Simon Marcotte
Former CEO | Northern Superior Resources | Gold Macro Strategist
"Leading Northern Superior to a C$375M IAMGOLD exit and his bold $30,000 gold macro thesis"
Biography
Simon Marcotte is a metals and mining executive best known for his tenure as CEO of Northern Superior Resources (TSXV: SUP), which he led to become one of the best-performing gold stocks on the TSX Venture Exchange in 2025. Under his leadership, Northern Superior attracted a major acquisition by IAMGOLD (TSX: IMG) for approximately C$375 million, a landmark deal that validated the company's exploration success and Marcotte's strategic vision. The acquisition saw each Northern Superior share exchanged for 0.0991 of an IAMGOLD share plus C$0.19 in cash, delivering significant value to shareholders.
Marcotte has drawn widespread attention in the resource investment community for his bold and well-articulated gold macro thesis, most notably his argument that gold could reach $30,000 per ounce. He connects the dots between escalating global debt levels, tariff policies, a 2026 refinancing wall, and the post-2020 monetary policy era to argue that these structural forces fundamentally favor hard assets. Unlike many perma-bulls, Marcotte grounds his case in data-driven analysis of fiscal trajectories and central bank behavior, presenting detailed slide decks to support his projections.
His track record on gold macro calls has been consistently accurate, earning him a growing following among retail and institutional mining investors alike. Marcotte has been a frequent guest on prominent resource investment platforms including The Deep Dive, Goldfinger Capital, and the Robert Sinn Substack, where he discusses both macro gold outlook and specific mining stock selections. His ability to combine top-down macro analysis with bottom-up company evaluation sets him apart in the mining executive landscape.
Following the successful exit of Northern Superior through the IAMGOLD transaction, Marcotte continues to be an active voice in the gold investment space, sharing his outlook on precious metals and identifying opportunities in the mining sector. His combination of operational mining experience and macroeconomic conviction makes him a particularly credible voice for investors navigating the precious metals space.
Videos (2)
Why Simon Thinks Gold Has Bottomed | Simon Marcotte - IAM Gold Corp.
- Top takeaway Simon now argues gold has bottomed following its H1 2026 correction
- He attributes that correction to a hawkish Fed and softer Chinese demand
- He links Chinese gold buying to money supply expansion amid weak real estate
- He flags China's restart of money supply growth as a near-term positive for gold
- Looking to 2027, he expects the Fed to regain dovish flexibility
Simon Marcotte argues gold has bottomed after the H1 2026 correction driven by a hawkish Fed and weak Chinese demand. Chinese gold demand softened alongside paused money supply growth amid ongoing real-estate weakness in H1 2026. China has now restarted money supply growth, which the guest expects to revive Chinese gold buying into 2027. The guest expects the Fed to regain flexibility to turn dovish again going into 2027, a tailwind for gold. Marcotte flags the war in Iran as a long-term geopolitical tailwind investors should not ignore for gold.
Gold Is Still Going to $30,000 | Simon Marcotte
- Top takeaway Marcotte maintains his $30,000 gold thesis, comparing the timeframe to oil's roughly $12-to-$140-a-barrel move and implying several more years remain for the trade.
- He argues the Fed will likely need to 'turn on a dime' from hawkish to very dovish in 2027, which he sees as the trigger for gold's next leg higher.
- He attributes the H1 2026 gold pullback to a hawkish Fed encouraging foreign holders to roll over Treasuries, plus Chinese investors stepping back after China paused money-supply growth in Q1 2026.
- He believes gold has bottomed; gold priced in Chinese currency held its upward channel, with the next support near the equivalent of $3,600 USD.
- He argues the war in Iran signals the 'beginning of the end' of the petrodollar as Saudi Arabia aligns with Pakistan and Turkey, which he views as bullish for gold long-term.
Guest Simon Marcotte argues his $30,000 gold thesis remains intact, with 2027 as the critical turning point for the next leg higher. He frames the path higher as contingent on the Fed turning dovish once the 2026 U.S. refinancing wall clears and deficits stay elevated. Chinese retail buyers — shut out of crypto — have driven the gold rally; China's money-supply restart suggests the H1 2026 pullback has bottomed. Macro backdrop: U.S. deficit spending has replaced QE as the economy's primary support since 2008, with the debt ceiling heading toward $41 trillion. Simon argues AI is bullish for hard assets, not bearish — it crowds professional services out of the CPI basket, freeing room for gold prices to rise.
Key Quotes
"The post-2020 policy era fundamentally favors hard assets, and the structural forces pushing gold higher are only accelerating."
— The Deep Dive interview on $30,000 gold thesis
"The 2026 refinancing wall and steepening fiscal deficits create a powerful tailwind for gold that most investors are still underpricing."
— The Deep Dive presentation on gold macro outlook
Key Works
Detailed interview connecting tariff policies, global debt levels, and structural forces supporting a dramatic gold price increase
Follow-up deep dive with slide deck presentation on the evolving gold macro thesis including 2026 refinancing wall analysis
Interview covering the IAMGOLD acquisition of Northern Superior, gold outlook, and future plans
Specializations
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