Brien Lundin

Live Interview with Brien Lundin

• Top takeaway Lundin argues investors remain in a gold and silver bull market that will last for some time, and that the recent pullback driven by rising yields and hawkish Fed signals is a dip to buy rather than a trend change.
• He sees miners as undervalued even after gold's rally, with producers making money hand over fist and, for the first time in his career, developers wealthy enough to fund their own billion-dollar-plus projects rather than sell out.
• He expects silver to outperform gold for the bulk of this bull market, but cautions that before any eventual monetary reset investors will want to shift heavily toward gold because he does not know whether silver will be included in it.
• He frames rising global bond yields and unrest in France as the end game of a 45-year cycle of easy money and overspending in which all major fiat currencies are racing to be depreciated, making metals and miners the appropriate response.
• He calls the current setup a generational opportunity combining a secular monetary metals bull market with a broader commodity supercycle, noting copper supply cannot respond to the steepest demand curve ever given 15-20 year discovery-to-development timelines.

Brien Lundin argues rising yields triggered a gold dip, but the monetary-metals bull market remains intact and dips are buying opportunities. He sees miners undervalued relative to metals, with developers newly able to fund their own projects and explorers better funded than ever. He favors silver over gold for most of the bull market, using the gold-silver ratio for valuation rather than trade timing. He expects fiat-currency strain and bond-market stress to drive metals higher, with liquidity cushions letting investors buy crisis sell-offs. He runs through listener questions on Silver47, Sunpeak Metals, Amarc Resources, Elemental Royalty and other junior resource names.

Brien Lundin & Dan Steffens - Gold & Oil Stocks: Spin Outs, Near Term Producers, Growth Companies

• Top takeaway Lundin calls precious metals a bull market in full, saying the fundamental drivers are more solid than at any point since the 1970s and will not disappear soon, so his strategy is to buy the dips and skim the froth.
• He attributes the recent gold weakness to algo and hot-money traders reverting to the old view that higher real rates mean selling gold, not to any change in fundamentals, and thinks the latest dip had bottomed as of the as-of date.
• On spin-outs and strategic stakes he argues case by case: a 9.9% strategic holding is validation but not sufficient on its own, he prefers to see two strategics creating competitive tension, and he treats a strategic declining to exercise its top-off right as a sign it may be looking to sell.
• On toll milling he says spare Nevada mill capacity can meaningfully improve a junior's economics, but investors need to check excess capacity, existing interest, distance and whether truckable roads actually connect the mine to the mill.
• He notes junior news flow has become unmanageable, with his own newsletter running 42 pages this month, and argues the sector would now need a book to cover.

Lundin calls precious metals a full bull market, arguing the fundamental drivers are the most solid he has seen since the 1970s. Gold's September pullback tracks rising bond yields, not broken fundamentals — algo traders reverted to the old 'higher yields, sell gold' reflex. Beaver Creek chatter centered on spin-outs, 9.9% strategic stakes, and toll milling — renting mill capacity rather than building it. Lundin wants each spun-out asset valued individually, and reads a strategic's stake as validation only if they fund the next raise. Steffens says oil equities trade as if crude is $60 while it fetches $90; refinery outages, not crude scarcity, squeeze diesel and jet fuel.

Live Interview with Brien Lundin

• Top takeaway Lundin argues gold and bond yields rising together signal that currencies face rapid depreciation under debt loads, and says gold 'wins out in just about every realistic scenario' going forward.
• He calls this the first time in his career that major producers offer junior-explorer-level upside of 4-5x with less risk, since they are making money hand over fist yet pay dividends, buy back stock and sit on net cash while the market undervalues them.
• He expects the Fed cannot sustain a rate-hike campaign because debt-service costs are already unaffordable, so short-end yields will be forced lower while bond vigilantes demand higher long-end yields.
• He predicts the anticipated M&A wave will disappoint: developers advanced enough to build their own projects will not sell for ~20% takeover premiums, so mid-tier producers will grow rather than majors going on buying sprees.
• His New Orleans Investment Conference (October 28) has a sold-out exhibit hall and attendance surging past last year's, which he ties to gold at about $4,500 an ounce and what he sees as the biggest metals bull market since the 1970s.

