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Former Congressman Ron Paul joins Jeremy Szafron on Kitco News to discuss the Treasury's expanded bond buybacks, who should actually own the gold in Fort Knox, and why he says the affordability debate is really a debate about the value of the dollar. Dr. Paul explains why he wonders whether the current buyback program could become another round of quantitative easing, why he considers government equity stakes in private companies a form of corporatism, and what his grandmother told him about war and money when he was a boy during the Second World War. He also revisits the 42 years when Americans were not permitted to own gold, why he says a restored gold standard would fail without deeper reform, what would make him sell his own gold, and the night in 1971 he watched Nixon close the gold window. Recorded Sept 9 2026 Follow Jeremy Szafron on Twitter: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) Follow Ron Paul on Twitter: @RonPaul (https://twitter.com/RonPaul) Chapters 00:00 "The people don't start the wars, the governments do" 00:40 The Treasury just tripled its bond buyback to $6 billion 01:17 Could this turn into QE again 03:11 Cause chaos so people beg to be saved 05:00 When the government becomes the market 08:30 The railroad that refused the money 11:59 Fort Knox, and who should own the gold 14:00 Probably the biggest bubble in history 18:14 He can teach a 12-year-old money faster than the Chamber of Commerce 20:43 What actually replaces the Fed on Monday morning 23:18 How a conflict in the Gulf reaches your mortgage 25:00 His grandmother and the German inflation 29:30 The biggest welfare recipient in America 31:00 It isn't affordability, it's the value of your money 32:30 The crackup boom 34:30 Borrowing from retirement to buy a house 36:12 Why Texas making gold legal tender matters 37:30 The 42 years Americans couldn't own gold 39:14 What would make Ron Paul sell his gold 40:52 The night in 1971 that changed everything 42:00 Driving to Houston to hear Mises 44:01 What he still wants to see happen #RonPaul #Gold #FederalReserve __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

At $4,400 gold, almost every mining project looks better. Brien Lundin says that may be exactly what makes this market dangerous. Lundin joins Kitco News anchor Jeremy Szafron to explain why soaring gold prices are reviving previously uneconomic deposits, attracting money back into junior miners and transforming the balance sheets of major gold producers. But high prices can also conceal weak projects, excessive dilution and risks investors may not see until the cycle turns. Lundin lays out the one obstacle even $4,400 gold cannot overcome, why explorers are typically the last mining stocks to move and why major producers could now offer three-to-five-times upside with less risk than junior exploration companies. The conversation also covers China’s gold demand, record copper prices, the coming competition for new projects and why Lundin believes today’s copper price could eventually look like a discount. He also explains why gold initially falls whenever Federal Reserve Chair Kevin Warsh sounds hawkish—and why buyers keep stepping back into the market. Lundin is editor of Gold Newsletter and host of the New Orleans Investment Conference. Kitco News will be reporting from this year’s conference, taking place October 28–31. Register here: (https://neworleansconference.com/kitco2026/) Recorded September 8 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Brien Lundin on X: @Brien_Lundin (https://x.com/Brien_Lundin) CHAPTERS 00:00 Has $4,400 gold made mining better—or harder to read? 01:00 The “optionality” plays are finally paying off 03:27 Why gold miners still haven’t caught up to gold 06:02 China is buying more at $4,400 than it did at $3,000 09:01 Copper hits a record—and tells a different story 12:21 Seven factors that can kill a mining project 17:22 The one thing high gold prices cannot fix 18:26 Why an explorer can now become a miner 21:22 Money rushes back into junior mining stocks 23:14 Why explorers are the last mining stocks to move 36:12 Why major producers could outperform the juniors 37:49 Lundin’s costly admission: “I’m a lousy seller” 43:30 Why the market may be wrong about Fed rate hikes #Gold #GoldMining #Copper __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequen Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has stopped taking its orders from interest rates. It should have fallen about 55% between March 2022 and October 2023 as real yields rose more than four points. It rose 7%. Then real yields fell less than a point over two years and gold rallied 110%, according to UBS Investment Bank. Ran Neuner ( @CryptoBanterGroup ) says the reason is the debasement trade, and that we have entered what he calls scarcity season. He walks through the $40 trillion US debt financed near 3.5% against a 10-year Treasury yield at 4.75%, the Treasury's buyback of its own long-dated bonds, and why he is long gold, silver, platinum, palladium and bitcoin at the same time. He also tells Jeremy Szafron the gold levels he needs to see, why silver always lags before it moves fast, and how he caps every position after losing $130 million in four days. Recorded September 3, 2026 Follow Jeremy Szafron on Twitter: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) Follow Ran Neuner on Twitter: @cryptomanran (https://twitter.com/cryptomanran) Chapters 00:00 Gold broke its 20-year link to real rates 01:24 Scarcity season is here 02:12 