Is the Gold Bull Market Over? | Collin Kettell - Palisades Goldcorp
The Deep Dive Jul 10, 2026
Summary
Gold's slide from recent highs is a normal bull-market pause, the guest argues, and financing conditions have improved versus a year ago.
Joining 450 financings across 330 junior companies earned Palisades 1.7 billion warrants — options to buy shares cheap — a leveraged bet on the next leg.
Financing terms are the cycle signal: juniors are cashed up and offering weaker warrant terms than in 2024 and 2025.
Two wholly owned projects add optionality: Radio Fuels (a uranium and rare earth project) heads toward monetization, Made in America Gold toward joint ventures.
A five-person team keeps G&A (general and administrative costs) near 1% of portfolio value, with insiders owning roughly 45% and $75 million returned.
Key points on Kinross Gold
- Kettell ranks Kinross, alongside Nevada Gold Mines, as one of the only two landholders in Nevada larger than his company's third-largest position in the state.
Key points on New Found Gold
- Kettell calls New Found Gold the most prominent company to come out of Palisades' company-generation umbrella.
Steve Hyland's takeaways
- Top takeaway Hyland frames the interview around gold's pullback to about $4,000 from all-time highs in the $5,500-5,600 range less than a year earlier, asking Kettell what it means for the market.
- He presses the practical investor questions — G&A and burn rate, plans for wholly owned Radio Fuels and Made in America Gold, the next 12 months — and closes by calling the model interesting for investors seeking asymmetric upside.