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 [Music] I'm Charlotte Mloud with investingnews.com and here today with me is Brian London, editor of Gold Newsletter and host of the New Orleans Investment Conference. Thank you so much for being here. Always great to have you. >> Hey Charlotte, always great to be with you. Thank you so much for the opportunity. >> Really good to be catching up with you. I think we've got a lot to go through today. I thought as usual we would start with gold and we're catching up from our

conversation all the way back in March which actually it's not too long ago but there's been so much that's happened since then. Back then we were still talking about gold getting to 3000 which you said of course we could easily get there and we did see that and beyond. So I want to get your thoughts on how gold has been doing since that time. Of course, you you saw this upward move coming, but has this speed surprised you? What are you thinking? >> Well, I'm glad that when you review what

we talked about last time, I was actually correct in my predictions. So, thank you for bringing up the correct predictions at this point. But but yeah, we did get over 3,000 and I think the the the big news since then, you know, everybody would think that the big news was we hit 3,500 and fell back uh and are getting ready to attack that again. But I think kind of the the the big event as it were that that's under the surface a bit that people are kind of overlooking is the fact that we've spent

so much time now over $3,000 and are going higher apparently that investors in junior mining in particular are have kind of uh grown accustomed to the fact that gold is over $3,000. They're no longer looking over their shoulders, you know, waiting for the market Mr. Slammy to all of a sudden come in and knock gold down back where it started, which was our experience over the previous nearly 5 years. Um, so we're used to it now. We we're we're comfortable with the fact that gold's over $3,000. Whether it

goes up or down a $100 or a couple hundred dollars, we're still in a very good place as far as the gold price goes. The majors are making money hand over fists. Their pockets are about to break with the amount of money that they're putting into it. And it's all filtering down into the juniors now. So, there's a very positive attitude that I see. You know, anecdotally, uh, this summer, we just didn't slow down in the junior market in terms of financings. Uh, prices kind of went sideways along

with the metals prices during the typical summer doldrums. But companies that were raising money uh during the summer usually were able to fill their book very easily and on terms that they uh really wanted. So, uh, I think it's all setting up for a great, uh, great fall for the metals and the miners. >> Well, this is all really good to hear and a great place to start the conversation. Looking a little bit more at the gold price, are you seeing that 30,000 level as a new point of support

for gold? >> Yeah, absolutely. Um, I think it's a strong support. I I do think we're we're crawling ahead or creeping ahead and and that next big target of 3500 will be put behind us over the next >> really over the next couple of months I believe going into the fall. >> Uh so I do think yeah that's the big support now. Um, I think, you know, likewise, we have big support for silver at $35. And, you know, when you put those two together and you have a new era for the metals, for the monetary

metals that, you know, just a year ago, uh, would have been unimaginable, uh, virtually unimaginable. The ardent bug gold bugs and silver bugs among us certainly imagined it, but it was not a widespread uh feeling that we would be where we are right now. >> Right. Things are are definitely changing in a positive direction for gold as well as silver, which we'll make sure to get into a little bit later. I want to make sure to touch on what is driving the gold price with you. And I know for you when you're looking at it,

top of mind is always the the debt issue. And very timely, I saw just this week a headline saying that US debt has gotten to 37 trillion. And it's happened much much sooner than was originally anticipated. I feel like when we have these conversations, I ask you all the time, okay, what is what is going to be the tipping point here? So any any updated thoughts on what you're seeing there? >> Yeah, I don't know what the actual tipping point will be. It may be in whatever crisis is the next one that

gets bailed out by the Federal Reserve and the other central banks or it may be the the bubble after that one that bursts. uh and by you know the breaking point I mean when the world when the public looks at currencies as uh uh having very little credibility or value and just knowing that the next cycle is going to turn and there's going to be so much more currency created. Um, I don't know when that's going to come, but the thing is we have to recognize the trend and the trend of ever easier money over

decades and decades really going back to uh even the 1960s um and ever greater debts created both sovereign debts, US federal debt and individual and corporate debt. Uh those debts can't be serviced at current interest rates. The the interest rates have to be below the rate of inflation. So that's you know a negative real rate environment going forward as long as this monetary regime is in place. So that's the big driver and that has been driving central bank buying both the the debt situation and the uh dollar

weaponization that we saw in beginning in 2022 has driven central banks to diversify into gold um really at the sake of the dollar and at the sake of the euro. uh uh gold has replaced surpassed the euro in central bank holdings and is now taking aim on the dollar. Uh so that's the trend and that's going to continue. Now at the present point in time, we've seen central banks start to pull back a little bit from their record levels of gold purchases. Not a lot. They're still far above where they were pre2022,

but they they've pulled back from the record set over the last couple of years. Um they're still buying just quite not as uh eagerly as they were before, becoming just a bit price conscious. Um but I think that central bank buying will continue at a uh a fairly steady pace that will continue to support the market. What's shifting now is that the market is getting back to Fed talk and and trying to interpret what Fed policy is going to be. The big thing is are we going to have a Fed rate

