Nomi Prins

Nomi Prins: We’re Forecasting $6,000 Gold - By The End Of The Year

• Top takeaway The guest forecasts gold at $6,000 towards the end of 2026, and notes that even off its highs gold was up about 20% from a year earlier.
• On US debt she argues the country is already in a debt crisis, which she says shows up as fewer and fewer buyers for more and more Treasury debt, and that the Fed and Treasury are both moving into quantitative easing or buybacks, with the Fed waiting for a crisis.
• She calls the recent 25 basis point rate hike political posturing, arguing the inflation behind it is driven by oil and geopolitics rather than monetary policy, that a front-end hike does nothing to reduce the government's debt servicing cost, and that core CPI is only about 2.4% a year even excluding energy.
• She argues central banks will not dump gold to buy Treasuries yielding over 5%, and that gold is being pulled back into home-country vaults and increasingly used as collateral, which she frames as a structural shift rather than a yield trade.
• On producer economics she points to costs of around 1,800 to 2,200 in her estimates against gold at $4,300 to $4,400, and expects another round of strong quarterly reports from gold producers.

The guest forecasts $6,000 gold by the turn of the year, calling recent Fed hikes and higher bond yields temporary. August gold ETF inflows hit $18 billion, the second-largest month on record, and she reads them as mostly retail money. Central banks are buying for collateral and control rather than yield, and are moving gold out of New York vaults. She argues a debt crisis shows up as fewer Treasury buyers, with both the Fed and Treasury back in quantitative easing. Inflation hinges on oil prices, so the Fed's quarter-point hike does little to change what households actually pay.

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

• Top takeaway Prins attributes the depressed state of the sector to exaggerated paper selling relative to volatile oil prices, to inflation figures that grab the headlines, and to the perception that high inflation will persist and so the Fed will raise rates, arguing all of that has preceded what is actually happening under the ground.
• She makes silver the biggest opportunity in that group because it has been the most depressed, and the most quickly, by a confluence of very high paper volume: ETFs and futures, hedge funds moving silver with the headlines using AI algorithmic methods, and then program trading coming in and recreating those headlines as the price falls.
• She sees a lot of value in pure-play silver miners, which she defines as miners very close to the silver itself that do not have to process other metals in their deposits.
• On copper she is also positive, noting it has not been paper traded as much because it is treated as a base metal and so should be hit by inflation headlines, yet it has stayed steady, reached highs in May and sits only a little below them, with tremendous opportunity in copper and junior copper developers as the world heads into a massive copper scarcity.
• On uranium she notes prices have held around 85, a high new platform level, with utilities buying at $95 to $100, and that Western Hemisphere uranium miners have significantly underperformed that price, making it one of the few areas where they have.

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.

Why Gold and Silver Are Entering a Historic Supercycle as the Fed Loses Control | Nomi Prins

• Top takeaway Prins's central thesis: the Fed and other central banks cannot control inflation — only the cost of money and money supply — because they cannot control real assets or supply chains; she notes the Fed cut rates from 5.75% to 3.75% while inflation stayed above its 2% target.
• She cites a study of returns since 1992, net of purchasing power: $100 in cash lost about 60% of its value, Treasuries returned about 2x, gold about 5x, the S&P 500 about 15x, top gold miners about 20x, and surviving junior miners up to about 100x — on which basis she would buy gold, not Treasuries.
• The Fed's balance sheet grew about $250 billion from December 2025 through the as-of date — roughly matching 10-year Treasury issuance over that period — and remains about $2 trillion above its post-2008 peak; she expects it to keep growing and QT to stay off the table.
• She argues paper markets distort physical ones: the SLV silver ETF trades on the order of 25-50 million ounces per day (1.5-10 billion ounces per year) against roughly 800 million ounces mined annually, with silver in a sixth straight year of structural deficit and gold heading for one on current demand alone.
• She notes China has cut its US Treasury holdings from about $1.3 trillion to $650 billion while the People's Bank of China and other central banks keep buying gold, and central-bank gold reserve percentages remain below historical highs — implying substantial further official buying.

