Video News/Mining Forum Americas 2025

Nicole Adshead-Bell, Director at Cupel Advisory, says the current gold rally marks a bull market, but not yet a bubble. Speaking with Kitco Mining’s Paul Harris on Digging Deep, she said, “We are definitely in a bull market, but we are not yet seeing the crazy bubble-like behavior.” Financing windows are reopening and investor schedules are packed, yet she stressed that “generalists are definitely doing their homework. I don't think they're in the sector in a material way yet, but we will start to see more of those marginal inflows, which of course, drive share prices higher.” Adshead-Bell warned that “FOMO drives boards and management teams. And that's when you start seeing above precedent, transaction premiums paid, and also competition for assets.” She argued that free cash flow per share is the best arbiter of value, while highlighting how sovereign wealth funds and royalty financing are shaping metals exposure. On messaging, she was skeptical of the World Gold Council’s new Elton John campaign, saying, “I do not think this is an effective way to message gold.” Instead, she called for sharper outreach and more transparency to attract younger investors and avoid top-of-cycle signals like extreme premiums and a flood of generalists.