Jerome Powell claims inflation expectations are anchored, but skyrocketing commodity prices are telling a much darker story. Tavi Costa joins Jeremy Szafron to break down why the Federal Reserve has lost control of the inflation narrative and why a historic hard asset breakout has just begun.
In this Kitco News interview, Tavi Costa of Azuria Capital details why the global economy is entering a 1970s style stagflation cycle. Costa explains that with federal debt at record levels, the central bank cannot raise rates to fight the current energy and supply shocks, leaving them entirely trapped. He exposes the massive divergence between official CPI data and the real cost of raw materials, warning that this inflation impulse will only accelerate.
Beyond the macro picture, Costa reveals exactly how he is positioning his own portfolio to capitalize on this massive market disconnect. He explains why the recent pullback in gold and silver was a generational buying opportunity and shares the exact criteria he uses to pick mining equities. Costa even names the specific mining stocks he is buying right now, arguing that record low capital expenditure across the industry has created the ultimate asymmetric trade for investors.
Recorded March 30 2026
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Chapter Timestamps:
00:00 The Fed inflation trap and commodity breakout
01:31 Why central banks cannot stop this supply shock
03:32 The US debt crisis and the return of the 1970s
06:01 The CPI illusion vs official inflation data
09:35 Will rising energy costs trigger social unrest?
13:13 The hidden buyers of US Treasuries
16:32 Sovereign gold selling and emerging markets
19:50 Why the mining cycle is nowhere near a peak
23:42 The structural deficit in copper and silver
31:13 Why Tavi Costa is buying the gold and silver dip
35:50 Top mining stock picks Orla Mining and Aura Minerals
41:00 Final thoughts on hard asset positioning
#Gold #Inflation #TaviCosta
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27 Comments
Jerome Powell says inflation is anchored. Tavi Costa just showed us a chart proving raw materials are going vertical. Is the Fed looking at the wrong data, or are they just trapped? Let me know who you are betting on in the comments below.
Tavi is off-the-chain on point and game tight. I love it! Thanks for a phenomenal discussion, guys!!!
Great advice Tabi about making a list with pricing. Thank you for the great interview.
Ten Pan brzmi bardzo dobrze, dobra prawda ma niskie zasięgi.
Finally nice to hear someone call it like it is…all the government numbers are completely bitched by design. IT’S ALL FAKE and to the complete detriment of the lower and middle class globally.
Except that Turkey did, in fact, sell 52 tons of gold at the outset of the conflict in Iran.
I'd heard Iran was taking payments in Bitcoin
Its 25 to 2800 to mine an ounce and fuel and machinary is only getting more expensive
It is a fantasyfest to think any asset will back any national currency. Let's be adults, huh? Might as will dress up in cosplay costumes.
They went up 5x lmao greedy people dont be liquidity for these idiots
Between Blackstone, Comx, and others the trust in precious metals is falling to the likes of President Trump.😢very sad
The commodities super cycle was inevitable due to overprinting currency. The Banksters want you in Crypto and Bonds 😂😂😂 HILARIOUS
This month fat don new boy heads Fed and rate CUTS are for sure
Tavi dumped ASM Silver 100%
then why did Tavi dump ASM 100%
Jermy and Teva – best of the best. Many thanks for giving valuable insight and Miner tip.
I hold the American people responsible for the chaos in the world. The negative impact on our lives is intolerable. Two convicted criminal old conservative senile delusional men our causing this all. It is surreal when you think about it. Do something about your crazy president! Get out in the streets!
Bhp Group
Ag more potential than Au
The CPLie is not to be believed.
I do not think inflation is under control .
I've heard the same story adnauseam for many months, already. Keep regurgitating your same views, without a time frame is totally useless. Critical minerals has been mentioned for a floor pricing, with no date in place. Everyone is left in limbo regarding the most important piece of information: When will it happen?
Tavi
One of the most sincere interviews I've seen in a while
Tavi is hands-down one of the best big picture guys out there.
I quote tavi “there’s no rush” there will be drawdowns all the time ,,, at this time I think uranium is extremely oversold
Jeremy you’re great!
So is your guest.