Why he says the buybacks are money printing 04:52 At war with the bond vigilantes 06:25 Not a big believer in the four-year cycles 07:36 He says the last bull run started with a bank failure 09:45 You don't need something to break, just someone fighting it 11:15 Long gold, silver, platinum, palladium and bitcoin 12:15 He says the 200-week average is the risk-reward line 13:56 Why he says the Fed won't hike 19:11 Every time the 10-year hits 5%, they intervene 22:53 The cost of production floor at $50,000 to $58,000 26:00 How he toggles on extreme fear and extreme greed 29:02 The $130 million mistake that taught him everything 31:24 His actual portfolio, percentages and all 32:53 Silver's like a scorpion, and gold has to run first 34:00 The gold levels he needs, 4,781 then 4,900 35:39 The danger of 25x leverage on gold 38:32 Should a 60-year-old own any bitcoin 39:15 Why AI agents will need their own money #gold #silver #bitcoin #debasementtrade #federalreserve #kitconews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The market now puts the odds of a Fed rate cut this month at zero, with a hike and a hold running roughly even. Gold came off its best month since January anyway, up more than 10 percent, though still about a fifth below its record. This week Jeremy Szafron sat down with a man who spent 15 years inside the room that sets rates, and two others who trade on what it does. None of them spoke to each other. All landed on the same problem: the rules that used to explain this market have stopped working. Plus two stories nobody else covered: the metal you can't build a Tomahawk without, which has no futures market, and why America still values its gold at $42 an ounce. Jim Bullard, who ran the St. Louis Fed for 15 years, on the committee split and central banks moving out of Treasuries into gold. Phil Streible of Blue Line Futures on why a rate hike would be a policy mistake and the wrong kind of inflation. John Feneck of Feneck Consulting on tungsten, the miner rule investors get backward, and the rotation out of AI he sees before March. Recorded September 3, 2026. Watch the full interviews: Jim Bullard: https://youtu.be/cRwG9tNtWEw Phil Streible: https://youtu.be/QYTvmyhU4nU John Feneck: https://youtu.be/Kzx8LAUWgds #gold #goldprice #silver #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Newmont generated a record $2.2 billion in free cash flow last quarter. Barrick generated $515 million, and just $141 million of that was attributable to its own shareholders. John Feneck of Feneck Consulting Group explains why he owns Newmont and Agnico, and won't own Barrick. He was a net buyer of mining equities every week through July and August, taking his cash from 12-14% down to 8-10%. He's sticking with his bottom call, though he accepts gold could test $3,900 again. Also in this conversation: -Why he sold silver above $100 and where he'll buy it back -Why more than 17% of his portfolio is now in tungsten equities -What he learned in three meetings with the US government -His checklist for picking a junior, and how to size a position when you're already down 40% -The worst mining stock he ever owned Recorded September 2 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) Follow John Feneck on Twitter: @FeneckConsult (https://twitter.com/FeneckConsult) 00:00 Newmont Made $2.2 Billion, Barrick Made $515 Million 03:29 The Carnage in Mining Stocks This Summer 04:13 Only 0.1% of the World's Money Is in This Sector 05:58 Was That the Flush? Why He Says the Bottom Is In 08:40 Buying Every Week Into the Sell-Off 09:49 Newmont vs Barrick: Building vs Harvesting 11:30 Why the Juniors Finally Ripped in August 13:17 Why Miners Should Move 2-3x Gold 15:56 His Checklist for Picking a Junior 17:46 Why Peru and Colombia Look Better Now 21:05 Down 40% and Can't Sleep? How to Size a Position 22:53 The "Hub and Spoke" Portfolio Strategy 27:40 The Worst Mining Stock He Ever Owned 28:50 Three Stocks and What Has to Go Right 32:11 He Sold Silver Above $100 and Will Buy It Back at $50 35:00 Inside His Meetings With Washington on Tungsten 36:46 Why 17% of His Portfolio Is in One Metal 38:04 A Mining Problem or a Refining Problem 39:19 What Actually Breaks This Market: The AI Trade #Gold #MiningStocks #Silver #GoldPrice #GDX #Newmont #Barrick #Tungsten #CriticalMinerals #JuniorMining #GoldMiners #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold fell more than 3% after Kevin Warsh's Jackson Hole speech and kept falling Monday, even as American forces struck Iranian rocket launchers near the Strait of Hormuz and crude climbed above 90 dollars. Phil Streible of Blue Line Futures says a September rate hike would be a policy mistake the Fed has to undo, and that the undoing is when gold accelerates. Streible told his clients to take money off the table on Friday, before Warsh spoke, and explains exactly what he saw: silver stalling at the 100-day, gold teetering at the 200-day, and a dollar getting a relentless bid. He gives the level that would change his mind on gold, the August 18 low he calls the line in the sand, and why 150 dollars off a 600 dollar run is a correction rather than a top. On inflation, he argues the Fed is aiming the wrong tool at the wrong problem. Tariffs, Iranian strikes and an attack on a Black Sea port are supply shocks, and rate hikes cannot manufacture more oil or wheat. On silver, he lays out the structural deficit, why 70% of supply arrives as a byproduct of copper, lead and zinc, and the levels that matter on both sides. He also walks through how he actually