“We are so far from a top.” Adrian Day says the gold market has not reached a speculative peak, pointing to investor positioning and participation rather than price action. Speaking with Kitco News at VRIC 2026, the chairman and CEO of Adrian Day Asset Management argued that market behavior still reflects caution, not euphoria.
Day said the absence of broad public involvement remains the clearest signal. “The generalist investor simply isn’t in this market yet,” he said, noting continued withdrawals from major gold mining ETFs. Without widespread participation, Day said, markets rarely form lasting tops.
He also drew a clear distinction between gold and silver, saying that “gold and silver are really different in terms of sentiment” and that silver carries risks gold does not. While he remains constructive on silver, Day said gold offers a stronger risk-reward profile, supported by central bank demand and long-term allocation trends. He added that portfolio decisions should be shaped by risk tolerance rather than short-term moves, emphasizing that “volatility is different from risk,” while years of underinvestment across commodities and historically low valuations in non-US markets continue to shape longer-term opportunities.
Recorded January 26, 2026.
Special thanks to our sponsor, Discovery Silver. Visit to learn more about the company, its latest news, and investor materials.
00:33 – Market Sentiment and Cycle Timing
02:21 – Gold vs. Silver: Sentiment and Risk Differences
08:35 – Copper and Commodity Investment Cycles
11:13 – Oil and Gas: Underinvestment and Market Mispricing
13:11 – Gold Investing: Juniors vs Big-Cap Miners
14:46 – Why People Matter More Than Projects
15:12 – Management Quality and Industry Discipline
16:28 – Balance Sheets, Cash Flow, and Raising Capital
17:20 – M&A and Industry Consolidation Ahead
20:53 – Global Markets Outside the US
28:50 – Portfolio Strategy and Investor Advice
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#Gold #Silver #Mining #PreciousMetals #Commodities #GoldMining #Copper #OilAndGas #MiningStocks
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49 Comments
"Should we have a conference in beautiful, sunny Hawaii, or Cancun?" "Oh, no. Let's have our conference in dark, frozen Canada in the middle of Winter."
Guy doesn’t even know the difference between infamous and famous…
So far from the top!
Next day: -30%
3 days before a total collapse😂these numpties have no clue
US debt is going nowhere,hold your gold. And silver , don’t listen to these fools, and stay away from the paper trades , you will get burned big time ..
Fools talk !
Stay away from paper trades …
I wouldn't sell my physical silver until it reaches $300
The next day gold and silver took a dive
After today's absolute massacre in gold and silver, the mega bulls like Adrian might be silenced, at least for a while.
GSR: 10 📉
Gold: $10k 💵
Silver: $1k 🪙
Oops
When I was a CFA candidate, twenty years ago, risk was defined as volatility. The reason being, if the price was stable the risk was minimal.
Go figure…
Considering mine output expansion as a fraction of developing new mines, which can take up to 20 years, 3 to 5 years is not a long time.
The volatility in PMs is induced by the powers that be as a sequel from the era of paper market control of their price. The people loosing control are hell bent on retaining it by any means necessary, akin to Europeans loosing control of their colonies in Africa, only PMs control was worldwide. Of course, it is mostly Europeans who are loosing control of the PMs market and are doing their outmost to retain it!!
Triple digits silver, right )))))
Excellent conversation!
In all fairness Adrian Day could play an excellent Bond villain 😂
Adrian Day is one of my favourite mining stocks guys 🙂
Yellow is the stuff that trades under-ground, it's Global unlike the $
Adrian’s the boss!
With all due respect to Adrian Day, it is unfair to say that Pan American Silver’s revenue is only 22% from silver. With the average price of silver at $71 and gold around $4,200 in Q4 2025, silver’s share of revenue would rise to around 30%. Further, in Q1 2026, if (speculatively) silver remains above $100 and gold above $5,000, silver’s revenue contribution could approach 40%.
Love Adrian Day. Thanks for this interview!
The Infamous Adrian 'El Guappo' Day. Very famous indeed.
Another great interview with a great guest.
Excellent to finally hear Adrian Day. He manages Peter Schiff's EPGIX gold mining fund.
Exelent interview. 👏👏
"N-vidia"
Sell silver to buy gold.
Love your show,regular from NJ.
how about 'reputable'?
Great coverage will all the favorite Guests!
And where do you invest the money you took off the table? GIC’s at 2.5%? QQQ? TSX? Cash under the mattress? A depreciating BMW?
"Nvidia worth more than the uk and Germany and small caps put together" Says more about UK and German innovation and ingenuity. Where are their top tech companies? UK top stocks still contain tobacco and chemicals. Its a joke
I've said this all along. The KID information sheet for funds should stop talking about Risk Rating 1-7 and called it Volatility Rating. Those who are unaware will be put off when they see something rated as 6 out of 7 'Risky'.
The Usmint doesn't have any gold for sale at the moment on their website.
You could take profits from penny stock miners you were down 90% on and buy the dip on mstr.
Excellent, unhyperbolic talk. Very good. Thank you!
So many resources folks are nazis🤔
SIL vs. SLV now trading at 2-year lows. Miners have a lot of upside left.
1980 almost near 😅😅😅
No talk of allocation anymore.
Took profits for now 5 percent still will have 20 percent in gold
I'm currently pivoting to investible Indonesia
End Usury 😠 😡
Something happened at 10:00 causing everything across the board in the markets to crash
2011 is calling… 👀
Great Guests, great segments – Jeremy
I like anyone that has a sense of humor😂
All great episodes in this block! But this one's certainly got some real gems in particular!
Thanks Gents!