Video News/Precious Metals Summit 2025

Gold’s rally is accelerating as central banks reshape reserves, according to Crescat Capital partner and macro strategist Tavi Costa. Speaking with Kitco Mining at Beaver Creek, Costa said, “I do think this is the beginning of a bull market. We’re probably going to see a lower dollar in the near future.” He pointed to reaccelerating inflation, record debt, and political pressure on the Federal Reserve as forces driving capital into hard assets. Costa believes miners and juniors are at the start of a multi-year run, with the GDX and GDXJ at decade highs and M&A activity picking up at Beaver Creek. “It’s about time for the capital to start flowing into the mining space,” he said, also forecasting that silver is likely to “see new highs in the next 12 months in silver.” He views energy as a key hedge and expects the wave of consolidation among majors to filter down to high-quality juniors.