sizes a silver position using average true range, which is the part almost nobody explains. Plus platinum and palladium, why he'd short them against a long gold and silver book, the miners, gold seasonality into year end, and why after 25 years on a commodity desk he has never once used Bitcoin. Phil Streible is chief market strategist at Blue Line Futures and has written commentary for Kitco since 2007. Recorded August 31 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) 00:00 Gold Falls While Oil Jumps After US Strikes on Iran 01:49 Why He Pulled Clients Out Before Warsh Spoke 03:01 Long or Short Gold and Silver Right Now 03:55 A September Rate Hike Would Be a Policy Mistake 04:36 Do Middle East Headlines Still Move Gold 06:05 Why Everything Sold Off Together 08:23 The Exact Gold Levels He's Watching 10:15 Why Rate Hikes Can't Fix This Inflation 11:38 How He Trades Platinum and Palladium 13:11 Silver's Deficit and the 70% Byproduct Problem 14:40 Silver Levels: 60 to 73.65 15:37 How to Scale Into Silver Without Getting Wrecked 18:26 What He's Doing Into the September Fed Meeting 19:05 Every Time the Fed Hiked Into a Flattening Curve 20:20 What Friday's Jobs Report Has to Do 21:20 Why Gold Does Well in Stagflation 22:36 What Gets Gold Back to $5,000 23:49 Physical, Futures, Miners: Why You Need All Three 25:45 Inside His 10-Stock Gold Mining Portfolio 27:20 Why He Has Never Used Bitcoin 28:55 Gold Seasonality and His One Trade Into Year End 30:05 What 25 Years on a Desk Taught Him #Gold #Silver #FederalReserve #GoldPrice #SilverPrice #Fed #RateHike #KevinWarsh #Stagflation #PreciousMetals #GoldForecast #SilverForecast #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold, the Fed and a September rate hike: former Federal Reserve Bank of St. Louis President Jim Bullard on Kevin Warsh's Jackson Hole speech, why foreign central banks found physical gold more desirable than Bitcoin, and why he thinks the FOMC is split pretty much down the middle. Warsh told Jackson Hole this morning that responsibility for 65 months of inflation sits squarely with the central bank. Markets moved a September hike from a long shot to the base case inside an hour. Bullard puts the committee divide at roughly 10 to 9, explains why a hold could still be hawkish, and lays out the trap the dot plot creates for a chairman who won't give forward guidance. He breaks with Treasury Secretary Scott Bessent on the long-end bond buybacks, aligning himself with Stan Druckenmiller and arguing the intervention won't shift the long run trend. On the fiscal side he warns of 6% deficits as far as the eye can see, with debt heading toward 120% or 150% of GDP. On gold, he says foreign central banks have been diversifying away from Treasuries, that physical gold proved more desirable than Bitcoin over the past year, and that gold running up signals eroding faith in the Fed, something he says is on the central bank's radar. Asked about the statutory $42.22 book value on America's 261 million ounces, his answer was simple. Why not mark to market. Jim Bullard ran the Federal Reserve Bank of St. Louis from 2008 to 2023 and is now Dean of the Daniels School of Business at Purdue University. Recorded August 28 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) CHAPTERS 00:00 The Fed Just Blamed Itself for Inflation 01:27 Did Warsh Just Prep Markets for a September Hike? 03:18 What's the Case Left for Holding Rates? 05:41 What Rate Actually Becomes Restrictive? 06:29 The Dot Plot Credibility Trap 08:36 Inside a Committee Split Down the Middle 12:38 Is Rate Policy Being Run From the Wrong Building? 16:02 Deficits, Debt and Fiscal Dominance 18:14 The 1951 Accord Running in Reverse? 25:07 Why Physical Gold Beat Bitcoin This Year 27:30 Should the US Revalue Its Gold? 29:57 "Money Matters": Warsh Puts Money Creation Back on the Table #Gold #FederalReserve #JimBullard #GoldPrice #Fed #RateHike #JacksonHole #KevinWarsh #Inflation #CentralBanks #Bitcoin #GoldVsBitcoin #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold is near $4,600 after its strongest month in decades, and investors around the world are selling into the rally. Jeffrey Christian of CPM Group says the coin sellers are late and the ETF buyers are on time. In this Kitco News interview, Christian explains how much of the world's gold is genuinely available at today's price, why dealers and refiners are quoting discounts on bars and medallions, what bank credit lines have to do with it, whether central bank gold buying is as strong as the headlines suggest, and why his firm does not see a silver deficit at all. He also breaks down what Shanghai Gold Exchange withdrawal figures actually measure, why the platinum premium over palladium has not yet triggered a switch back in autocatalysts, and the single thing he watches to know whether this precious metals move has another leg in it. Christian has been in commodities since the 1970s. He ran the commodities research group inside Goldman Sachs and took that team out of the bank in 1986 to build CPM Group. He has advised the World Bank, the IMF and the United Nations. Recorded August 27 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) 00:00 All The Gold Ever Mined vs $40 Trillion Of Debt 01:12 The Stop Gets Hit, And A New Call Is Coming Today 05:04 The Question Almost Nobody Asks 07:09 Who Owns It, And How Little Is Available 10:30 The Buyers Who Piled In And Then Left 12:55 Gold Was A Third Of Global Wealth In 1930 16:41 Gold Is A Reserve Asset, Not A Currency 19:08 What One Percent More Would Do To The Price 21:00 