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

The KE Report Aug 8, 2026

Summary

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.

Scottie Resources is running its largest drill program in company history, drilling roughly 50% more this year than its total prior drilling, according to Brien Lundin as of August 2026.
The guest says the company keeps hitting gold and the market is starting to recognize it, framing it as a reliable source of news flow heading into the fall.

Brien Lundin calls Prospector Metals a really high-profile play and a big winner in his portfolio, with drill results he is encouraged about as of August 2026.
He notes Prospector runs a very tight ship and will not release anything until they are ready, framing the upcoming news as a near-binary event given high expectations.

Top takeaway Marc Chandler argues the US/Japan intervention selling euros to buy yen shows US officials are more worried about the dollar's reserve-currency role than they have let on, and that selling euros without notifying the ECB broke diplomatic protocol as of August 2026.
He is skeptical the intervention will hold, noting the dollar has already retraced more than a third of its post-intervention losses against the yen by the end of the recording week.
On gold, Chandler ties the August 2026 rally mainly to a softer dollar, lower US interest rates, stepped-up Chinese (including Hong Kong) reserve purchases and demand from gold-backed stablecoins, with the $4,400-$4,500 zone and the 200-day moving average as the next resistance.
On rates and the dollar, he argues short-term US rates are the main directional cue for the dollar and that the Fed is unlikely to hike given the soft July jobs report (US lost 23,000 jobs, wages up only 0.1% m/m and 3.2% y/y).

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.