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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