They Sold At $5,500 And Took $1,000 Off In Three Days 22:53 Dealers And Refiners Are Buried In Metal 26:00 Banks Said No To Bigger Credit Lines 27:50 ETF Buyers Are On Time, Coin Sellers Are Late 28:24 Central Bank Buying And The Russia Problem 34:30 Gold Named On The Iran Sanctions List 35:46 What China's Gold Market Is Really Doing 41:00 Why Shanghai Withdrawal Numbers Mislead 44:12 There Is No Silver Deficit 47:00 CME Takes Silver To Round The Clock Trading 48:45 Never Seen This Many Scams In 50 Years 50:37 The Platinum Premium And The Autocatalyst Switch 54:30 Why AI And Crypto End Like 2000 And 2008 #Gold #Silver #Investing __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has had five straight up weeks and is heading for its best month since 1999. But former investment banker Felix Prehn ( @FelixFriends ) says most people who bought physical metal to protect themselves have left the bigger half of their money completely exposed. Speaking with Jeremy Szafron on Kitco News, Prehn puts typical retail AI exposure at 60 to 70 percent and says a plain index fund or 401k is likely around half AI already. His warning is that people then buy the same handful of companies again on top of it. He explains why gold fell when the war in Iran began, why the Treasury's expanded bond buybacks from September 9 matter for savers, and why he thinks the mining story has longer legs than most people expect. On his numbers it takes fifteen years or more to bring a mine into production, so record producer cash flow does not translate into new supply. Prehn also names what he has actually been buying with his own money, why he holds physical metal as insurance rather than as a growth asset, and what he would tell a 70 year old sitting on a retirement account. On gold, his line is direct: "Gold doesn't go up, the dollar goes down. So it protects us, but it doesn't actually make us wealthy." Recorded August 25, 2026 Follow Felix Prehn on X: @felixprehn (https://twitter.com/felixprehn) Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) CHAPTERS 00:00 The Money Hasn't Moved Into Gold Yet 01:45 Why Retail Investors Got Scared Out of Gold 04:37 Add or Take Profits? How to Read the Rally 07:45 Why the Gold Miners Have Longer Legs Than People Think 10:20 Gold or Silver: Which He'd Own for Five Years 11:35 Why Gold Is Rising Even as the Fed May Hike 12:40 The Sept 9 Buyback: "It's Just Money Printing" 16:05 Who Really Pays for Money Printing 16:45 The Stock Market Is in "La La Land" 18:20 Your 401(k) Is Probably Half AI 19:15 What He's Actually Buying Right Now 23:30 Is Cash Actually Safe? 26:40 What "Liquidity Support" Really Means 31:20 What He'd Tell a 70-Year-Old #gold #silver #goldmining #401k #FelixPrehn __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Professor Steve Keen says the AI bubble has less than a year to run, with revenue from serious users running at roughly one fifth of what these companies are spending. Speaking with Jeremy Szafron, Keen argues the debt that matters is private debt, not the $40 trillion everyone is watching, and explains why companies that have serviced their loans comfortably for 15 years could start defaulting. Keen was voted first by readers of the Real-World Economics Review in 2010 for having warned earliest and most clearly about the global financial crisis, ahead of Nouriel Roubini. He wrote Debunking Economics and built the economic modelling software Minsky and Ravel. He explains how commercial banks create money when they lend, why he says more than 90% of the money created since 2000 came from the private sector rather than government, what the Federal Reserve's bank stress tests miss, and where he parts company with Ray Dalio on sovereign versus private debt. On gold, Keen calls it a speculative commodity that does well when people distrust the financial system, while warning it is "not a one-way bet" because leveraged holders get forced to sell into a crisis. Recorded August 24 2026 Follow Steve Keen on X: @ProfSteveKeen (https://twitter.com/ProfSteveKeen) Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) CHAPTERS 00:00 Private Debt at a Breaking Point 01:00 What Is Gold Waiting For? 03:00 Why Markets Underreact, Then Panic 04:37 Why Gold Can Fall First 05:31 Why Private Debt Still Rules the Cycle 07:30 Households Deleveraged, Companies Didn't 09:23 The Debt Chart Nobody Shows You 12:18 Credit Creation Drives Unemployment 15:30 Can Central Banks Rescue the System Again? 18:05 The $410B AI Debt Boom & Junk-Yield Risk 20:15 Why the AI Bubble Bursts Within a Year 23:45 Why Data Centers Age Faster Than Houses 25:44 How Commercial Banks Actually Create Money 27:48 Treasury Cash Drawdowns & Bond Buybacks 29:35 Double-Entry Accounting: Bank vs. Government Money 32:00 Are Treasury And The Fed Really Separate? 34:03 How Bond Sales Drain System Liquidity 35:52 What Happens If the U.S. Revalues Its Gold? 38:12 Could The Fed Just Buy All The Debt? 39:18 Inflation vs. Solvency: Where Risk Truly Lies 42:02 Step-by-Step Anatomy of a Corporate Default 46:04 Bank Capital Depletion & Equity Write-Downs 49:49 Why the Fed's Bank Stress Tests Miss Reality 51:58 What Actually Triggers It, And When 54:30 The Impact on Savers & Unleveraged Households 55:50 Ray Dalio vs. Steve Keen: Sovereign vs. Private Debt 57:04 Irving Fisher & Modern Debt Deflation 59:45 Does Physical Gold Protect in a Debt Deflation? 01:00:20 What Would Prove This Framework Wrong? 