Kitco NEWS

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.