Video News/Kitco Mining

David Garofalo, CEO and Chairman of Gold Royalty (NYSE American: GROY), speaks with Kitco Mining’s Paul Harris about the macro forces shaping gold markets and the evolution of the royalty and streaming sector as 2026 gets underway. Garofalo links gold’s strength to long-term currency debasement, rising global debt levels, and persistently negative real interest rates, arguing that these structural pressures continue to support gold as a monetary asset. “Gold is the one monetary instrument that can't be debased,” he said, adding that sovereign debt no longer offers a real yield advantage. Garofalo also discusses consolidation in the royalty and streaming space, emphasizing scale and cost of capital as key drivers. He outlines Gold Royalty’s transition from portfolio construction to cash flow generation, pointing to a debt-free balance sheet, high-margin royalty exposure, and expectations for roughly 360% growth in attributable gold equivalent ounces over the next five years as cornerstone assets ramp up. He also addresses the role of new capital providers, deal discipline in a competitive market, and why the sector may be moving toward the emergence of a mid-cap royalty leader.