Brien Lundin says gold and long bond yields are sending one signal — currencies will be depreciated to manage unpayable government debt. He favors producers: majors offer 4-5x potential with dividends and net cash, and eventually they must turn to M&A to refill depleted pipelines. Better-funded juniors now drill seriously, but developers advancing projects alone may cap takeover premiums near 20% instead of the 200% of past cycles. Strategic-metals politics invite government and generalist capital that ignores project economics, reviving deposits the industry had written off as uneconomic. Lundin stays bullish on K2 Gold's Mojave drilling, Prospector Metals around $0.80-$0.90, and Cabral's low-capex early production funding exploration without dilution.

A $15 Million Silver Bet: Silver Pony Resources (CSE: PONY, OTC: PONIF)

• Top takeaway Likes the aggressive approach - low market cap, decent share structure, drilling historic targets now rather than waiting a season for soil surveys and geophysics - and admits he is tempted to buy on that basis.
• Asks what underpins the drill targeting given selective rock sampling and limited pre-drill work, calling it a drill-hole play priced accordingly.
• Wrap-up verdict: he would buy it personally but not necessarily recommend it to his readers; he finds Chris impressive and honest, and notes that drilling under the old high-grade workings and getting the same material is genuinely good information despite grab-sample bias.

Silver Pony's C$15-million market cap is a low-priced way to trade first drill assays from the underdrilled Lardeau silver district, due early October. Panelists flag selection bias: 3,500 to 12,000 gram-per-ton grab samples — selectively picked rocks — guided drilling, so assay widths matter more than grades. CEO Morgan Good points to about C$1.25 million in Roxmore Resources shares free-trading soon as non-dilutive funding flexibility. Geologist Chris Furey moved the drill 18 kilometers mid-season to Revelstoke after a 455 gram-per-ton surface sample, drilling through fold hinges for architecture. Panelists would buy it personally as a short-term drill-hole trade but won't recommend it, noting the paid presentation, warrants, and thin liquidity.

Brien Lundin - Gold Sector Rebound: Where’s The M&A, What Characteristics Actually Matter?

• Top takeaway Argues the post-Fed rebound mirrors December 2015, when a widely expected rate hike marked gold's bottom as shorts exited.
• Holds that rising bond yields reflect repayment risk, leaving gold supported whether the Fed hikes or is forced to cut.
• Expects at most one more hike for credibility, saying extraordinary debt-service costs rule out a sustained hiking campaign.
• Says majors are hoarding cash and preferring 9.9-19.9% strategic stakes over full takeouts, keeping sector M&A slow.
• Argues juniors flatten the Lassonde curve by advancing straight into small-scale production, using cash flow to fund exploration without dilution.

Widely expected Fed rate hikes can mark gold bottoms: shorts exit once the hike is a fait accompli, echoing the December 2015 low. Rising bond yields now signal repayment risk, not opportunity, an environment where both rate paths, hiking or cutting, ultimately support gold. M&A is slow because majors hoard cash and buy 9.9 to 19.9 percent strategic stakes instead, gaining optionality without paying full takeover premiums. Juniors now flatten the Lassonde Curve (the value dip during lengthy development), advancing straight into small, high-margin production to fund exploration without dilution. Premier takeover targets combine extraordinary economics, de-risked studies, and remaining exploration upside; featured names include 1911 Gold, Banyan, Delta, Gladiator, Luca, and Meridian.

A Gold Miner That Could Earn Its Market Cap Every Year: Scottie Resources (TSXV: SCOT | OTC: SCTSF)

Scottie Resources plans 2028 production from a BC Golden Triangle gold project using DSO, shipping crushed ore directly to a Taiwan offtake buyer with no mill or tailings facility. A 2025 bulk sample pulled $9 million from 4,600 tons at ~14.5 g/t over nine days, validating the road-to-port shipping model ahead of a Q1 feasibility study. Management targets roughly $150 million in annual free cash flow at $2,600 gold, with average production near 65,000 ounces per year over a seven-year mine life. Eleven commentators split on the plan: a few endorsed the team, while others flagged the $225 million valuation and tight two-year timeline as key risks. Indicated-versus-inferred resource conversion, project financing, and a joint IBA with the Nisga'a are the milestones Thomas pointed to as the path from PEA to first pour.

