Video News/New Orleans Investment Conference 2026

(Kitco News) - Gold’s roughly 30% decline is comparable to the drop seen during the global financial crisis, but the metal is likely nearing a bottom, according to Tavi Costa, founder and CEO of Azuria Capital. “I think we’re closer to the bottom,” Costa told Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, adding that he believes gold remains in a secular bull market. He said gold miners, taken as one sector, would have the cleanest balance sheets in the stock market, with free cash flow yields close to 10%, and argued that investment bank models still value them on gold prices of roughly $3,000 to $3,500. Costa said plugging in a higher long-term gold price would lead the industry to be re-rated, and he described silver miners as especially attractive, noting some hold 10% to 15% of their market capitalization in cash. With mining now less than 1% of the stock market, he called the sector “the best AI trade” because high-grade resources cannot be replicated. He also expects a rotation out of technology stocks and said the Federal Reserve will probably have to lower rates again once higher borrowing costs start causing problems.