Video News/Rule Symposium 2026

(Kitco News) Veteran value investor Adrian Day says bearishness toward gold equities has reached an extreme he has not encountered in five decades of managing money. Speaking with Kitco News at the Rule Symposium 2026 in Boca Raton, the Adrian Day Asset Management chairman said bullish sentiment on gold miners had fallen to around 7%, against a typical 60/40 split, and that on one day two weeks earlier the reading showed no bulls at all. "It's the worst sentiment I have ever seen in my 50 years managing money in any sector at any time," he said, arguing the pessimism has left major producers historically cheap, a Scotiabank study, he noted, places gold equities in their lowest valuation quartile in roughly 70 years. Day, who says he is "not in the business of predicting," frames opportunities in terms of risk versus reward. He expects generalist money to rotate into gold once the S&P 500 stops rising, pointing to the rotation already underway in the four weeks before the conference, when he said Microsoft, Amazon, and Nvidia each fell 15 to 20% while the S&P slipped just 2%. He favors the largest, highest-quality miners and royalty companies as the first place that money will flow, but cautioned that gold "could easily break the last low and go down to 3,600" before it recovers, and advised investors to size positions to their risk tolerance rather than chase the sector.