Gold Miners May Have the Setup
VRIC Media Jul 11, 2026
Summary
Falling nominal interest rates are bullish for gold, and the market wrongly expects a hawkish Fed, the speaker argues.
Pento expects the June inflation report, due in July, to end rate-hike fears and price Fed rate cuts back in.
Gold miners get a double benefit if gold rises while crashed energy prices cut the cost of pulling metal from the ground.
Michael Pento's takeaways
- Top takeaway Argues gold miners are set to rise because the market is offside on the Fed — positioned for hawkishness just when policy is more likely to turn dovish.
- Expects the June 2026 inflation data, due to be reported in July, to convince markets that Fed rate hikes are off the table and that cuts may instead be priced in.
- Sees a nominal drop in interest rates as a bullish driver for gold, which he expects to move higher.
- Points to a double benefit for miners: a rising gold price lifts what they pull out of the ground while crashed energy prices lower the cost of pulling it out.