01:02:08 Steve Keen's New Book & Closing Thoughts FIND STEVE KEEN Substack and Patreon under Prof Steve Keen. His course is at skool.com/profstevekeen. His next book, How Economists Will Destroy Capitalism, is due from Polity Press. #Gold #AIBubble #SteveKeen __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold, the dollar and de-dollarization, with the historian central banks actually read. Barry Eichengreen says the dollar is losing ground, and that gold is not what replaces it. For years Eichengreen was the calm voice on the dollar. Slow erosion, about half a percentage point of global reserve share every year, no crisis coming. In this interview he tells Kitco News that has changed, and he names the exact day it changed for him. He also explains where the dollar's losses have actually gone. It isn't China. It isn't the euro. The euro has gained zero of the ground the dollar has lost this century. Barry Eichengreen is a professor at UC Berkeley and wrote the standard history of the international monetary system. His new book is Money Beyond Borders, from Princeton University Press. IN THIS INTERVIEW -Where the dollar's lost reserve share actually went, and why almost nobody has noticed -Why China's renminbi push has stalled and its share is now falling -Why central banks are buying gold in record quantities, and why he reads it as structural catch-up rather than a vote against the dollar -What a country gives up when it repatriates its gold, and the Marine Le Pen letter that started the European wave -Why the US helping prop up the yen with euros instead of dollars was a signal that foreign dollar reserves are less usable than advertised -Why America's bet on private stablecoins may be the wrong one, and whether the Fed would ever bail out a stablecoin issuer -Whether Barry Eichengreen owns any gold himself Recorded August 21 2026 Follow Barry Eichengreen on X: @B_Eichengreen (https://twitter.com/B_Eichengreen) Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) CHAPTERS 00:00 The dollar's real rival is not who you think 02:07 Where the dollar's losses actually went 04:00 Why China's renminbi push stalled 07:12 The euro's fatal flaw 11:09 Why central banks are really buying gold 15:14 The new gold buyers nobody expected 17:40 Record buying, weakest net in four years 19:44 The hidden cost of bringing gold home 21:17 How US sanctions are backfiring 23:02 Why gold can't be money 26:20 Why Shanghai's gold hub isn't ready 28:30 So what is gold actually for 32:10 Does he own any gold 33:44 The day he changed his mind 34:53 Answering Ray Dalio on 10 to 15 percent gold 37:00 What the dollar bulls get wrong 38:38 The reserve currency history everyone forgets 46:24 Stablecoins vs CBDCs, is the US betting wrong 54:09 If dollar confidence breaks 56:05 "I was wrong" #gold #dollar #kitconews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

A war didn't lift gold. The highest long yields in 19 years didn't sink it. And the US Treasury, which has spent decades promising to be predictable, surprised the market on purpose. Gold finished the week above $4,600. US public debt passed $40 trillion for the first time. And Kevin Warsh gives his first Jackson Hole keynote as Fed chairman on August 28. Gary Wagner, Ole Hansen and Thomas Kaplan each sat down with Jeremy Szafron this week. None of them spoke to each other. All three said a rule they had relied on for years has stopped paying. IN THIS EPISODE Gary Wagner of TheGoldForecast.com on why geopolitical risk stopped moving gold after forty years of doing exactly that, and the level he says decides the next leg. Ole Hansen, head of commodity strategy at Saxo Bank, on AI borrowers competing with governments for the same lenders, and why roughly 70 percent of exchange copper is sitting in a country that consumes about 7 percent of it. The phrase that frames the whole week is his. Copper is a shortage of things. Gold is a shortage of trust. Dr. Thomas Kaplan, chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining, on why he calls this a 1987 moment, why he sees another tenfold in gold, and the warning he gave that had nothing to do with price. Plus Treasury Secretary Scott Bessent on the buyback expansion, his call on oil, and the fiscal plan he says is coming. CHAPTERS 00:00 The week nothing behaved 00:50 A war broke out and gold fell 02:40 AI borrowers versus your government 05:00 The Treasury stopped being predictable 07:20 Most of the world's copper is in one country 09:20 The level that decides it 11:20 Silver, and who got hurt 12:40 Why this is a 1987 moment 15:20 What Warsh walks into COMING MONDAY Barry Eichengreen on the dollar, central bank gold buying, and what the historical record actually says about reserve currencies that lose their grip. His new book is Money Beyond Borders. #gold #silver #kitconews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has pulled back from its highs and silver has given up a large piece of a record run. Dr. Thomas Kaplan has seen this before, and he called it in advance. In this exclusive interview with Jeremy Szafron, the chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining says the drawdown is a "1987 moment" for precious metals, and that another tenfold move in gold is "not just likely, but inevitable." He also explains why he sold his energy company in 2007 and moved into gold, why jurisdiction became his first worry instead of his tenth, what he means when he calls an asset a Rembrandt, and what he would say to somebody who bought silver during the surge and is underwater now. Kaplan has been an investor in precious metals for more than three decades. He pointed at the Sunshine Mine in Idaho