“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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23 Comments
30 trillion market cap for gold at 5k. So, dont think it can go to big numbers without total global currency failure
Someone is changing your voices.
I don't think the fact people will stop buying gold is positive. Bec of the high price only a few would afford it and be crazy enough to buy something so inflated.
"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."
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%.