Brien Lundin - Gold Defies Yields and High-Upside Juniors in the Yukon

• Top takeaway Lundin's core macro thesis: bond vigilantes are demanding higher sovereign yields because they doubt U.S. debt can be serviced at current currency values, and that same dynamic is pushing gold higher — which is why gold has risen with yields since late June.
• On the Fed/Treasury split, Lundin argues Fed hawkishness may be sincere but is mathematically constrained by debt service costs, so a sustained hiking cycle is impossible beyond a possible one quarter-point "show" move.
• Lundin admits a tactical mistake not positioning more in the majors, arguing they now offer junior-like upside with less risk and trade at deep discounts to their revenues.
• After a recent Yukon site trip, Lundin is increasingly constructive on the juniors he covers — Banyan a "lay down" future mine and keystone for Yukon consolidation, with Gladiator's copper resource and Prospector's ongoing drill program as near-term catalysts.
• Lundin generally prefers advanced explorers publish PEAs and resource updates as market snapshots, since companies with published economics held up better through the summer pullback.

Gold has risen alongside 10-year Treasury yields since late June, driven by bond vigilantes demanding higher returns amid unsustainable sovereign debt. Bond vigilantes are pushing back against both the Treasury and the Fed, since U.S. debt now exceeds $40 trillion. Senior gold producers now generate stronger free cash flow yields relative to capex than technology companies, an inversion driven by ballooning AI infrastructure spending. Three Yukon juniors (Banyan Gold, Gladiator Metals, and Prospector Metals) impressed on recent site visits, with Banyan positioned as a keystone for regional consolidation. Advanced explorers face a real choice between publishing early economics to anchor valuation or continuing to drill to preserve upside, with resourced companies holding up better through pullbacks.

The AI Bubble Could Hit Everything

• Top takeaway Argues that as of August 2026 an AI bubble is driving equities, with valuations by many metrics above the records set just before the 2000 tech wreck.
• Expects a severe correction, potentially a liquidity event, when the AI-led market trips over itself.
• Says such a correction would hit all markets, including gold, silver, other metals, and the miners.
• Views that selloff as a real buying opportunity for metals and miners, but cautions against counting on it arriving.

Brien Lundin says AI-driven equity valuations have passed their records from just before the 2000 tech wreck, leaving markets stretched. He expects a severe correction or liquidity event when the AI trade trips over itself, hitting all markets — not just technology stocks. A correction would also hit gold, silver, and miners — a real buying opportunity he cautions investors not to count on.

Brien Lundin - Treasury Intervention and Surging Gold Equities

• Top takeaway The guest argues Bessent's doubling of long-dated bond buybacks from $2B to $4B was a 'nothing burger' on its own, but markets read it as a signal the Fed was willing to control yields anywhere along the curve, exposing Treasury weakness and triggering a 4%+ (~$180) one-day gold rally that 'saw blood in the water'
• He contends the Fed cannot meaningfully raise rates because the U.S. debt and deficit math — with the current fiscal year already above last year's full-year total and $1.2T+ in debt service, the highest in history — would crater the budget, and he calls Warsh's hawkish press conference a 'well-rehearsed show' backed by nothing, especially given Trump's silence afterward
• He forecasts the 'debasement trade' is returning to mainstream discussion after AI narratives crowded it out of the room, framing gold's move off its late-July/mid-August seasonal bottom as the start of a broader generalist re-entry into the sector
• He says the gold bull market is finally behaving normally now that Western investors, speculators and algos are driving prices alongside central banks, warns of 'furious, dizzying rallies' and 'stomach-turning corrections,' and advises investors to 'buy the dips' and take some 'froth off the top' in mining equities
• He sees August's rally as of mid-August 2026 as led by majors with GDX and GDXJ up roughly 35% on the month, expects generalist money to filter down to juniors in September, and specifically calls Prospector 'on sale right now' despite disappointing recent drill results while flagging active drill programs at Miata (Suriname), Onyx (Yukon) and A2 (Nevada)

The Treasury's doubling of long-bond buybacks signaled implicit yield control to markets, triggering a 4% single-day gold rally. Runaway US debt and deficits leave the Fed boxed in, reviving mainstream attention to the debasement trade via gold and silver. Mining equities are starting to leverage metal moves 3-to-1 (gold) and 2-to-1 (silver), with majors leading a roughly 35% monthly gain. Buying miners into the late-July to mid-August seasonal bottom can deliver a 30% head start versus entering later in the year.

