Lawrence Lepard

Lawrence "Larry" Lepard is the Managing Partner of Equity Management Associates (EMA), a private investment firm, and one of the most vocal advocates for sound money investing in the resource sector. With decades of experience in finance and venture capital, Lepard has built his investment thesis around a central conviction: the global fiat monetary system is on an unsustainable trajectory driven by sovereign debt and deficit spending, and hard assets—particularly gold, silver, and Bitcoin—will be the primary beneficiaries when the system resets.

Lepard's analysis is rooted in macro-monetary theory rather than traditional equity research. He argues that the U.S. and other developed nations are trapped in a "debt doom loop" that will inevitably force a massive monetary expansion—a "Big Print" event. His price targets reflect this conviction: he has publicly forecast gold reaching US$4,000–5,000 per ounce, silver hitting US$100, and Bitcoin climbing to US$200,000, driven by what he describes as the end of the current monetary road. He views these assets not as speculative trades but as essential "lifeboats" for preserving purchasing power.

For mining investors, Lepard's relevance extends beyond bullion advocacy. He closely follows the gold and silver mining sector and has noted the persistent underperformance of mining equities relative to the metals themselves—a disconnect he believes will eventually resolve in favor of well-managed producers and developers. His framework gives investors a macro lens through which to evaluate timing and allocation in the resource space.

Lepard is the author of The Big Print, a book detailing the monetary crisis and the case for hard assets. He is a frequent guest on financial media platforms including Investing News Network, Palisades Gold Radio, and Thoughtful Money, where his interviews regularly draw significant audiences seeking clarity on gold, silver, and the broader resource sector.