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The Quiet Money Printing Has Already Started - Jesse Day

The Deep Dive Jul 29, 2026

Summary

The guest reads the Fed's Treasury bill holdings jumping from $195 billion to half a trillion as quiet yield curve control (central bank capping rates).

He expects more money creation, arguing debt, deficits, war spending, and political pressure leave no fiscal solution regardless of which party holds power.

Hard assets are the bet against currency debasement: gold is treated as the real monetary yardstick, and miners look cheap against their net asset values.

Gold and silver miners offer large-producer exposure without junior (early-stage explorer) risk, with Agnico Eagle his top pick on management quality.

The uranium thesis rests on simple math: supply stays constrained while nuclear demand grows, and the deficit resolves only through much higher prices.

Key points on Agnico Eagle Mines

  • The guest names Agnico Eagle his favorite gold stock and the best risk-reward among the major producers for an investor focused on capital preservation with meaningful upside.
  • He bought shares recently expecting the stock could double or triple over his 2-5 year horizon.
  • His purchase was followed by a drop of roughly 16-17% right before Agnico's record Q1 earnings release, which he treats as a routine dip within a secular bull market.
  • He praises the company as 'the adults in the room' — a deep bench of CEO-capable executives, collaborative decisions and what he hears is next-level due diligence — in contrast to Barrick's culture.

Key points on Barrick Mining

  • The guest includes Barrick among the large gold producers he views as very attractive at current valuations.
  • He relays Adrian Day's account that Barrick's boardroom used to be Mark Bristow talking for an hour while everyone else stayed quiet, a culture he contrasts unfavorably with Agnico Eagle's.

Key points on Newmont

  • The guest names Newmont among the largest gold producers, which he argues now let investors buy the sector's best names with much of junior-stock risk taken off the table.

Key points on Franco-Nevada Corp

  • The guest lists Franco-Nevada among the large producers and royalty/streaming companies he considers very attractive at current valuations.

Key points on Wheaton Precious Metals

  • The guest includes Wheaton Precious Metals in his list of large producers and royalty streamers that look very attractive at current valuations.

Mark Bristow's takeaways

  • Top takeaway The guest relays Adrian Day's description of Barrick under Mark Bristow: a boardroom where Bristow talked for an hour while everyone else kept quiet.

Adrian Day's takeaways

  • Top takeaway Adrian Day is cited as the guest's source for the anecdote about Mark Bristow dominating Barrick's boardroom conversations.

Steve Hyland's takeaways

  • Top takeaway The host presents Fed data showing Treasury bill holdings rising from $195 billion — flat for two years — to about half a trillion after quantitative tightening ended in December 2025, asking whether quiet balance-sheet expansion is replacing announced QE.
  • He shares a Willem Middelkoop chart comparing gold's price with miners' price-to-NAV multiples and suggests gold stocks may now offer a buying opportunity.
  • He recounts pressing a former Canadian defence minister at VRIC about the billions allocated to Ukraine while record numbers of Canadians rely on food banks.
  • He relays a Yukon contact's warning that local gold projects cannot become mines soon because there is no political will to build the power supply, such as small modular reactors, that they would need.

Willem Middelkoop's takeaways

  • Top takeaway The host shares a chart Willem Middelkoop posted on Twitter showing gold's price against miners' price-to-NAV multiples, which he reads as pointing to a buying opportunity in gold stocks.

Jesse Day's takeaways

  • Top takeaway Jesse Day remains firmly bullish on uranium and has been buying uranium stocks, arguing an unresolved supply deficit that only much higher prices can fix makes the sector an asymmetric bet.
  • He believes the Fed is drifting into de facto yield curve control through quiet Treasury purchases and expects more direct US government intervention in public markets, citing stakes in Intel and Lithium Americas.
  • He views the current gold and silver pullback as a cyclical dip within a secular bull market and finds the sector's large producers, ETFs and royalty streamers very attractive at current valuations.
  • He favors the 'beta of the sector' over juniors — Agnico Eagle is his top pick, bought on expectations it could double or triple within 2-5 years.
  • He cautions uranium is among the most volatile sectors — his default advice to novice investors is 'no' — and he dollar-cost averages while keeping cash in reserve on a five-year horizon.