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Gold Cooled Off, But the Bull Market Isn’t Over. | John-Mark Staude - Riverside Resources

The Deep Dive Jul 21, 2026

Summary

The Riverside CEO argues gold's pullback is healthy consolidation, with demand for gold, silver, and copper driving a longer-term bull market.

Spinouts and royalties created value the CEO says does not show on the share chart — distributed shares worth over $1 per Riverside share.

Riverside retains royalties (a share of future production revenue) on every spinout and now holds nine, making royalty generation its core business.

The guest reads conference crowd behaviour — neighbors at January's frenzy, "Diet Cokes" now — as a gauge of retail froth and cooling.

Near-term catalysts are Questcorp drill results in Mexico and possible new spinouts from British Columbia, with rare earths, copper, and gold the focus commodities.

Key points on Capitan Silver

  • Staude says Capitan Silver went from 20 cents to over $2 and was trading around $1.80 at the time of the interview (July 2026).
  • Riverside holds a 1% royalty on Capitan Silver, which Staude presents as part of the value created for Riverside shareholders.
  • Capitan shares were spun out and dividend to Riverside shareholders, and Staude says he remains a big shareholder of Capitan.

Key points on Blue Jay Gold

  • Blue Jay Gold shares were dividend out to Riverside shareholders at 60 cents and traded above 70-80 cents at the time of the interview (July 2026), per Staude.
  • The company came out of Riverside's earlier Ontario exploration results, and Staude says current British Columbia exploration could seed the next spinout of this kind.
  • Host Steve Hyland, a Blue Jay shareholder, planned to visit the project for a site tour the week after the interview.

Steve Hyland's takeaways

  • Top takeaway He contends Riverside's share chart understates the value created through spinouts like Capitan Silver and Blue Jay Gold, telling viewers to take the share price with a grain of salt.
  • A Riverside shareholder, he presses Staude on whether gold is topping again near $4,000, recalling Staude's 2021 call that gold felt toppy at $2,200.

John-Mark Staude's takeaways

  • Top takeaway He sees the gold pullback from the $5,600 range to the $4,000 range as a healthy consolidation within a longer upward move and expects prices to move up from here (as of July 2026).
  • Unlike his 2021 view that gold felt toppy at $2,200, he is now very bullish on gold, citing demand tied to Iran, China, and Russia and vault demand in Singapore and Hong Kong, and says he is buying physical gold.
  • He argues Riverside's spinout distributions add roughly $1.15 per share of value against the current 20-25 cent share price, calls the stock a buy, and says he is buying more.
  • His three favored commodities are rare earths, copper, and gold, and he is adding rare-earths projects citing critical-minerals policy pushes in the United States and Canada.
  • He describes January's rally as a firework moment that drew bubble-like retail interest and says the current cooling is healthy before the market moves up again.