I'm Charlotte Mloud with investingnews.com and here today with me is Brian London, editor of Gold Newsletter. Thank you so much for being here. Great to have you. >> Always a pleasure, Charlotte. >> Yes. So nice to see you. We're catching up at PDAC. And we've made it about halfway through the second day. So, I think it's safe to ask you, maybe you've been down on the show floor. How's the sentiment looking and feeling? >> Well, I I think it's pretty obvious.


Sentiment's pretty good. Uh, and you know, personally, sentiment is very good. I'm very bullish on the market long term. I think we're we're going to have Western investor and trader involvement. So, we're going to have more wiggles in the line, more volatility, and of course, geopolitical events are affecting things. and and I think just obscuring the underlying fundamentals a bit. So, it's always interesting, but over the long term, um it's very exciting. I'm bullish. And I I


made the point in something I wrote just today that this is different when I walk the sales the the exhibit hall floor. In a typical market, I walk the floor and I try and find something that's going to go up a lot obviously for my readers. But as I look at all the companies, the odds are pretty good that most of them aren't going to have a really good year ahead of them. You know, probably the majority of them would would would fall in price over the coming year. Now, I look through and every company has at


least a halfway decent argument for the that they're really going to rise. And in fact in this market now responding to the metals prices from the equity side uh the the rising tide is lifting all ships and the vast majority of the companies in that exhibit hall are going to be trading at higher prices a year from now. >> That's very significant. And as you were saying it I was thinking yeah it sounds like a rising tide lifts all boats kind of scenario. So, how then are you combing through all of those companies


there to find the best ones? >> Uh, lots of coughing, uh, lots of walking. Um, yeah, it I'm I'm working really hard, but it's almost overwhelming. I got to the point I was at a conference before this as well, uh, where, you know, my book was essentially full. Uh, I had so many opportunities I wanted to give to my readers, so many updates and companies already in our portfolio. uh that it can be a bit bewildering and and the danger there from an individual investor standpoint is you get overwhelmed and you end up


not doing anything. Uh so it it really is a matter of prioritization. Uh the game now the job for me now is not so much finding companies that are going to rise significantly in price but ones that are going to outdistance the rest that are going to rise faster the outperformers. And we've done a pretty good job of that frankly. Um, but the the pipeline's full. There's a lot more coming. >> I was going to ask, usually we talk about if you have space in your portfolio to be adding things. So, do


you have cash on hand right now to pick up some of these opport I have to sell some companies that >> and I have to stop coverage in my newsletter on some companies because I see faster horses out there uh coming out of the gate. And it's hard to do that when you know that that company you're ceasing coverage on or you know that you that company you're selling to make room for a new opportunity uh is going to rise in value and probably significantly. So you you do have to do you know active portfolio


management and as part of that I keep reiterating to people you have to take profits out of the market along the way. uh this market gets frothy and if you just take skim the froth off the market take it out of the market uh you won't be end up you know not really benefiting from this cycle >> I think taking profits it's been a huge theme this year a month ago I was at VRC in Vancouver when the prices for gold and silver were way up there was a lot of talk about are we going to do that


now so is that a was that a time when you took some profits when the prices were so high tried to tried to and and that's a great example. I I uh at that conference um and at the conference before that the metals investor forum that I was at uh I you know I followed Rick Rule on the stage and Rick told everybody you don't make the money until you take the money and I reiterated that and said you needed uh to take profits and in fact if anyone was telling you not to take profits at this stage then


you shouldn't listen to anything else they say. It's a great uh litmus test for analysts at this point in the market. And you know, in a case of easier to say than to do, I I sold a bunch of silver stocks that during that process when silver soared well over $100, I sold some of my silver positions, I ended up plowing all of that back into the market and some other new plays. So, uh it's hard to do. It really is. But uh I I can't stress enough the fact that you need to take some money completely out of the market


and really uh discipline yourself to do that. >> Yeah, that's that's a tough thing to do. To be clear, so you're still interested in gold and silver stocks because there is also a lot of talk at VR and and even right now about rotating into other areas of the resource sector, but you're still liking the gold and silver. >> I I like it all, frankly. We're we really um we really are enjoying a special time in investing in this uh this sector and that we have two historic secular long-term bull markets