Brien Lundin & Marc Chandler - Navigating the Precious Metals Rebound & Bond Market Realities

• Top takeaway Brien Lundin argues the precious metals rebound in the week of August 6, 2026 is driven mainly by the market abandoning the idea that the Fed would actually hike rates, given large deficits and debt-service costs, reinforced by the ADP jobs data.
• He expects a classic fall trend in gold, silver and mining stocks with the bottom behind us, but warns of pullbacks in October, November and into December before another interim bottom next spring.
• Lundin sees the most upside leverage in silver miners and silver explorers, and expects the majors (currently paying down debt and buying back stock) to eventually be pressured into M&A that filters down to developers and juniors.
• On juniors specifically, he flags imminent drill results from Prospector Metals, K2 Metals, Relevant Gold and Scottie Resources as the dominant near-term catalysts, and advises taking risk capital off the table once a thesis is confirmed by results.

Lundin ties the gold rebound to fading odds of a Fed hike, arguing the deficit and debt math make further rate rises untenable. He expects majors flush with cash to eventually buy growth as pipelines deplete, with juniors likely closing their valuation gap first. Chandler attributes the rally to a softer dollar and lower short-term rates, with central banks and gold-backed stablecoins adding persistent demand. Copper broke above $6.70 on AI-driven data center demand, with $8 copper seen plausible as data capex scales. Chandler says dollar/yen intervention alone cannot hold without BOJ rate hikes, leaving the 155 level as the operative line.

Brien Lundin: Gold Is Bottoming And About To Soar

• Top takeaway The guest argues gold is in a bottoming process and that the sideways action is a seasonal correction that typically resolves by mid-August, creating a 'soon-to-be closing window of opportunity' before a fall rally.
• The two factors holding gold back — fear of Fed tightening and war-driven inflation pressure on oil — are both temporary, in the guest's view; rate hikes would worsen debt-service costs and won't fix an oil-supply shock.
• The guest argues the Fed is already quietly expanding its balance sheet (as it did in 2019) and will ultimately return to quantitative easing, treating the current hawkish talk as 'theater' pre-approved by Trump.
• The guest sets a long-term gold target of $6,000–$8,000 by the end of this bull-market cycle (over several years), with $4,500 as the new floor and Deutsche Bank's ~$4,647 by year-end as the more conservative near-term anchor.
• The guest is bullish across the entire mining-equity stack — silver and gold miners, explorers, developers, and producers — and argues producers will start buying juniors again once debt-free, with bidding wars for top assets returning.

Brien Lundin reads gold's $4,000 consolidation as a routine mid-bull correction driven by temporary Fed-tightening fears and summer seasonality, both due to fade. He argues rising long-term Treasury yields reflect debt sustainability math and future currency depreciation, not a hawkish Fed. Central banks keep using dips to accumulate; their buying functions as dollar-cost averaging, so price weakness buys them more tonnage. Silver should outperform gold this cycle as industrial demand consumes all newly mined ounces, leaving none for monetary buyers. Major producers like Newmont are now low-grading ore to push more ounces through mills while margins stay rich; cash flow will eventually chase juniors.

Brien Lundin & Josef Schachter - Navigating the Precious Metals Correction & Energy Sector Trends

• Top takeaway Argues the gold correction rests on two temporary factors — the Iran war and a hawkish Fed turn — while the structural drivers of debt and deficits are intact, so he expects the metals market to take hold again once they fade.
• Says the current drawdown matches the routine, nearly yearly drops of the 2000s bull market, and calls this potentially the biggest and least worrisome bull market yet.
• For the first time in his career he sees the majors offering potential rivaling the best junior drill plays, with record earnings and free cash flow that will eventually fund junior takeovers and a broad re-rating.
• Warns pending drill news from names like Prospector Metals and K2 Gold is binary in a weak market: truly great results should still be rewarded, while good-but-not-great news will be punished.
• Values development-stage ounces at a conservative $150-$200 per ounce in-ground, and says record miner margins could justify far higher — even around $1,000 per ounce — in standout cases.

