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

The KE Report Jul 2, 2026

Summary

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.

The guest names Banyan Gold as the developer that "always sticks out" when he looks for companies with resources in the ground, adding "I really like that one."
The episode description lists Banyan Gold among the companies with positive H2 2026 news catalysts that he is keenly interested in following.

The guest says drilling is now under way at K2 Gold's Mojave Project in Southern California and that it "could turn up some of the big discoveries of this season."
The program follows up on "extraordinary historic holes" and took about four years of permitting work in a pro-mining county — though, as he notes, it "still is California."
During the permitting wait the company delineated additional targets, and he says a lot of smart money has invested in K2 specifically for the Mojave Project.
The host adds that K2's last drill results came out in 2021, after bonanza-grade hits in 2020, so mid-2026 marks its first drilling in roughly four to five years.

The guest calls Prospector Metals' current program one of — if not the most — eagerly watched drill plays of the season, with assay results expected "probably over the next two or three weeks" from the July 1, 2026 recording.
About 10 holes have been drilled and the company is waiting on assays as of the recording.
The program follows up on and steps out from the company's big discovery hole from last year (2025).
The host notes Prospector Metals has been discussed on and appeared on the KE Report before.

Top takeaway The guest argues Warsh "will not be a hawk" despite markets pricing an uber-hawkish cycle: "Trump brought Warsh to the party, and Warsh is going to do as he has been told to do."
He predicts Warsh will pursue an easy-money policy because the cost of servicing the US debt demands interest rates cannot stay far above inflation for long.
He expects Warsh to justify the pivot with "excuses" such as new definitions of inflation and a task force on productivity gains, after market expectations swung from cuts to hikes around Warsh's first Fed meeting.

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."

Top takeaway The host's read is that most of the correction has played through, citing selling exhaustion and a basing pattern in late June 2026 and a robust start to Q3 on July 1.
He frames Q2 2026 as a "war cycle" in which geopolitics and Fed policy soured sentiment, pulling back metals prices, ETFs and mining stocks through a rough June.
He supplies K2 Gold context — last drill results in 2021 after bonanza-grade hits in 2020 — and asks the questions that draw out Lundin's developer picks and his approach to stocks that released good news into a bad market.