simultaneously. One in the mon monetary metals for their reasons and one in the base metals, energy metals and the like for their specific reasons. Uh they're just running alongside each other and uh and both are longstanding and neither one actually needs the other one. It used to be you needed an underlying gold bull market to support the the other metals and the bull markets at least in the equities in that regard. You don't need that right now because the story for copper and energy metals and and other


base metals and critical metals is so strong on its own that there are a lot of opportunities there. I don't look at it thematically. I don't say I'm just going to be in gold and silver or just in critical metals or just in copper. I look at each company individually on its own merits. >> I think that makes a lot of sense and it's something you've said before in our previous conversations. I'll ask if you can help me situate ourselves in terms of where we are in this cycle for gold


because >> the price activity has been pretty interesting since we last spoke which was back at your conference in October November area. So even just this past January we saw the big move and then correction and now we're going again. And I remember back at your conference, we were in another little pullback and people thought it would last a lot longer than it did. So where would you place this in the cycle? >> Yeah, this this bull market is is unique. We've never seen anything like


this both in the degree and the other pe peculiar characteristics of it being driven by central bank buying. Uh now institutional rotation into commodities is a big part of it. Uh that I don't think is appreciated enough. So I I think we're still early. I think it has legs. The uh the monetary argument is going to go for years to come. The the the base metals argument uh critical metals of supply constraints and rising demand. That's going to go on for possibly even longer because the supply


response to the price isn't there. It takes so long to get projects uh get supplies into the market. So, I think we're fairly early in in gold and silver. I would say fourth or fifth inning using the baseball uh analogy. I I think for the equities in gold and silver, maybe the second inning because they're just starting to really respond or they're in the process of responding to uh the current metals prices. They're still far away from trading appropriately in terms of where the


metals prices are right now. >> Very interesting to hear that this is kind of a unique bull market. So I wonder as we've been moving along and it's become clear that this is a little bit different, have you adjusted where you see gold and silver prices at the end? >> Yeah, I really have. You know, I was uh very aggressive, I thought, and bullish by saying at the end of this cycle, if it performs like the other bull markets from trough to peak, it should go up six to eight times. The gold price should.


So my view is that over the next uh over this cycle gold would get to somewhere between six to $8,000 and it might take 6 to8 years to do that. For a while there I was thinking it might take 6 to 8 months because of what we were seeing. I mean we spent the summer getting used to $3,000 gold and getting comfortable with that. Uh and then very quickly in the fall we had to get used to $4,000 gold then $5,000 gold. So it did get overheated because those western traders came in and do what they do. They drive the rallies


much further and they they create corrections. We saw the first real correction in the metals in January, as you mentioned, the first time we had more than a 10% pullback in in this 2-year old bull market. Uh and that didn't last long either. So yeah, I'm revising it. But I I think still probably $6 to $8,000. We may have a break and then have another run like we had in the 70s with a break right in the middle of the 70s like 18 months or so. Uh we may have that and I would not be surprised. And then you have a even


bigger run after that. >> Yeah. I think I'm becoming more and more accepting of these higher price areas for gold and silver. And I'll also ask you what do you think could be the trigger or driver for the next like higher in gold and silver keeping in mind we are at an interesting time right now. It's Monday for everybody's context. We've got the war breaking out in the Middle East. So a lot going on but any thoughts in that regard? >> Yeah I I think this is more of a trend


and uh it doesn't really need much more of a catalyst than the endgame of 45 years. As I say over and over, if you replayed the interviews, I know that I've said this over and over, 45 years of ever easier money, ever greater debts, and now we're having the repercussions of those debt loads that can't be managed at anything near historically normal interest rate levels. So, we are we will have going forward the necessity of interest rates that will have to be uh below the rate of inflation. So that's an enormously


bullish tailwind for commodities things in general, monetary metals in particular. >> And we have had a Fed related development since we last spoke. We had Trump nominate a new Fed chair. So that will be coming in to replace Powell in April, May I believe. So any thoughts on that? I thought it was interesting at first. people seem to think worship is going to be hawkish and that seems unlikely at least to me. So what do you see for coming forward from the Fed? >> Yeah, there is no way that a Trump Fed