Lundin argues the precious-metals correction reflects two temporary factors, Fed hawkishness and the Iran war, while debt and deficits keep the bull market intact. Lundin expects majors producing record free cash to buy juniors after a re-rating, an opportunity he calls lower risk at this point. For development projects, Lundin uses a conservative $150-$200 per ounce in the ground as a takeover value benchmark. Schachter forecasts WTI averaging $80 this year and $90 next on winter demand and Strategic Petroleum Reserve restocking, with shale breakevens flooring prices near $65. Nathan Ritchie models producers at $80 oil and $2.50 gas in Alberta, favoring names trading near three to four times cashflow.

I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium

• Top takeaway Lundin hosts the floor round, walking the conference and asking veterans where the opportunity sits, and he is the voice that presses them on setup, share structure and whether a name is a takeover target.
• Closing the show he says he generally likes metals and mining and calls it a target-rich environment where every metal has a compelling bullish story, with the exploration and development companies cashed up and progressing and the producers making money, which he puts among the best environments he has seen in his career in the sector.
• He quotes Doug Casey's image of a bull market trying to siphon Hoover Dam through a garden hose, noting that once the move reaches the most tertiary assets, of which junior explorers are the most tertiary of all, the price response becomes extreme and getting paid on it is a once-a-decade event.

Gold and silver fell 30-50% from highs, and multiple guests frame the pullback as a buying window for quality developers, not a trend break. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) explains the margin math: $4,000 gold against a $2,000 AISC. One guest argues gold pays no dividend, so valuation must run against debt, money supply and GDP instead of cash flow. Royalty companies and prospect generators are presented as the safer way to play gold and silver than owning operators outright. Several guests expect a wave of mining M&A, because producers shed high-cost operations and hold cash without a growth pipeline.

Brien Lundin: The Next Rally in Gold Starts This Fall & Why The Copper Bull Run Has Just Started

• Top takeaway The guest anchors his long-term case on debt and deficits: those shortfalls demand significant currency depreciation, and metals and mining benefit, leaving what he calls a target-rich environment and one of the best he has seen in his career.
• On timing, the guest argues the market is exiting its one big correction and may have bottomed in late June on the gold price after dipping below $4,000; because bottoming is a process, he expects a few more weeks of seasonal weakness before another uptrend in the fall, and treats the current level as a dip to buy in a bull market spanning gold, silver, copper and tungsten.
• For copper, the guest calls it the most certain of the bull cases, pointing to a demand curve he believes matches nothing else in modern history running against severe supply constraints and lead times famously measured at sixteen years for a project to reach production; for juniors he advises a carried 20% or 30% partner in a big copper porphyry, bought and held.
• Against the standard claim that producers lag gold, the guest notes that central bank buying drove this market and central banks do not buy mining stocks or silver, which makes mining shares and silver the leading indicators instead; he adds that the majors' exceptional margins are not yet priced in and that re-ratings have to come.
• The transcript renders his name as "Brian Lumen" and the host addresses him as "Brian", while the entity list records Brien Lundin.

Debt and deficits argue for long-term currency depreciation, which Lundin frames as the structural bull case for metals and mining. Central bank purchases now cushion price dips rather than drive rallies, leaving Western traders in control of day-to-day direction. Mining stocks and silver lead gold in a Western-driven market, reversing the lag seen while central banks set the price. Ask management questions whose correct answers are unflattering, since the guest notes funded companies have little reason to volunteer bad news. Copper projects need roughly 16 years to reach production, so rising demand meets supply that cannot respond within a price cycle.

