The program and guest
A Kitco News interview at the New Orleans Investment Conference, hosted by Jeremy Szafron with guest Brien Lundin, the conference host and publisher of Gold Newsletter. Original English title: Gold's Biggest Bull Market Yet Isn't Over | Brien Lundin. The interview was recorded on 30 October, when gold fell more than $150 per ounce and silver fell about 6%.
Key points
- Attendees are unconcerned by the plunge and see it as a buying opportunity: the long-term drivers are debt and deficits, which mathematically require currencies—not just the dollar—to depreciate. Gold and silver have historically hedged against this, while mining stocks are a leveraged investment in this macro trend 1:09
- This is another long-term bull market, comparable to those of the 1970s or 2000s. It could be the third, fourth or even fifth bull market in gold’s history as an investable asset, and will be the biggest, most rewarding and most consequential. Behind it are 45 years of increasingly loose monetary policy and mounting debt; the time has now come when depreciation must accelerate 3:14
- Gold is the piggy bank broken open in an emergency: during the financial crisis, gold fell from about $1000 to $700, then nearly tripled over the following two years. If a similar crisis occurs this time, central banks’ rescue response will be much larger than last time 4:39
- When the AI bubble bursts, all risk assets, including metals, will be sold off; the subsequent monetary rescue will create a buying opportunity. This scenario was predicted at an expert panel the day before the conference 2:11
- Among junior mining stocks, his conservative choice is Banyan Gold, which he considers large, stable in its operations and substantially de-risked, and expects eventually to be acquired. His most asymmetric bet is Relevant Gold, whose Wyoming mineral rights are based on a geological theory involving the faulting and rotation of an ancient gold belt; it has just added 5800 acres of mineral rights 8:49
- Seasonally, the period around mid-December coincides with the year-end tax-loss selling window and has historically offered relatively good entry points; prices often rise in the new year. He expects gold to be in the high $4000 range a year from now and the junior mining stock market to be substantially stronger 19:32
Background and notes
The interview also covers the junior mining stock cycle, royalty company valuations and jurisdictional risk, as well as advice for first-time physical gold buyers: do not try to time the market; invest regularly and convert bank deposits into precious metals to preserve purchasing power. Subtitle coverage: the video has 611 timestamped subtitle segments, covering 0:00–approximately 20:42 (full duration 20:42), covering the entire video. Views and timestamps are paraphrased from the original subtitles; timestamps mark the start of the segment containing the corresponding remarks.