official gold holdings as one of the government's few ways to create new money without issuing debt. The revalued gold would fill the Treasury General Account with cash that can be spent without bond issuance. She calls it mostly an accounting change at first and a pro-liquidity move. She says it would be inflationary, comparable to COVID-era stimulus, and could push money into scarce assets such as gold, which would lift gold prices. She expects the effect to be good for asset holders and bad for wage earners, and says the net effect depends on the wider fiscal mix. As a gold holder, she says she would welcome such a move.
“The government can create new money without creating an associated amount of debt. So if they increase... the official holdings of gold, it basically fills up their treasury general account with cash, which they can then spend, which is kind of an interesting effect in the economy. Now that would be inflationary.”at 8:58
Wealthion: The Treasury’s Gold Revaluation Play | Lyn Alden ·
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