cut in September? It's very likely that we will. uh and that's what the market is starting to look forward and that's what what is bringing western investors into the sector into gold but I think largely into silver and mining stocks as a way to play the move in gold >> right definitely I think we're we're seeing that shift over to what's going to be happening at the Fed so thanks for going into your thoughts there another kind of recent related headline that I wanted to mention to you and get your

thoughts is last week or so there was that article that came out from a Fed economist looking at gold revaluation and there seemed to be some excitement in in our sector where people were saying well it's not saying that this is going to happen but it's a bit significant that the Fed is even publishing something on this note so anything that that you would note there >> yeah it's been widely talked about actually uh virtually since Trump got into office I I think it's uh would be

great and positive. It would create a bit of a floor under the gold price. Uh I don't think it would would restrain the gold price in any way. Um I I don't believe it would be a a real, you know, impactful driver for the gold market going forward. Um but it would en enable the Fed to use that asset now to and the Treasury to use that asset actually on its balance sheet to create even more debt. So that I think is probably the big driver for gold coming out of that. I I don't think it's uh much more than

an official recognition of the real world and the way the world has been for decades. >> And so you mentioned going forward we're going to we're going to get back into this focus on the Fed for you. Does that mean all this tariff talk is a little bit in the rearview m window at least when it comes to gold? How are you seeing that? >> Yeah, I I think it is. Um I you know we had as we talked we had a bit of a a whirlwind in gold up down and uh back up and back down again as the rumors

swirled the assumption that there was a a tariff on Swiss gold imports then the assumption that there wasn't and then confusion but I think that's really been put to bed by that uh social media post by President Trump saying that there will be no tariff on gold. So that's kind of behind us. Um the the end result though is that there's an awful lot of gold in Comx vaults. Uh in the meantime, interestingly though, that gold is not being mobilized or not being uh allowed to be delivered and we still see at a uh

off and on that le gold lease rates are going up, meaning that that there's still tightness in in the market. So, I think we're set up very well, but I I don't think we have that quite that danger of a gold supply squeeze that we had worried about a few months back. >> Yeah, it does seem like it's been a little bit put to bed. Although, of course, things can change very quickly. So, we'll we'll continue to watch how that plays out. Of course, want to take a look at the companies as well in the

gold sector. So, you're mentioning some of the big companies. They are putting out these good results. they're starting to get some recognition in the market and the next step is to see that filter down the food chain. So I'm wondering when it comes to the gold stocks, where is your focus right now? What types of companies are you most excited about? >> Yeah, you know, I would say there are three areas that I'm focused on right now. One uh one is the companies that have large resources that are valued in

some cases as low as $10 an ounce in the ground. uh the the market really has not been efficient enough to repric those appropriately as uh yet. So I think there's big potential in those kinds of companies uh including in that that a subset of that being those companies that used to be regarded as optionality plays waiting for a higher gold price. All of those plays at this point are robustly economic. So the market has yet to reflect that. Uh, another thing I really like are silver play, silver

juniors, because silver offers natural leverage to gold in every long-standing gold bull market, and it's just starting to fulfill that role. Now, as I mentioned, we just broke out uh not too long ago uh above that that key $35 level. So, I think uh silver's headed directly for $40 as we speak. And you know, silver offers that leverage to gold, but the silver juniors offer leverage to silver. So they can truly be explosive investments in this kind of an environment. And so I really like that

sector. And thirdly, um, as I referred to earlier, these junior companies have been able to raise money. So there's a lot of drilling going on, um, you know, throughout North America especially, but really even around the world. there's a lot of news flow and so there are some exploration plays out there that I'm very excited about and you know as much as I like uh the optionality plays the large resource plays the silver stocks I can't resist a good exploration story so I'm invested in a bunch of those and

follow a bunch of those in gold newsletter >> all right so that's that's three areas that we can look at for opportunities in gold and silver stocks I want to talk a little bit more about silver. So, you mentioned we've seen silver on the move. We got through 35. We even got past 39 earlier this year and approaching that $40 level. And I'm wondering, so you you see it continuing to go higher. What do you see as the drivers? I remember from previous conversations, you are not

looking quite so much at the industrial side for silver. So, what what is driving this move right now? Yeah, I have never given much credence to the industrial argument, industrial demand argument for silver. Um because if if silver was valued purely as an industrial metal, my feeling is it would be much lower under $10, maybe even under $5 an ounce. Uh so most of its value is monetary. Now that said, we have gotten to the point with surging silver demand for solar cells and other industrial usage that within the next 5

years or so, every newly mined ounce of silver will be taken off the market for industrial usage. Now, that isn't necessarily a driver of the price at the margin, but what it does do is it takes supply off of the table. I still think that monetary demand, the monetary cache in history that silver has had over millennia, uh will be the price driver, will be the source of the majority of demand for silver. But if there are supplies that are taken off the market, if there are really no new supplies

coming to the market, then whatever overhang in uh supply overhang in the that's existing previously existing has to fulfill that monetary demand. So I think that it's coming to a supply crunch that combined with with what I see is growing monetary demand for silver is going to really be a big driver going forward. Well, that that would definitely be very exciting to see and always love to get your thoughts on the precious metals, but I want to make sure we bring up copper as well because that's another

