Gold-stock sentiment just hit a level Adrian Day has never seen in 50 years of managing money, one day two weeks ago, not a single investor surveyed was bullish.
Speaking with Kitco News at the Rule Symposium 2026 in Boca Raton, the Adrian Day Asset Management chairman said miner bullishness has collapsed to around 7%, against a typical 60/40 split. He calls it “the worst sentiment I have ever seen in my 50 years managing money in any sector at any time,” and argues it has left the big producers historically cheap, a Scotiabank study places them in their lowest valuation quartile in 70 years.
Day, a value investor who says he is “not in the business of predicting,” expects generalist money to rotate into gold once the S&P stops climbing, and points to the rotation already underway, in the four weeks before the conference, Microsoft, Amazon, and Nvidia all fell 15 to 20% while the S&P dropped just 2%. Still, he warns gold “could easily break the last low and go down to 3,600” first.
Recorded July 08, 2026.
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00:00 – Live From the Rule Symposium
01:01 – Risk vs Reward, Not Predictions
02:10 – The Gold Thesis and Mid-Cycle Corrections
03:42 – The AI Trade Rotation Begins
08:50 – Passive Flows and the 401(k) Effect
09:51 – Gold Sentiment Hits a 50-Year Low
11:40 – Where the Value Is in Gold Stocks
15:21 – How to Size Buys and Manage Risk
17:31 – Why Oil Is the Most Hated Trade
20:47 – Silver: Demand, Supply and Value
25:25 – Royalties and Streamers Explained
31:14 – Discipline: Staging Into Positions
36:20 – Know Yourself, Know What You Own
#Gold #GoldStocks #AdrianDay #Silver #KitcoNews
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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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45 Comments
Buy the hated
Gold is circling the drain 50% pullback or greater coming as 1980 and 2011. Commodity supercycles end in crashes and then The commodity Sits dormant for a decade
I have worse sentiments on paper money.
Gold for the long haul. 🥇🏆👑
Correct the fiscal direction is mostly a greed grab on Daddy War Bucks and screw the middle class , and baby that's the elite attitude .
Wise words!
Thats a buy signal. I am getting in. 🎉
THANK YOU FOR INVITING ADRIAN DAY!!!
Have been disappointed in 80% of precious metal videos from the guru crowd since March but this one is very insightful ! As everyone knows JPM traders were convicted SENT TO JAIL… For metals manipulation a couple years ago. JPM was fine hundreds of millions, the judge called it " a criminal Enterprise". Since metals had been rallying, everyone forgets about it and starts thinking about the sprott story of CME collapse, Force majeure etc
Master market manipulator Scott Bessent is working it again. Expert gold and currency manipulator. There will come a time when Trump family and friwnds will want to work it, so cheer up guys.
Love this guy
Higher real interest rates → Gold usually falls.
Lower real interest rates → Gold usually rises.
Stronger U.S. dollar → Gold usually falls.
Weaker U.S. dollar → Gold usually rises.
Inflation outpaces interest rates → Gold usually rises.
Real interest rates rise faster than inflation → Gold usually falls.
More fear, war, or economic uncertainty → Gold usually rises.
More central bank and ETF buying → Gold usually rises.
These have been the primary long-term drivers of gold prices for over 50 years and have a strong historical track record.
¸.•*☠*•.¸ grifter news ¸.•*☠*•.¸ boozo news ¸.•*☠*•.¸
Check out Patrick Boyle's financial analysis of Russia – Russia is selling off their gold, which is a factor here.
If sentiment is low on Kitco it is a strong buy signal 😂
my gold is still my gold , I cant say the same for my Cash
lol at gold 😂. Bitcoin 🚀💰🤑
That’s a buy then
Is it the paper gold that is being sold or is it the physical?
中国の太陽光パネルは、もう日本では使いません。
Lost heavy in gold in 29 jan when Donald Trump taken my money from cheating in market.
Except the central banks around the world .
Worst in 50, where were you around 2000?
MORE TRUMPFLATION ! BUY MORE GOLD !!!
لخص
Adrian is great. Enjoy his analysis and insightful comments.
Change your name from kitco to pump and dump
Jabba the Hut
These guys sound like thieves waiting to steal the last assets in peoples pockets.
don't forget the upcoming and just completed IPOs of SpaceX, OpenAI, Databricks, Anthropic, etc. must first get through their "initial hyping" (atfter which the preferred investors and CEOs sell), and THEN, after that, the bubble will finally be allowed to burst and this gold dip will be over. And btw, this recess was not that bad, still less than 5% below 1/1/26.
And China first has to convert all their gold ETFs into physical, befor the July26 deadline and while ETFs are still trading 1:1 to physical.
I can save everybody having to ever watch this channel again.. if gold and silver go up 50 people will tell you why.. if gold and silver go down the same 50 people will come in and tell you I told you so.
same f-ing story for the past 15 years since I started listening to Schiff, I started making money once I stopped listening to Schiff and his crowd, strongly recommend everyone to do the same!
Zero cash why free?
Demand of stock exchange
Support zero point
Supply price interest vat
Long cash free insurance vat
Demand of cash why free?
A lot of people is holding the bag, and they do so with their information to the public. This worst sentiment in the topic, sounds like kind of spreadind the master's wishes.
I look at gold in geologic time, not Wall Street time. Talk to me in 5 years.
The price is down ….
GOOD 👍 time to buy , money is a number on a screen or a paper I.O.U.
GOLD is number 1 !!!
Silver is second place.
Copper 3rd behind… its a elementary school race!
formulaic nonsense…. 🤔
アリババ 嘘でしょ！？
yeah, but wasn't it only 6 mths ago that the best sentiment was happening? – it's not sentiment driving POG, it's corruption
Buy low, sell high
THE long term hold asset and these mfers want us to worry about current sentiment 😂😂😂🎉🎉
Who in TF GAF about "sentiment" when it comes to Gold?!
Lmfao. Gold holders give absolutely zero F's about how other people feel about it at this particular brief moment in history 😂😂