The guest argues central banks set the cost of money but cannot control real-asset inflation, leaving gold and silver as long-term stores of value. Paper silver trading in one ETF can reach 50 million ounces a day against roughly 800 million ounces of annual mine supply, per the guest. Silver is in its sixth consecutive year of structural deficit between mine extraction and real demand, according to the guest. A cited study since 1992 shows gold, gold miners, and especially junior miners beat cash and Treasuries on purchasing power. Central banks led by China have cut Treasury holdings and keep adding gold, leaving reserve percentages below historical highs, the guest says.

Dr. Nomi Prins: Silver Price 'Heavily Suppressed', Uranium Miners & Gold

• Top takeaway She argues silver is one of the biggest opportunities as of the July 2026 interview: the physical supply gap is now in its sixth year following five years of deficits, physical offtake from Asia and the Middle East is absorbed immediately, while paper silver trading volume has roughly doubled relative to the ounces actually backing ETFs and holds the price down.
• She contends uranium miners have significantly underperformed a firming uranium price because a shallow paper market lets shares be sold on headlines while long-term utility contracts at $95-$100 keep the commodity up, so the discount is a lag that should re-rate.
• She expects continued headline-driven volatility but says physical supply will ultimately win over paper pricing in silver, noting that with production costs around $20 an ounce versus silver near $60, no miner has stopped producing.
• She presents Prinsights research from a 35-year survey back to 1992 showing gold beat cash about 5-to-1 and Treasuries about 5-to-2 on an inflation-adjusted purchasing power basis, with the multiple reaching about 15 times for major gold miners and about 100 times for well-managed juniors in the right jurisdictions.
• She argues central bank gold buying remains durable, with 45% of surveyed central banks wanting more gold, an all-time high, and says Turkey's monetization of gold to stabilize its currency proves gold's role in monetary independence rather than marking a selling trend.

Silver's paper price trades far below physical reality: a sixth straight supply-deficit year means mine output is bought immediately by industrial and solar demand. Uranium holds near $85 while utilities contract at $95-$100, so miners' share-price lag against a firming price is the opportunity. Major gold miners sit on large cash with costs near $1,800 against $4,100 gold, positioning them to acquire or fund junior developers. A 35-year survey cited by the guest finds gold beat cash roughly five-to-one after inflation, with strong juniors multiplying that edge. Oil has normalized into a $70-$80 band as depleted strategic reserves need replenishing, favoring Colombian producers whose heavy crude US refineries process.

Dr. Nomi Prins: Why Gold Will Go To $10,000, Still 'Early Innings' for Silver & Critical Minerals

• Top takeaway Nomi argues central bank gold accumulation is the structural bull case — the PBOC sits at 5–6% of reserves and a 1.5% shift back to 2008 levels alone would push gold to ~$5,500, while a 10% reserve-allocation scenario maps to $9,000–$10,000/oz over a two- to three-year horizon.
• She sees silver entering a fifth consecutive year of supply deficits with a two-year gap before new high-quality mines reach production, and projects $120–$180 silver (roughly a 50% increase) with the industrial pain point starting around $150–$200.
• On critical minerals she frames the supply chain as roughly 80% processed outside the West on average — China refines 80–90% of rare earths and about 67% of silver — arguing that this concentration underwrites long-duration metals demand.
• She attributes the late-January sell-off (gold down close to 10%, silver down close to 40% in a single day) to programmed trading, margin flows and SLV paper mechanics rather than fundamentals, and reads it as short-lived.
• She places the precious-metals bull market in the "early innings" — comparable to the first inning of a nine-inning game — because she does not see geopolitical, supply-deficit or critical-minerals drivers reversing.

Silver sits in its fifth straight annual supply deficit totaling roughly a year of demand, with no major new mine due online for two years. The January 30 selloff was driven by programmed trading and margin mechanics, not a sudden revaluation of fundamentals. China's January 1 export controls on processed silver and the US adding silver to its critical mineral list signal tightening physical supply. Central bank gold math implies about 1.5% more reserves in gold could push prices to $5,500/oz, with a 10% shift implying $9,000-$10,000/oz. Rare earths and other critical minerals remain roughly 80% processed in China, leaving a structural Western supply gap.