Gold is at a new record level, and silver has seen extreme intraday moves, forcing a long-standing question back to the surface for mining investors. Speaking with Kitco News at VRIC 2026 in Vancouver, Ross Beaty and Bob Quartermain discuss whether this price action can finally drive a sustained rerating across mining equities or repeat a familiar cycle where metals surge and miners lag.
Beaty, Chairman of Equinox Gold, draws a clear distinction between gold and silver. He calls the silver market “very frothy, very bubbly,” and “overblown” in a market that is “about 10% the size of the gold market,” where small capital flows can drive outsized swings. By contrast, he says gold is being driven by “this giant move of money from treasuries, US dollars into an alternative source of money, which is gold,” supported by central bank demand rather than short-term speculation.
Both speakers stress cycle awareness. Beaty says the sector is “in the sun right now,” but warns that bull markets can turn abruptly and painfully if companies are unprepared. Quartermain adds that higher prices are reopening the financing window for juniors and developers, but building mines remains a long, capital-intensive process that requires discipline through both good times and bad.
The panel also discusses jurisdictional risk, the return of a Canada premium, and why new mine supply takes years to materialize in a sector constrained by permitting timelines and long project cycles.
Recorded January 26, 2026.
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01:05 – Current Market Dynamics in Gold and Silver
03:02 – What Record Prices Mean for Mining Companies
07:11 – Jurisdictional Risk and Where to Build Mines
12:37 – Long-Term Planning and Market Cycles
14:06 – Cash Flow, Debt Reduction, and Capital Discipline
16:09 – Navigating the Bull Market as an Investor
16:43 – Why Mining Is a Cyclical Business
18:08 – Poland Copper Project and Long-Term Development
20:00 – AI, Copper Demand, and Resource Nationalism
22:55 – Canada’s Mining Landscape and Government Support
25:14 – Philanthropy, Communities, and Legacy in Mining
28:39 – Advice for Junior Miners and Industry Lessons
30:10 – Final Thoughts on This Cycle and What Comes Next
#Gold #Silver #Mining #Copper #PreciousMetals #MiningStocks #ResourceInvesting #KitcoNews
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31 Comments
GORO Gold Resources trade public more twenty years spinoff Fortitude Gold mine which might be a mine negative equity 2027-2028 labor cost, safety
Gold Resources press release irect stock offerinng 16,000,000 @$0.45 raise few months ago
Enviromental Philanthropy…?
Whatever!
Everybody slagging these guys about their silver comments, maybe give them a listen now?
So Mr Market says paper is now 25% more valuable than silver was the day before. Yeah right.
Wow! Really awesome discussion and guests! Way to go Jeremy! 🫶
That's who that is. I sat down next Ross and Bob at a tradeshow in September of 2024 and had no idea who they were. Bob does have a really nice gold cell phone. I found out who Ross is later in the day. This is only the second time I have seen Bob. I didn't say anything to them because I was really confused by the low attendance at the show. They probably thought I was crazy because I get pretty expressive when I am running all the macro factors thorough my head that were saying this market is ready to move much higher. I was just early. The next day I found myself standing in front of Ross, our eyes met so I stepped forward and asked him, "Where is everybody at?". he responded with a shrug and said, "Big boring mining." I said something about this market is ready to go before his security showed up and took over the conversation with Ross. I went to the show I wanted to see. It turned out that I was talking to him at the start of the mining bull market. Nobody at the show agreed with me.
I bought some of Ross' Equinox Gold shares just because he took the time to answer my question.
Violent correction occured. Beaty is truly a legend.
Es correcto creo yo que los negocios se acen primero después lo siguiente y yo no e echo ninguno
Ross called it on silver! He said there would be a violent correction. I bought more today
Great hearing directly from two of the very best pros.
Nice work guys!! Thank you!!
Speculative money?
Sounds like cabal talk.
It is called re-arranging the deck chairs on the global economic SS Titanic. ya I could see gold going up or silver or copper or platinum but all of them doesn't look very good for financial markets it looks like and I'm no expert a systemic breakdown because speculation usually just hangs around a few things playing the volatility this is weird because everything is going crazy I want it to come down even crash if it needs to because this is not good. this actually bad
20 million strong men 20 to 70 can fix things in 1year.
🇨🇦 is open for business. Someone just forgot to tell the six entities who issue permits of all sorts. Then you have to give several groups their cut….. It would be so much easier if you just had to give your 10 % to the one big guy…. In Canada there are several.
Wonderful thought sharing. Great guests. Thanks for leading the interview Jeremy!
South Africa — complete disaster jurisdiction. Unbelievable assets in gold and the platinum group, total anarchy with no future at this point. No electricity. Sad.
Thanks to these experts for sharing their insights!
Silver driven by speculative money ???? What are you talking about…. Silver's being driven by physical demand in Asia
These guys are the Lennon and McCartney of precious metals and copper mining.
I hope There is still room for growth in gold mining stocks. I’m long on GDX and Barrick.
Some US old-timer talking heads still believing that the world has a total population of 320 million yanks only and that all the gold and silver the world needs comes from some little mine in the US. Yep, keep believing this while the rest of the world moves on without you. Good riddance to bad rubish.
Wow what a brilliant host!
I actually like Jeremy’s interview style more than Michelle’s (although she was more pleasing on the eyes).
These guys have been asleep at the wheel and now they are talking down the demand for silver as a passing hype. Meanwhile China and the rest of the world are expanding mining for these metals.
This was a very good one.
Now that I am 66 and have spent my entire adult life trading, speculating and investing in resource stocks, I get very sentimental seeing these two guys together. I've been involved in the space for most of their careers and have met them both on a number of occasions and invested in their companies. Always such nice guys. I feel very lucky to have stumbled on the natural resources industry early in my life and made it my nearly exclusive investing focus for 40 years. I've made so many dear friends at conferences over the years; met so many interesting and talented people. It's really quite something to reflect on. I am so very grateful. And to have a market like this near the end of my investing career is but the sweetest icing on the cake! Totally blessed in so many ways.🙏
These guys only see the past and use that to predict the future!
Everything has changed and there is a big godly spirituality over this aswell!
Miners have been a part of the precious metals suppression since forever.
I like Beaty's reaction at the very end of this interview. (almost a cheshire smile) He knows very well that Equinox gold is a very HUGE takeover target, esp. with cash rich neighbors next to his mine like Agnico Eagle.