in 1993 and told his fiancée he would own it one day. His company bought it in 2010, and it began trading on the New York Stock Exchange on June 4, 2026. Recorded August 20, 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) 00:00 He waited 33 years for one mine 01:30 The Oxford thesis that became a career 03:30 What history gives you that a spreadsheet doesn't 06:00 The sleeping well rule 08:00 Why grade and jurisdiction beat everything else 13:30 China controls the refining, not just the mining 18:00 Why he refuses the word vindication 20:00 "This is a 1987 moment" 21:30 Gold at 30, 40, 50 thousand 23:00 The chart where the 1987 crash disappears 27:00 "Silver is the thoughtful person's Bitcoin" 28:30 Selling the business that had just worked 35:00 How to tell conviction from stubbornness 40:00 "They will take it from you" 48:00 Who pays for a 9 billion dollar gold mine 51:00 Japan, Korea and the sovereign money question 56:00 "I was Moses, John Paulson was God" 1:00:00 What it means to call an asset a Rembrandt 1:03:00 For the person who bought silver too late #gold #silver #kitconews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold's path to $5,000 is open as a $40T debt burden hits bonds, while 70% of exchange copper risks being stranded in the U.S. Ole Hansen, Head of Commodity Strategy at Saxo Bank, joins Jeremy Szafron to break down the severe dislocations happening across physical metals and sovereign debt. Hansen explains why gold is rallying despite 30-year Treasury yields sitting at multi-year highs, arguing that investors are demanding a premium to hold long-term government paper. In the base metals market, Hansen breaks down the massive $535 LME copper backwardation, warning that tech hyperscalers building AI data centers are now competing directly with governments for capital. He also provides an updated outlook on silver's structural deficit, mining supply constraints, and exact portfolio allocation targets for hard assets. Recorded August 18th 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Ole S Hansen on X: @Ole_S_Hansen (https://twitter.com/Ole_S_Hansen) TIMESTAMPS: 00:00 - Gold Defies Surging Yields 01:28 - The Copper Backwardation Shock 04:04 - Why Half the World's Copper Is Stranded in the US 07:34 - The Prompt-Date Squeeze and LME Risk 10:20 - The Aluminum Inventory Mystery 11:56 - Why Copper Supply Can't Keep Up 16:53 - AI Is Replacing Housing as Copper's Driver 21:58 - Crowded Trades and the Pullback Risk 25:29 - Copper's Shortage of Metal, Gold's Shortage of Trust 27:04 - Why Gold Rises as Real Yields Surge 31:17 - Gold's Path to $5,000 by Year-End 32:55 - Silver's Deficit and Violent Swings 36:25 - If He Could Own Just One Metal 40:34 - What Would Break the Copper Bull Case #Gold #Copper #Commodities #Macro #Investing #SaxoBank #OleHansen #Silver #AI #LME #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold's $6,000 target is off the table and Kitco technical analyst Gary Wagner has put a new number in its place. Wagner, editor of TheGoldForecast.com, lowered his own $6,000 call on this show a month ago. He returns with $5,000 to $5,100 on the high side before the end of the year, and says the correction that took gold under $4,000 is finished. "We definitely hit a bottom," Wagner tells Kitco News anchor Jeremy Szafron, pointing to a six week base that broke out in the first week of August. "And it hasn't looked back since." Wagner maps the gold price levels that decide it from here. He puts major support at $4,200, short term support around $4,350, and Fibonacci resistance at $4,644, with $4,500 as the next challenge on the way up. On the pattern itself, Wagner says the chart set up as a descending top with a flat bottom, a formation that usually breaks lower inside a downtrend. It broke higher instead, and in his words it did so "really with fury." He also flags a signal that has stopped working after four decades of reading these markets. "The one that used to work that doesn't seem to have the same punch is wars or geopolitical uncertainty," Wagner says. "The US went to war with Iran and gold went down, silver went down." On the Fed, Wagner is anticipating a quarter point rate hike in September and possibly half a point in total by year end, and argues that is not as hawkish as the market has been treating it heading into Jackson Hole. Asked how he is positioned, Wagner says he has spent roughly the last ten months accumulating physical metal for storage rather than trading it, having bought at $1,500 and again at $2,000 and held both. He has traded futures since 1990. Silver's outperformance, the gold to silver ratio, summer liquidity in the gold market, moving averages, rising long yields and what a hawkish surprise would do to $4,500 gold are all covered. