Gold’s brutal 40% miner selloff was a “classic washout,” not a breakdown, says Brien Lundin, and what comes next could leave Wall Street watching from the sidelines.
Speaking with Kitco News at the Rule Symposium 2026, the Gold Newsletter editor and New Orleans Investment Conference host said the June 24 plunge to $4,000 “really felt like capitulation,” and that level has held as a floor since. He likens today’s sentiment to 1999 and 2000, the bottom that launched the entire 2000s bull. And he argues the market has changed hands: no longer driven purely by central banks, “the Western market is making the price and the central banks and China are taking the price,” he said, concluding they were glad to do it because gold was on sale, a shift that turned the moves violent.
Lundin expects easy money regardless of hawkish Fed minutes, arguing “the math is the math” and that Chair Warsh was installed “for one specific purpose, and that’s to lower rates.” He even reads Warsh’s tough-on-inflation messaging as “rehearsed,” with Trump’s silence the tell. And he warns the pros, “on the beach drinking their pina coladas,” may return after Labor Day to find gold up 5 to 10% and mining stocks up 20 to 30%, gains “missed through sheer inattention.”
Recorded July 09, 2026.
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00:36 – Is the Bottom In for Gold?
02:09 – Washout vs Breakdown: How to Tell
03:52 – Why Gold’s Rally Shocked Everyone
05:00 – Washed-Out Sentiment and the Liquidity Setup
08:39 – Fed Politics: Was Warsh “Rehearsed”?
10:31 – Gold Targets and the Reset Scenario
12:05 – Picking Winners Across Commodities
12:53 – M&A and Capital Discipline
13:54 – New Orleans Investment Conference Preview
16:17 – The One Lesson for Gold Investors
#Gold #GoldStocks #BrienLundin #Fed #KitcoNews
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25 Comments
Trump will be talking about how the American people can afford $8.00 gasoline. With the inflation rate currently runing at around 12% according to shadow stats. And the way the Government recorded inflation in the 1980s at about 8.5 % now. They will continue to lie to the American people!
Only the coin clippers know where the prices are going😂😂
The more the US manipulate gold down…the more the Chinese will buy…
……..
"When your first line is blown away, build a new one and snort it". ~ Zelen Tzu ~ The Art of Spin.
Classy interview, thanks gents, from Australia.
Not the bottom. Everyone is saying this is the bottom. It's the bottom when everyone says 'its going lower'
If you take the upcoming elections into account and consider a MAJOR shift in Gold and Silver prices would send shockwaves across the markets, and our current Government would likely be afraid of any major developments such as this that might affect their razor-thin balance of power … I would guess there is a probability greater than 0% that the Government will try to suppress any major precious metal revaluation until sometime AFTER the upcoming elections. Then, soon after the elections take place, we might see major dollar-gold announcements … with associated volatile market activity. I may be wrong, but, I would guess we'll continue to see the type of sideways pricing fluctuations we have seen over the past several months continue UNTIL after the elections. The wild card would be if a major Soros-type move might be launched just BEFORE the elections in order to de-stabilize the Economy (and the electorate) in order to defeat the Republican majority … only time will tell (but strap yourself in just in case).
all a scam when COMEX can change rules whenever they want… Fuck them 🖕
We need another silver tsunami.
Nobody lends cheap to a Debt Spiral.
When gold goes parabolic, it’s bad news for the rest of the economy. As long as the economy is still somewhat functional, I’ll count my blessings.
And I thought any talk about gold and other precious metals on Kitco was rare, one sided and it was anti Trump and anti America as well. So we were mistaken. It's obvious you only hate Trump and his administration and anything that clicks the America First button isn't even mentioned by you!!
Lower rates hurts middle lower class savers and fixed income and mainly helps rich
Warsh was hired to keep the interest rate in check while the US dollar devaluation occurs due to the 40 trillion deficit.
Reality is a fallacy that has become a travesty. Im a rapper from the crapper😂😂
So is he buying miners?
A very genuine and smart man Jeremy is. I personally got to talk to him at the rule symposium, and he just connects and has time for you. Thank you so much for spreading the good news of metals, mining, and energy Jeremy!
I wonder if american people very stupid to understand that in order to lower inflation is to stay away from hormuz. America is run by crazy person who knows to lies to thier people. Stop the war, dont borther other country, then the oil will drop n inflation will drop.
A great interview
Cant wait for a positive price correction hahahaha
Great discussion gentlemen.
Good resources, Solid management in Great jurisdictions… I can't see them any other way than being rewarded, eventually.
as you can see by the current downtrend xD
China is planning to make its Hong Kong Yuan gold-based in the near future.
Saving is the first step, but investing is where your money starts growing. This video is useful because it explains the path clearly: build emergency savings, learn the basics, start small, stay consistent, and think long term. Turning saved money into invested money can change your financial future slowly too.