Video News/Rule Symposium 2026

(Kitco News) Brien Lundin, editor of Gold Newsletter and host of the New Orleans Investment Conference, says this year's roughly 40% drop in gold mining stocks was a "classic washout," not the end of the bull market, and that the bottom may already be in. Speaking with Kitco News at the Rule Symposium 2026, Lundin said the June 24 plunge to $4,000 "really felt like capitulation," and the level has held as a floor since. He likened today's sentiment to 1999 and 2000, the low that preceded the 2000s gold bull, and argued the market has changed hands: no longer driven purely by central banks, "the Western market is making the price and the central banks, and China are taking the price," he said, noting they were glad to buy while gold was on sale. Lundin expects easy money regardless of hawkish Fed minutes, arguing "the math is the math" and that Chair Kevin Warsh was installed "for one specific purpose, and that's to lower rates." He even read Warsh's tough-on-inflation messaging as "rehearsed," with Trump's silence the tell. He also warned that professionals "on the beach drinking their pina coladas" may return after Labor Day to find gold up 5 to 10% and mining stocks up 20 to 30%, gains "missed through sheer inattention."