Episode Details

With gold holding firmly above $4,700 an ounce and silver breaking into the $80 to $85 range, Pierre Lassonde returns to Kitco News to explain the architecture of the new bull market. The Canadian Mining Hall of Fame inductee and resource sector pioneer breaks down his $17,250 gold target, highlighting the striking parallels between the late 1970s and today’s macroeconomic environment.

Lassonde details how $40 trillion in U.S. debt and persistent deficits are forcing a fundamental shift in the global financial architecture. He explains why central banks are relentlessly diversifying away from the U.S. dollar, driving physical price discovery to the East and treating gold as the “currency of last reserve”.

Beyond the metal, Lassonde unpacks the immense optionality in mining equities today. He discusses why current stock prices fail to reflect the potential for 5x margin expansion, questions Barrick Gold's current strategy, and calls out Canadian pension funds for their lack of domestic investment. Plus, he reveals why copper-gold deposits are the true "nirvana" of the mining sector in an electrified world.

Recorded May 11 2026

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Chapters:
00:00 Metals Surge Setup 
00:40 Meet Pierre Lassonde 
01:20 Dow Gold Target 
01:52 1970s Replay Thesis 
05:33 Debt Deficits Dollar 
07:15 Gold Last Reserve 
07:51 Parallel Payment Systems 
11:41 Central Banks Drive 
15:17 India Demand Shock 
18:29 Shanghai Volatility 
21:28 Mining Stocks Leverage 
25:38 Majors Discipline Shift 
28:34 Shareholder Returns First 
30:12 Spotting Disciplined Miners 
31:33 Orla’s Playbook 
34:46 Jurisdiction Risk Discounts 
36:00 Canada Policy and Pensions 
45:06 Optionality Royalties and Copper
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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.

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.