Brien Lundin – Emerging From The PM Market Malaise In Q2, To Better Seasonality & Sector News In Q3

• Top takeaway Lundin's core call: gold's drop through $4,000 about a week before the July 1, 2026 recording marked capitulation and peak pessimism — he flagged it to readers as a possible bottom the next day — and he sees a rounded, multi-session bottoming process under way.
• He expects the Fed under Kevin Warsh to turn accommodative despite hawkish expectations, because debt-servicing math requires rates not to stay far above inflation.
• On seasonality, he says precious-metals lows typically land between mid-July and mid-August, making the current window the "shopping season" with potential 10-30% head starts on buyers who wait until September-October.
• He expects a Q3 2026 wave of sector news: cashed-up explorers with drills turning and imminent results, plus producer earnings in about a month that should be robust, though possibly softer than last quarter.
• He says he is "filled up to the brim" with junior mining stocks and has no capital left, sees bargains persisting for about another month, and expects "a really nice fall for metals and miners."

Brien Lundin argues gold's brief break below $4,000 flushed out weak hands, marking selling exhaustion and a likely bottoming process. He expects the Fed under Kevin Warsh to turn accommodative despite hawkish talk, because debt-servicing math caps how high rates can go. Dollar strength matters less for gold than many assume, since central bank buying and moves against all fiat currencies drive the price. Precious metals often bottom between mid-July and mid-August, and he says bargain hunters buying now can beat September-October buyers by 10-30%. He flags Prospector Metals, K2 Gold, Banyan Gold, Delta Resources and Auro Metals as juniors with drill results and resource updates due in Q3.

🚨 Brien Lundin's Warning on Currency Purchasing Power #shorts

Brien Lundin argues that four decades of expanding debt and easy monetary policy are driving a sustained decline in currency purchasing power. Lundin suggests gold could eventually be reconnected to the monetary system to restore confidence as fiat currencies lose value. Silver and mining stocks are positioned to benefit directly from the long-term macroeconomic trend of weakening fiat currencies.

🚨 Why Brien Lundin Thinks This Gold Bull Market Is Different #shorts

Brien Lundin argues central bank gold buying is the primary force driving the current precious metals bull market higher. Gold's rally has featured unusually few meaningful corrections, signaling sustained structural demand rather than typical speculative momentum. Lundin sees silver and mining stocks as laggards with significant catch-up potential relative to the physical metal's strong advance.

The Biggest Gold Bull Market We'll Ever See? - Brien Lundin | Sprott Money

Brien Lundin argues that negative real interest rates (when inflation outpaces nominal rates) create the ideal macroeconomic backdrop for a sustained gold bull market. Lundin views silver's current price weakness relative to gold as a temporary dislocation, presenting a buying opportunity for investors building precious metals positions. Central bank gold accumulation and structural risks to fiat currencies underpin long-term precious metals demand, while mining equities remain undervalued relative to bullion.

Nevada's Greatest Silver Bonanza, Finally Consolidated — and Ready to Drill With Modern Equipment

• Top takeaway Brien Lundin says he has never seen that much demand for a new financing or new listing and asks about liquidity events, drawing out that there is no four-month hold wall and no warrants overhanging the stock.
• He discloses he came in on the financing himself, calling it a feeding frenzy, and closes by noting all the stock is free-trading yet still holding up well, with financing participants not quick-flip types.

MacKay Gold & Silver has consolidated most of Nevada's historic Comstock district, giving it a fully funded 20,000-metre drill program starting on the parallel Occidental-Brunswick structure. Higher calcite and a lower gold-to-silver ratio suggest the Occidental sits near the top of the epithermal system (one formed by hot mineral-rich fluids near surface), leaving untested bonanza-grade potential at depth. Shallow oxide drilling has already returned 25 metres at 13.5 grams per tonne gold; management targets outlining one to two million ounces within a year, with first assays around late summer. A USD$60 million financing at $1.40 delivered roughly two to three years of exploration runway, largely royalty-free ground, and a veteran expert panel that could not identify a fatal flaw.

Brien Lundin - Gold Correlations To Markets and Oil Breaking Down, Portfolio Stock Updates

Gold's bounce off its 200-day moving average signals a potential bottoming process rather than a temporary pause in the broader bull market. Lundin argues that gold's traditional correlations with the S&P 500 and oil are breaking down, indicating a major shift in market dynamics. High-grade drill results in copper and tungsten are driving strong exploration news, while silver is positioned to lead the next precious metals rally.