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Gary Wagner on X: @goldforecast (https://x.com/goldforecast) Recorded August 17th 2026 CHAPTERS 00:00 Revisiting the $6,000 Gold Call 00:53 Fed Hike Odds Cut in Half 01:45 Wagner's New Gold Targets 03:53 The Bottoming Pattern That Broke Out 06:58 The Resistance and Support Roadmap 09:40 Moving Averages and Rising Yields 10:44 Volume and Summer Liquidity 12:28 For Those Who Bought the Top 17:45 Silver's Surge and the Gold-Silver Ratio 21:01 Why He's Buying Physical Instead Of Trading It 25:27 Why War Stopped Moving Gold 28:25 Jackson Hole and the Hawkish Risk 30:21 Final Levels and Wrap-Up #gold #goldprice #kitconews #silver #silverprice #preciousmetals #goldforecast #garywagner #goldprice2026 #goldsilverratio #technicalanalysis #fed #jacksonhole #investing #kitco __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Don Durrett bought gold and silver miners the whole way down, and he says the last six months were the opportunity, not the problem. But he thinks one more dip is coming before the real move begins. Speaking with Kitco News, the GoldStockData.com founder, who tracks roughly 870 companies and owns 168 of them, said the first leg of this bull market ran from August 2024 to January's peak of $5,600 gold and $120 silver. He believes "leg two" hasn't started yet, puts the odds of one more correction at "about 50/50," and targets a dip near $3,750 before November, meaning buyers at today's levels "could be catching a falling knife." He calls this "the trade of a lifetime," comparing his conviction to Michael Burry's Big Short bet: a near certainty, in his view, where the only real question is timing. Then comes the upside that keeps him buying. At his conservative targets of $7,000 gold and $200 silver, Durrett says the major gold miners print roughly five times their money and the top silver names six to eight times, with the best developers offering far more. For most people, though, he argues an ETF is the smarter play, potentially a four or five-bagger without the stock-picking, because the miners' volatility, gold fell 29% and silver 55% from the January highs, is more than most investors can stomach. He also breaks down his allocation framework, why he owns no copper, and why "not a single silver developer has been acquired" even with silver above $50. Recorded August 6, 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Don Durrett's research: GoldStockData.com (https://www.goldstockdata.com/) 00:00 Gold Miners Rebound: Is the Bottom In? 00:57 Why the Bond Market Drives Gold 04:31 ETFs vs. Picking Your Own Miners 08:05 Gold's Bull Market: The Leg-Two Outlook 11:02 The Buy-the-Dip Strategy 13:12 Coeur and the Case for "Baggers" 15:38 Why Mining Is a Strange Business 18:38 Junior Leverage and the "Mormons" List 20:50 His Portfolio Allocation Framework 23:49 Timing Leg Two: Don't Be Late 27:07 Insider Ownership and Takeouts 29:26 Who's Buying Who in Gold M&A 31:47 Australia and Canada Takeover Targets 40:53 Why He Owns No Copper #Gold #Silver #GoldStocks #DonDurrett #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold ran about $300 in days, and copper set an all-time record in New York, and neither move had much to do with anyone wanting more of them. This week the Fed quietly opened a window letting Japan borrow dollars against the American debt it already owns, Congo banned copper and cobalt exports, a quarter of the world's sulfuric acid supply vanished, and global debt hit a record $353 trillion. From Kitco News, Jeremy Szafron breaks down the week with three guests who don't agree on much: chart trader Florian Grummes, who tore up his cash position and called it "back to money printing"; economic historian Phillip Magness on why a trillion dollars of U.S. gold still sits on the books at $42 an ounce; and Don Durrett, who owns 168 mining companies and flatly refused to name his top three. Recorded August 6, 2026. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Florian Grummes says gold's break above 4,200 was the signal he had been waiting for, and he has moved from 50% invested to 80% invested on the back of it. The founder of Midas Touch Consulting tells Kitco News anchor Jeremy Szafron that the trigger was not the metal itself but the Federal Reserve's new facility accepting Japanese collateral, which he calls "back to money printing" and compares in direction to the swap lines used during the Credit Suisse rescue. He is buying juniors rather than producers, and he names two he owns. His screen is counterintuitive. He wants a stock that has already outperformed the metal, because that is the proof it will move when gold moves. He expects a wave of mining M&A over the next one to three years as producers redeploy the cash they are generating at these prices. On price he sees 4,500 gold this summer and 70 dollar silver, and he says plainly that he does not expect a new all-time high this year. For anyone sitting on a 30 to 60 percent drawdown in juniors, his advice is to average down. He also explains why he is watching Hong Kong and Shanghai more closely than Singapore, and what 25 years of watching the tape tells him about why the metals so often fade in the Western session and rally in Asia. Recorded August 5th 2026 Follow Jeremy Szafron on Twitter: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) Follow Florian Grummes on Twitter: @FlorianGrummes (https://twitter.com/floriangrummes) 00:00 Gold Breaks Its Summer Ceiling 01:05 Gold's Signal Took Him to 80% Invested 03:27 The Fed's Japan Facility and Money Printing 07:59 Gold to $4,500 but No New Record 09:37 Silver to $70 and the Miners Setup 11:11 Why He's Stacking Platinum 14:17 Buying Juniors: His Exact Filter 18:15 Hong Kong and Shanghai Gold Hubs 23:53 The Dollar and Where Gold Fits Now 27:24 The One Trade to Avoid Now #gold #goldprice #silver #silverprice #preciousmetals #goldstocks #juniorminers #federalreserve #kitconews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Economic historian Phillip Magness tells Kitco News anchor Jeremy Szafron that Americans who surrendered gold in 1933 at $20.67 an ounce got none of the gain when Washington repriced it at $35 less than ten months later. "It's always the private sector that gets the bad end of it." America's 261.5 million ounces are still carried on the federal