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Gold 2X If History Repeats; Expect Currency Crisis | Jeff Clark

Liberty and Finance Aug 28, 2026

Summary

Mining expert Jeff Clark says the gold bull market still has at least two more years to run, citing a 94% price correlation with the 1970s.

If gold keeps tracking the 1970s analog, prices could more than double from today — with mining stocks typically levering such moves 2-4x.

Clark's stock-picking framework rests on three pillars: management with skin in the game, pro-mining jurisdiction, and a project that could realistically become a mine.

FOMO (fear of missing out) draws most retail buyers in at the top; Clark argues disciplined investors should use pullbacks as buying opportunities.

Nationalization risk clusters in second-world jurisdictions; Clark sidesteps third-world projects entirely and rotates into newly pro-mining South American regimes.

Dunagun Kaiser's takeaways

  • Top takeaway Kaiser frames the macro setup as a clash of powerful geopolitical, industrial, economic, monetary and jurisdictional counter-currents, and argues the two mega currents that matter most are mining-sector profitability and capital rotating out of an overstretched tech bubble like Nvidia
  • He shares a personal anecdote about touring a South Dakota gold mine that had been shuttered because the gold price made it uneconomic, and only later connected the closure to a contrarian entry point for gold and mining stocks
  • He links what Jeff Clark calls an ironic investor pattern to evidence in his own sales: December and January were his dealership's busiest bullion-buying months, while the second quarter after the pullback was 'tumbleweeds and ghost town music' despite gold being on sale
  • He channels Rick Rule's concern about late-cycle manias, pressing Clark on whether indiscriminate buying is rewarding junk miners alongside quality names and setting up a burnt-over disappointment
  • He draws out Clark's three-legged stool framework (people, politics, property) by comparing it to the way Rick Rule dissects management track records, balance sheets and insider ownership

Rick Rule's takeaways

  • Top takeaway Clark attributes to Rick Rule the recurring concern that during a sector mania, indiscriminate buying rewards junk stocks just as much as well-seasoned miners, leading to malinvestment and a burnt-over disappointment
  • Rule is invoked as having argued for over a decade the contrarian rule that the greater the crowd's fear the better the buy, and the greater the excitement the more one should consider taking profits

Jeff Clark's takeaways

  • Top takeaway Clark argues the gold bull market is far from over, noting that 94% of recent price action matches the 1970s run and that, if it continues, gold could more than double from today's level while mining stocks could see doubles and triples
  • He plans to remain long gold 'until we have an honest monetary system that is stable and sound and at least in part, not based on fiat,' citing still-unresolved US debt, deficit spending and money printing and the historical fact that all world currencies are now fiat
  • He says gold-mining equities carry 2x to 4x (sometimes more) leverage on the gold price, and that the gold-mining sector is currently running profit margins of roughly 56%, which he frames as the highest he has seen for any major sector
  • He expects mainstream capital to rotate into miners when frothy areas like Nvidia (which he puts near a $5 trillion market cap) or the broader S&P 500 correct, because miners would then offer enviable margins by comparison
  • For stock picking he uses a three-legged stool: first people (executives with prior success and skin in the game), then politics (pro-mining jurisdictions such as the US, parts of South America and parts of Europe), and only then the property itself, asking whether the project is one a producing CEO would actually want to buy