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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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.
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48 Comments
Pierre Lassonde argues that gold is now replacing the dollar as the "currency of last reserve" while price discovery migrates to Shanghai.
With the U.S. deficit hitting levels typically seen in "banana republics," do you believe we are heading toward Pierre’s $17,250 target?
Comment below with your 2026 price target for gold and silver.
We are well educated by these YouTube Channels on why gold will go up bigly. But we do not get a equal education on why gold has gotten severely crushed in the last 6 months when the buy gold thesis did not change. Are Central Banks and China liquidating their gold to crush gold prices or just some little, broke country like Turkey crushing gold prices?
Stop Misleading
Man, this video didn't hold up well. Look at where we are now. $4000/$58
$17,250 gold price in year 3050
this is not news, its history
gold 4700! how old is this, delete it! gold is barely at 4000
Good calll….😅😅😅😅
I dont understand any of this this war must be costing millions all going on the deficit were will we end up
Product curve point use demand finance vat point use product in save aval
Discount follow vat interest product price
Demand why free vat?
Discount market rate for discount buy and sale of market
Finance share rate product sale of cash
Finance product in financ
Demand of finance in market share the vat
Stock market down in down jump price finance in demand of cash
Bule point cut red vat in save gray
Discount stock price vat finance in product sale
Restock price vat save demand
Thanks👍
BS
the US needs to cut waste and fraud.
That was so informative.
😂😂😂😂😂
Getting into the market and trading sounded simple at first, but once I got in, the price swings and mixed information made everything more confusing. I’ve tested several strategies,_ yet the results are just not there. Seeing others move ahead while I struggle has been frustrating. Has anyone actually worked with someone who guides you step by step instead of recycled content? I need real guidance…>
But the price drop meanwhile continues! I guess gold price will be $17k+ someday! But when! In the meantime the more you buy the more you'll hurt!
Gold and silver down significantly
Look at the physical outflows of gold at the Comex…Theyre running out.
Mr Lassonde is logical thinker
Bullish is fine. BUT WHEN???
He says do not be surprised if inflation is 4 to 4.5% by year end. I will be surprised if it is that low.
3.82 on the last report. How are we not past 4 by now? It's been weeks.
You can't be bullish on gold. You can bearish on the dollar. Pointless video.
Agree completely with the comments re the CPP overexposed to private equity. The bite will be harsh when it happens.
Gold will be in a downtrend for a few years.
And, the true value of the dollar was 100’s of percent higher back in the 70’s. Obama blew the economy apart and he loves that.
Smart guy but the land is stolen the UN is to blame along with trans shooting elbows up
Another gold salesman telling us how gold is going to the moon….just Google Lassonde
if you think gold will hit $17, you also believe in the yen carry trade crashing stox, lol
last march i posted here for a crash in spot gold n silver, received accolades online. by october gold should sink to $1,000/oz, silver $22. inflation tamed
17250 within 10 years maybe……..
Not 17k, oz of gold will be 170k 😂 be realistic little
Global financial architecture changing and gold reacting? Truth is the US Big Banks continue to arbitrarily set the price of Gold, debt or no debt. This is a casino. No way they'd aĺlow Gold price to be discovered. Such is the rotten system. There is NO market. Jail the SEC and Big Banks.
Looking at this while watching the gold graph and seeing it went down by 15% in the past 3 months and laughing :))
It appears to me that people are not aware that all of the things and circumstances that should make gold go up, happened, but gold is going down or stagnating.
Nah lads, gold will never see that price because it's being manipulated, and only governments can stop this manipulation however, they are in cahoots with these crooks and that will never happen.
Also, as long as paper gold is tied to physical gold price, that also will be another reason why it will never reach that high, I predict maybe 6k at the end of NEXT year.
Will be surprised if it touches 5k again this year.
More guess work and BS
I love the artwork on the Goldbacks! It's so good. I think it's a great way to own some gold at an affordable entry price, especially lately with how high gold prices have gotten.
Talk about double taxation without looking at property taxes is hipocritic. We pay our taxes on earned income, pay our mortgages with money that has had been taxed, pay property taxes with money that has been taxed, pay insurance on the value of that capital, and the pay sales tax on every dollar spent…
Twenty years ago I concluded after detailed calculations that for every dollar spent I needed to earn one dollar and sixty cents because of the iterative nature of tax, on tax, on tax!!