one that we've spoken about before and there's been quite some excitement, I think maybe less so now, but ahead of the the tariff announcement where we had Trump doing the section 232 investigation on copper. We had the results of that and saw some of that excitement come off for you. When you look at that, what do those copper tariffs that have been introduced only on some products, what impact does that have on the market? >> Well, it tightens the market and and that actually ends up helping uh the

price because it it's not going to typically a tariff if you tax something, you get less of it. So you put a tariff on on uh any product, it should lessen the demand for that product. Well, that won't work with copper because there there's no adequate substitute for copper. You can't innovate around copper and the demand for copper for fundamental reasons uh basease demand that we already have in industry and electrical generation. Added to that uh you have the electrification of

transportation, the electric vehicles, you have the rebuilding of the grid and now you have the AI data centers. You know about 5% a little more than 5% of the capital expense of any AI data center is purely for copper just for the metal. So these demand sources are not going to go away. and copper if it would double in price still would not have an impact on on lessening these sources of demand. So the any other restrictions you put on copper supplies uh are only going to to uh uh fuel further price

gains because that demand curve is truly among the steepest that we've ever seen in the history of commodity investing. And from an investment perspective, I think people are are looking at what's going on there in copper and they're wondering, okay, so what does this mean? How should I approach it? Should I look more closely at US focused copper producers? Does that matter less because the copper ore isn't included in the tariff? Any any thoughts on how you're approaching copper right now?

>> Yeah, a good point. The the big copper producers are um not yet really. I mean that they are benefiting from higher copper prices but we haven't yet seen the kind of reaction in uh in the copper price that I'm expecting to happen. So yeah they are somewhat leveraged but there such large companies that I don't think you get as much torque as in the copper developers and exploration companies that benefit from that uh overall positive bullish sentiment on on copper plays. So there are a few out

there. It's not as uh as rich of a field to plow as you have for say gold or or even silver. Uh but there are some copper expiration stocks out there that we follow in gold newsletter that I'm very excited about um and and trying to get positions in personally as well. So it it's not as um as easy. It's not like shooting fish in a barrel which I think is the gold market, the gold junior market is kind of becoming right now. But there are a few select ones out there that uh I think are are very well

positioned for the future. >> Right. So, so doable, but it takes a little bit more thought and research. >> Yeah. >> Yeah. Yeah. Well, we've covered quite a bit of brown today, gold, silver, and copper. But before I let you go, I want to make sure to talk about the New Orleans Investment Conference is coming up at the beginning of November. And get your thoughts. What are you most excited about this year? What would you highlight for investors? >> Yeah. Well, you know, history has shown

over the 50 year 50 years of this event that when there is a metals and mining bull market, New Orleans is the place to be. And we have the top experts on the metals on the miners. We have the top mining opportunities. They are in our exhibit hall. the smartest companies out there because the audience is so um uh highly qualified and selective and smart that uh the smart companies want to be in front of those investors. Um, but we've also got the experts as usual on geopolitics, on macroeconomics, on every

market segment. Uh, all coming together in one place and in an extremely fun and entertaining place to be, but with a crowd that is of like minds and very willing to share their best ideas as well. So, we we've got another blockbuster. Uh, I mean, that's the environment being in a gold and silver and mining stock bull market. you really can't afford to miss New Orleans, but we're going to have a a really exceptional speaker roster once again. Uh, you know, just looking at the list

in front of me, we've got Brent Johnson, Adrien Day, Adam Tagot, Alex Green, Danielle D. Martino Booof, Dave Colum, George Gammon, Jim Biano, Jim Urio, excuse me, Jordan Roy Burn, uh, Lawrence Leard, Matt Taibbei, uh, Peter Bookfar, Peter Schiff, Peter Stage, uh, Rick Rule, uh, it goes on and on. Tabby Costa is appearing virtually. It's just, and we're adding more, I can tell you right now, we have some very exciting speakers we're about to add. So, it is really the place to be and I would uh recommend

that any serious investor in this sector really needs to go to our website new orleansconference.com and and take a look at this lineup. It's really spectacular. >> Definitely very very stacked lineup. I'm really looking forward to it and we will have a link in the video description for people to go check it out. I know you can't possibly list all of the different speakers and companies attending. So, it will be down there. And I will I will let you go unless you had any final

thoughts that you would want to leave investors with right now. >> Well, the the final thought I think is the same as the last time we talked. This is an opportunity. I call it a generational opportunity because it's been a generation since we had one similar, you know, the early 2000s. and and that was a period of extraordinary wealth creation. But this time it's even easier because we already have uh gold at record heights and going higher. But the metals I mean the miners and silver

have lagged. So the opportunity is still as if we were at the very early stages with the hard part already being done for us that getting getting gold going. So really an extraordinary opportunity and I I think people have to look at it as such. It's something we're not going to see for a long time coming. Uh and I think this one is going to uh this opportunity, this bull market is going to last a good long time as well. So get positioned. It's going to be a really fun ride. >> Well, perfect way to sum it up. Thank

you so much for coming on to go over what's happening and looking forward to seeing you in person in just a couple of months. Thank you. Same here, Charlotte. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Brian London. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]