Video News/Vancouver Resource Investment Conference 2026

Adrian Day says the current gold market does not show the characteristics of a speculative peak, pointing instead to investor behavior and positioning. Speaking with Kitco News at VRIC 2026, the chairman and CEO of Adrian Day Asset Management said sentiment remains cautious, noting that broad public participation is still missing from the move. “The generalist investor simply isn’t in this market yet,” Day said, arguing that without widespread involvement, markets rarely form lasting tops. Day also drew a clear distinction between gold and silver, saying the two metals reflect different risk profiles and investor dynamics. While he remains constructive on silver, he said gold offers a stronger risk-reward balance, supported by central bank demand and longer-term allocation trends. Beyond precious metals, Day discussed underinvestment across commodities, the importance of management quality and balance sheets in mining companies, and opportunities emerging in global markets outside the US, where valuations remain historically depressed.