“It’s a unique bull market… a kind of bull market we’ve never seen before,” says Brien Lundin, editor of Gold Newsletter and host of the legendary New Orleans Investment Conference, in this exclusive sit-down with Daniela Cambone. “It’s been driven largely by central bank buying… Western investors have just been standing on the sidelines aghast.” Lundin also warns that America’s massive debt will force negative real interest rates — a scenario he calls “incredibly bullish for precious metals.” On silver, he remains firmly optimistic, predicting the precious metal will hit $40 next, with “little technical resistance before $50.”

Could this be the moment gold rips into uncharted territory? Brien Lundin says the precious metal is “coiling” for another major move, and the trigger may already be in place. In a bull market unlike any in history—fueled not by Western speculators but by relentless central bank buying—gold’s summer lull could be the calm before a historic surge.

Central Banks: The New Gold Kingmakers

For decades, central banks were gold sellers. That flipped in 2013, and after sanctions on Russia in 2022, gold buying exploded—1,000+ tons per year. This seismic shift has:

• Propelled gold to record highs without traditional Western investor demand.

• Left silver and mining stocks lagging, setting up possible catch-up rallies.

• Created a market less sensitive to speculative swings and more anchored by state-level accumulation.

Lundin notes China’s surreptitious buying—far larger than official reports suggest—keeps upward pressure on prices.

Western Investors Finally Wake Up

The big money is tiptoeing back in:

• GDX, GDXJ, Newmont—first stops for generalist investors.

• Valuations still on the low end historically relative to profits and gold prices.

• Juniors now attracting capital as investors grow confident $3,000+ gold is here to stay.

The mining sector is seeing a “perfect storm”: higher prices, easier project economics, and a flood of financing.

Silver’s Moment May Be Here

Silver has trailed gold for 15 months—but that script is changing.

• Breakout above $35/oz has shifted market sentiment.

• $40/oz is the next target, with little resistance until the old $50 nominal high.

• Near-term volatility may retest $35, but fundamentals point higher.

Fed Policy, Debt, and the Dollar

While tariffs and political uncertainty dominated recent years, Fed policy is back in focus. The U.S. debt load virtually guarantees negative real rates for the foreseeable future—an environment historically explosive for precious metals.

Powell’s latest comments cooled expectations for a September rate cut—until weak jobs data sent gold soaring. Now, the debate is not if cuts are coming, but how many before year-end.

Why Physical Gold Still Comes First

Lundin stresses that physical gold is the foundation—not an “investment,” but insurance. With the dollar’s purchasing power in structural decline, tangible assets like gold and silver are essential for wealth preservation.

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Gold vs. Dollar Reality:

• Dollar value erodes with inflation and debt monetization.

• Physical gold retains intrinsic value across crises.

• Silver offers additional upside potential in a rising metals environment.

Conclusion

Gold’s setup is rare: historic central bank buying, Western money flowing back, and silver finally stirring. If Lundin is right, the next leg up could leave today’s prices in the dust.

The only question: Will you be holding real metal when the breakout hits?

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