Legendary precious metals investor Lawrence Lepard says this gold selloff is a pause, not the peak. With gold off its highs and the mainstream calling the run finished, he explains why he is still buying and why he believes the real move is still ahead. Is the gold bull market over, or is this the dip before the next leg higher?
Gold ran to a record 5,589 dollars and silver cleared 121 dollars before both pulled back hard, and this week new Fed Chair Kevin Warsh delivered a hawkish hold that surprised the market. Larry Lepard, founder of Equity Management Associates and author of The Big Print, sits down with Kitco News anchor Jeremy Szafron to explain why the correction does not worry him, why he believes the real move is still ahead, and what the average saver should actually do right now.
Jeremy and Larry get into the debt doom loop and the 1.3 trillion dollars a year the US now spends just on interest, the 9 trillion in debt that has to be refinanced, why Lepard expects yield curve control and the big print, the strong dollar and positive real rates working against gold today, silver’s run to 121 and the supply deficit underneath it, why he sees the best value in the silver miners, the honest case for and against bitcoin as digital gold, and his view that there is a better world on the other side of this through a return to sound money.
Recorded June 18 2026
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CHAPTERS
00:00 Gold’s Record Run And The Selloff
01:00 Why Lepard Is Not Worried About The Correction
04:00 The Debt Doom Loop And 1.3 Trillion In Interest
08:00 Kevin Warsh And The Hawkish Fed Surprise
10:00 The Big Print And Why Yield Curve Control Is Coming
12:00 I Blew The Call: Lepard On Getting The Fed Wrong
15:00 The Strong Dollar And Real Rates Problem For Gold
18:00 Why A Rate Cut Could Come Before The Midterms
21:00 Gold And Silver Are Still Early In This Bull Market
22:00 Silver’s Run To 121 And The Supply Deficit
25:00 Why Silver Miners Are The Real Opportunity
36:00 The Bitcoin Question: Digital Gold Or Hype
44:00 What The Average Saver Should Do Right Now
48:00 The Hope Note: A Return To Sound Money
52:00 Final Thoughts And Greenspan’s Lesson
#gold #silver #LawrenceLepard
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30 Comments
maybe more of a rewind than a pause?
Clearly we're going higher he says. No nobody knows and as long as interest rates potentially going way up gold is going to continue going down same with silver and it has dropped steadily everyday
Alan G has past
Bitcoin is a CIA driven technology, main purpose is to collect US dollars in the world and terminate them (a way to reduce the inflated excessive amount of US dollars in the world), also Elon Musk SpaceX similar things, new way to collect US dollars and burn them.
Stop saying correction. Manipulation.
Negative real yields are necessary to erode the debt over time. The strategy should be clear, especially as Warsh emphasizes trimmed CPI measures while their limitations are downplayed. Financial repression lies ahead. Hawkish rhetoric amounts to jawboning without follow-through, serving mainly to maintain the appearance of a strong US dollar policy.
Rick rule BNN
Nice suit, Jeremy!
Gold needs to go back down to ~$3500 and Silver needs to go back down to ~$50, then sit there for awhile before they pick up steam again, maybe 2 years or so would be good for me. Thanks
Sound money will slowly bring us out of debt !!!
False propaganda! DOGE DID NOT FAIL! DOGE is now a permanent part of the government! It stands to see if DOGE DEFEATS THE DEEP STATE or the other way around. Lawrence Lepard is an Obama-Biden supporter. Lost credibility…
Larry looks like he's been holding his breath waiting for Bitcoin to go up.
Digital scarcity is not digital gold and never will be. Gold is tangible, and real. Digital assets are code. When electricity goes down, adios.
We were in a deflationary environment up until 2020? WTF is this guy talking about?
Have you thought of having Michael Lewis on your show?
Let the controllers who start wars and destroy our economy to get richer themselves, keep smashing down the spot price of silver and gold.
Let silver drop below $25.00 and gold drop below $2,500 an ounce, for the industrialists and nations and central banks to buy as much as they can before the digital cashless eystem switch is flipped.
I will buy so much silver and gold when that happens, and millions of citizen stackers will to.
We all will buy the majority of physical silver and gold in the next year and keep it out of the hands of those who are destroying our world, our economy, our way of life, for their own persnal financial gain of power and wealth.
Buy, buy, buy, and hold, hold hold, silver and gold, and all other needed supplies, goods, and homestead land.
Keep calm and keep stacking.
Peace.
The FED is obviously against precious metals. For over 6 years, precious metals have been struggling against the headwinds of high interest rates.Trump wanted to get rid of Powell because he wanted lower interest rates. But he had finally to give in and accept an even more hawkish Fed -chair by choosing Warsh. Could you imagine Gold taking the upper hand on the US-dollar? That would be a shame for the US and the dollar.
I’ve found PerryJaney’s content insightful, especially regarding market trends and investing
The stock market doesn’t need to crash, consumer confidence is very low already. If you adjust for REAL inflation, the stock market is not overvalued, it is moving sideways at best. That goes for the dollar and almost everything else, because inflation is much higher than reported and a great wealth transfer is underway.
When "Shonky Saylor's" 'Tragedy' implodes ButtCon will go with it, and billions will rejoice that they never need to hear of it again.
Ummmm … may I suggest you choose the money that China will accept in exchange for goods?? Here's a clue … it is NOT ButtCon!
ButtCon is on its way to its intrinsic value.
past is prologue …. analog pm bull charts are saying the bottom is in or close … next leg up is coming and will be an awakening for the west which is in full collapse …. point of recognition of general public is still yet to come … be right and sit tight
Elon wasn't their to cut. He was there to purge any evidence of his past fraud, set himself up with more government contracts, and steal our personal information.
'Digital scarcity' lol. We've created some nothing, but here's the kicker: not very much of it.
Lawrence Lepard is a great guy……never pretends to know everything which most so called "experts" do.This is a sign of true wisdom.
Great job gentlemen.
Thank you.
LOL Bitcoin 😂
Jordan , thank you for my ticket to ride with you in the 10% bus.
Have a great weekend.
Governememts are confiscating bitcoin all the time. I was with him until he called bitcoin digital gold