Video News/Kitco Mining

Greg Orrell, Portfolio Manager at OCM Gold Fund, joined Kitco Mining’s Paul Harris to discuss the sharp move higher in precious metals as 2026 begins, with gold closing in on $4,500/oz and silver pushing through $80/oz at the time of recording. Orrell said gold’s 2025 performance was historically unusual, noting that “the gold price went up every single month in 2025,” and argued that demand dynamics have shifted in ways that made it harder to keep prices contained. Orrell said the macro backdrop remains central, pointing to U.S. debt and deficit trends as key drivers for gold, while also watching for a healthy pullback that could reset positioning. He also discussed what record margins could mean for producers, warning investors to watch mine plans and avoid strategies that chase marginal ounces. Orrell added that per-share delivery and management consistency matter most when evaluating miners, and he outlined where he sees M&A and exploration upside emerging as capital returns to the sector.