Brien Lundin: The Next Rally in Gold Starts This Fall & Why The Copper Bull Run Has Just Started

Palisades Gold Radio Jul 10, 2026

Summary

Debt and deficits argue for long-term currency depreciation, which Lundin frames as the structural bull case for metals and mining.

Central bank purchases now cushion price dips rather than drive rallies, leaving Western traders in control of day-to-day direction.

Mining stocks and silver lead gold in a Western-driven market, reversing the lag seen while central banks set the price.

Ask management questions whose correct answers are unflattering, since the guest notes funded companies have little reason to volunteer bad news.

Copper projects need roughly 16 years to reach production, so rising demand meets supply that cannot respond within a price cycle.

Top takeaway The host frames the current gold market as a contest between East and West: US traders lump gold in with other risk assets and sell everything when higher oil prices raise inflation fears and push central bank policy hawkish, which creates a temporary dip in the uptrend line that China is glad to take, leaving the West making the price.
For margins, the host notes that gold miners are making incredible amounts right now, while in previous bull markets rising costs left producers more marginal over time, and presses whether projects can still generate profits as that gap between production costs and price narrows.

Top takeaway The guest anchors his long-term case on debt and deficits: those shortfalls demand significant currency depreciation, and metals and mining benefit, leaving what he calls a target-rich environment and one of the best he has seen in his career.
On timing, the guest argues the market is exiting its one big correction and may have bottomed in late June on the gold price after dipping below $4,000; because bottoming is a process, he expects a few more weeks of seasonal weakness before another uptrend in the fall, and treats the current level as a dip to buy in a bull market spanning gold, silver, copper and tungsten.
For copper, the guest calls it the most certain of the bull cases, pointing to a demand curve he believes matches nothing else in modern history running against severe supply constraints and lead times famously measured at sixteen years for a project to reach production; for juniors he advises a carried 20% or 30% partner in a big copper porphyry, bought and held.
Against the standard claim that producers lag gold, the guest notes that central bank buying drove this market and central banks do not buy mining stocks or silver, which makes mining shares and silver the leading indicators instead; he adds that the majors' exceptional margins are not yet priced in and that re-ratings have to come.
The transcript renders his name as "Brian Lumen" and the host addresses him as "Brian", while the entity list records Brien Lundin.