Tavi Costa: These Are The Biggest Opportunities in Mining Right Now

Palisades Gold Radio Jul 8, 2026

Summary

The guest argues gold's 25-30% pullback inside a secular bull market is an accumulation window, not a trend break.

Quality producers are down 40-50% and technically oversold, with large multi-asset operators the guest considers liquid ways to play it.

He sees copper near all-time highs as the strongest structural story, arguing institutional money should go into copper mines.

The guest treats energy as a portfolio hedge against metals, with natural gas the near-term answer to data-center power demand.

He cautions against critical-minerals enthusiasm, pointing to the lithium bust as a template for misallocated institutional capital.

The guest names Agnico Eagle among the large producers he treats as solid, multi-asset operators — the group where he thinks you will not miss much holding them over the coming six to 12 months.
He places Agnico Eagle in the cohort of quality producers he says are down 40 to 50% and as oversold as relative-strength charts and other technicals can get, which is the basis for his view that today's buying opportunities look better six to 12 months out.

The guest names Newmont alongside the other large producers he considers solid operators with multiple assets, saying you will not miss much owning that group over the next six to 12 months.
He includes Newmont in the set of quality producers he describes as down 40 to 50% and technically as oversold as possible, which he frames as a window of opportunity rather than a signal to time the exact bottom.

Top takeaway The host cites an interview with Adrian Day from two days earlier in which he pointed out that the bull/bear scale for gold had recently printed 0% bullish, which the host flags as a striking sentiment reading.

Top takeaway He pushes back on the guest's dismissiveness toward critical minerals, arguing the opportunity is unique to each company and that a single mine coming online in a critical mineral could move the price.
He presses for a straight answer on copper, asking whether the bullish case rests on the metal itself or on the developers and producers that lever into it, given copper is already at or near all-time highs.

Top takeaway He argues gold remains an outstanding investment over the next six to 12 months, saying the 25% to 30% sell-off is a response to a US that cannot afford rate hikes or a costly war rather than a long-term problem — which also means there is less scope to buy the dip than in an earlier secular bull market.
He treats energy, and natural gas in particular, as the smart hedge for a metals-heavy portfolio: data-center, electrification and onshoring demand is structural and there is no near-term substitute for gas, so on a day like this he would rather be long energy than short the equity market.
He says the best-quality producers are down 40 to 50% and as oversold as the charts can get, so he expects today's opportunities to look better six to 12 months from now, and reads gold explorers outperforming seniors as a sign sticky institutional money is not selling into the panic retail is.
He is very bullish on copper, arguing it has yet to make the move silver made from the $20s and $30s up to $160 and sits roughly where silver was near $40, and says institutions should be throwing money at copper mines — he does not understand the preference for critical minerals instead.
He is sharply sceptical of critical minerals, saying institutional capital is misallocated into small markets such as rare earths and tungsten whose company economics he finds uninteresting, and warns that the lithium mania of roughly four years ago is the precedent for capital chasing a narrative.