books at $42.22 an ounce, about $11 billion against more than $1 trillion at market. Economic historian Phillip Magness tells Kitco News anchor Jeremy Szafron that Americans who surrendered gold in 1933 at $20.67 an ounce got none of the gain when Washington repriced it at $35 less than ten months later. "It's always the private sector that gets the bad end of it." America's 261.5 million ounces are still carried on the federal books at $42.22 an ounce, about $11 billion against more than $1 trillion at market. Magness traces the line from the 1933 gold surrender and the Gold Reserve Act through Bretton Woods, the 1971 Nixon shock and the Smithsonian Agreement, to the accounting price still sitting on the federal books today. Two billion dollars of the Treasury's 1934 revaluation gain went into the Exchange Stabilization Fund, which the Treasury can still use in currency markets. Magness calls the $42.22 valuation "one of the great mysteries that comes out of the Nixon era." Also in the interview: whether anyone holding coins participates when a government reprices its gold, what would actually have to happen for a revaluation to become money the government could spend, why revaluation keeps returning whenever Washington wants financial room without raising taxes, how much public warning there was in 1933, and the single condition Magness says made it possible. Plus why Spain grew poorer despite receiving enormous quantities of New World bullion, and when America's gold was last independently audited. Recorded August 3 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Phillip Magness on X: @PhilWMagness (https://twitter.com/PhilWMagness) 00:00 1933: AMERICANS ORDERED TO SURRENDER GOLD 01:46 HOW THE 1933 GOLD ORDER WORKED 03:12 WHY FDR BROKE THE GOLD LINK 05:51 PHYSICAL GOLD VS. PAPER CLAIMS 07:36 THE $2.8 BILLION GOLD REVALUATION GAIN 09:15 FROM BRETTON WOODS TO THE NIXON SHOCK 13:03 WHEN GOLD WAS MISTAKEN FOR NATIONAL WEALTH 16:54 WHY U.S. GOLD IS STILL BOOKED AT $42.22 20:21 WHO CAPTURED THE REVALUATION GAIN? 23:40 REVALUING GOLD TO HELP FUND BITCOIN? 25:59 HOW MUCH WARNING DID AMERICANS RECEIVE? 27:20 EMERGENCY POWERS THEN AND NOW 29:04 THE FORT KNOX AUDIT DEBATE 31:18 WHY CENTRAL BANKS ARE BUYING GOLD 32:20 WHAT HAPPENS WHEN MONEY LOSES TRUST? 34:15 COPPER AND THE RETURN OF MERCANTILISM 39:33 WHAT GOLD HOLDERS SHOULD LEARN FROM 1933 #Gold #GoldStandard #JeremySzafron __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The bond market just delivered a sharp rejection to the Federal Reserve’s latest rate decision, pushing 30-year Treasury yields to 19-year highs as inflation fears persist. Meanwhile, three top macro strategists—Gareth Soloway, Willem Middelkoop, and Mike McGlone—issue three completely conflicting calls on where gold, bonds, and energy go from here. In this episode of "This Week in Focus," Senior Anchor Jeremy Szafron breaks down the breakdown in traditional market correlations. From the World Gold Council's latest Q2 demand report showing central bank buying surging 62% year-over-year to Big Tech's massive earnings divergence and breaking developments in currency markets, we analyze what this means for your portfolio. #Gold #FederalReserve #Investing #MacroEconomy #KitcoNews --------------------------------------------------------------------- CHAPTERS --------------------------------------------------------------------- 00:00 - Cold Open: The Old Market Rules Stopped Working 01:10 - Fed Rate Hold & The 30-Year Treasury Yield Surge 03:30 - Gareth Soloway on Bond Market Signals 06:15 - Willem Middelkoop: The Quiet Monetary Reset & China's Gold 09:45 - Gareth Soloway: The $13,000 Gold Model Target 13:20 - Mike McGlone: Is Gold's Cycle High Already In? 16:50 - WGC Q2 Report: Central Banks Buy 289 Tonnes vs. ETF Outflows 20:15 - Credit Market Stress, KOSPI & Big Tech Earnings Split 23:40 - Soloway's S&P 500 Technical Level Tested 26:15 - Physical Gold & Silver Positioning Strategy 28:10 - Market Scoreboard & What to Watch Next Week --------------------------------------------------------------------- FEATURED GUESTS --------------------------------------------------------------------- • Gareth Soloway — Chief Market Strategist, Verified Investing: https://youtu.be/I5KLC0vceTQ • Willem Middelkoop — Founder, Commodity Discovery Fund & Author of "The Big Reset": https://youtu.be/7jkLVEICxg8 • Mike McGlone — Senior Macro Strategist, Bloomberg Intelligence: https://youtu.be/k4JMX9KL2nw --------------------------------------------------------------------- KEY TAKEAWAYS IN THIS EPISODE --------------------------------------------------------------------- 1. THE FED & BONDS: The 30-year Treasury yield surged to nearly 5.24% after the Fed kept interest rates unchanged at 3.50%–3.75%, driven by three policy dissents and rising inflation concerns. 2. THE GOLD DEBATE: Soloway models a long-term $13,000 cycle peak by 2029–2031, Middelkoop argues the global monetary reset is already underway with massive undisclosed official purchases, and McGlone warns the cycle top may already be behind us. 3. WGC DEMAND DATA: Central bank gold buying hit 289 tonnes in Q2 2026 (+62% YoY), led by Poland (+51t) and China (+33t), even as ETF investors pulled metal out of funds. 4. MARKET DIVERGENCE: Tech stocks rebounded sharply following heavy mid-week selling, while crude oil pulled back despite ongoing Middle East supply disruptions. __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. 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Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.