Video News/New Orleans Investment Conference 2026

(Kitco News) - Gold’s drop below $4,000 on Oct. 30 reflected investors raising cash as AI stocks fell, which is precisely the role the metal is meant to play, according to Adrian Day, chairman and CEO of Adrian Day Asset Management. Speaking with Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, Day said gold is one of the assets investors always sell in a liquidity event. “That’s exactly what you own gold for,” he said. Day said gold could fall to around $3,650, which he views as strong support, over the next several weeks, and he does not expect a V-shaped recovery, though he remains “extremely bullish” on the fundamentals. Day argued that the gold mining sector is in the best shape it has ever been in terms of balance sheets and cash flow, with margins wide enough to absorb rising diesel costs. He said gold miners have posted faster cash flow growth over the past three years than any other S&P sub-sector, and that for investors who already hold some physical gold, the stocks are a better buy than the metal. He added that generalist money is likely to return once the S&P 500 posts several months of meaningful declines.