Video News/In Focus with Jeremy Szafron

(Kitco News) - The recent drawdown in gold and silver is a "1987 moment" that will prove to be a buying opportunity, and gold is destined to rise another tenfold from current levels, according to Dr. Thomas Kaplan, chairman of the Electrum Group, NovaGold and Sunshine Silver Mining and Refining. Speaking with Kitco News, Kaplan said he views the correction the way he viewed the 1987 stock market crash, a violent shakeout within an intact bull market, and said he told investors to expect it before it happened. He argued that the case he first made in 2007, when he sold his energy company and moved into precious metals with gold near $600, has only strengthened, and that he can see gold reaching $30,000 to $50,000 "without a problem." Kaplan, who describes silver as "the thoughtful person's Bitcoin," attributed his conviction to an approach rooted in applied history and patience, holding only assets he has "metaphysical certitude" about. He also warned that investors in gold projects located in unstable jurisdictions risk having those assets seized in a downturn, noting "there is no one in the world who will have sympathy for the mining company."