chair is going to be hawkish and and I think that in fairness to uh the markets, it it's a relative term is more hawkish than maybe some of the alternatives, but he will not be hawkish by any means. There's the necessity of keeping interest rates low. There's the stated goal of interest rate keeping interest rates low. That said, I don't think we're going to have four to five interest rate cuts next year. We might have two, maybe three. Uh but that's enough. And and we are in the midst of


and really the beginning of a multi-year rate cutting cycle because of the debt and because of the political winds blowing in that direction. And the markets are pricing that in, continue to price that in. It also seems like we are seeing more division between the Fed officials. So what is what does that tell us about what's going on with Fed policy? >> Yeah, it's a transition from a uh more indep independent, excuse me, Fed uh and the Trump Fed. And Trump is gaining control over the Fed board. Uh


and as time passes, he and his successor will have more control over the Fed board. So it's uh it's becoming uh less independent from that standpoint, but uh the other Fed board under PAL was was uh also independent, much more independent in that when it was immune and even acted against what Trump was saying or wanted because Trump was saying it. So, uh, it it will be interesting going forward, but it will be a much more accommodative Federal Reserve board. >> Yeah. Yeah. I think that seems pretty


clear at this point. I know news news seems to cycle through so quickly, but I want to go back to tariffs because you had written on Twitter or X that the Supreme Court ruling was very bullish for precious metals. So, as though they need another driver, but I wondered if you could unpack that so we understand. >> Yeah. from the same standpoint of of uncertainty, it throws it all back up in the air. Um, but uh the immediate reaction or the immediate impact of the tariffs is a potential for refunds where


that money that went into the federal coffers and somewhat alleviated or mitigated the federal debt problem. Not a whole lot but a little bit. uh the removal of those funds if there was a refund would immediately exacerbate an already uh really tough problem. So uh that that's the real impact of of of the tariffs. Uh you know it it's all somewhat inflationary but the underlying driver for this market is still the the size of the debts and the necessity for for low interest rates going forward.


Yeah, I think it's easy to get caught up in these day-to-day events, but if we do go back and just remember those underlying drivers. I think that helps everybody. Before I let you go, we're coming to the end. I want to ask a fun question. I think it's fun that not that they're not all fun, but I've been trying to ask this one to most of the people I'm talking to. So, if if you were a younger investor or if you knew a younger investor who is looking to come into the resource sector, they have


$10,000 that they want to allocate, what would you suggest that they do? I would open an account with a discount broker and if you're in the US it trades in Canada uh and can get stocks on the Canadian exchanges and I would allocate if it's $10,000 probably among five good companies. Uh I would probably include one or two of the producers. This is one of the uh rare times that and perhaps only time I've ever seen where the gold producers given the money that they're putting out and the amount of rerating


that would be necessary to refle to reflect current metals prices, they offer potential that would rival those of junior exploration plays and and discoveries. But I would uh get a couple of big producers and then I would focus on some developers uh near-term producers and uh and a couple of exploration plays. >> I think that sounds any any physical physical metal. >> I always say that we need to have the first thing people need to do is protect themselves with physical metals. However, uh at at this juncture with the


metals having such a move, uh I would still say get on a savings program. Buy some gold, buy some silver. Probably weighted more toward gold right now. Uh and put it away. Uh it's important to have fiscal metals. It's important to have them in your custody near access. Um, and uh, but yeah, I would do that, but I would say try to get a sizable portfolio from an investment standpoint, not insurance, but investment standpoint in the equities. >> Okay, makes makes sense to me. And I will send you back out onto the show


floor. I know there's so much to do unless you had any final thoughts. >> Uh, get involved. This sector is uh one of the best represents some of the best opportunities I've ever seen if not the best in my painfully long career in this sector. Um make sure you're involved. uh do your homework, do your uh your leg work, research the market, uh subscribe to some newsletters, go to some conferences, talk to a lot of companies, but get involved in this sector because it's the equities are just starting to


respond to the metals crisis. They have a long, long way to go. We're still in the early innings. As I said, it's not too late, but make sure you're riding this bull. >> Okay, perfect place to wrap up. Thank you so much for coming on as always. Thank you, Charlotte. My pleasure as always. >> And once again, I'm Charlotte Mloud with investingnews.com and this is Brian London with Gold Newsletter.