Don't Mistake Gold’s Weakness For a Dead Bull Run + Codelco Under Operational Meltdown

CEO.CA Jul 13, 2026 7:10

Summary

MKS Pamp keeps a $4,500 average gold forecast and $5,800 bull case, calling the dip toward $4,100 a healthy reset.

Bank of America analysts say US equity speculation matches 1999-2000 extremes, the setup that last rotated capital into gold.

Codelco, the world's largest copper supplier, faces 28-year-low output, $25 billion of debt, and calls for private capital.

Ottawa's planned $100 million into Teck's Trail smelter targets germanium, which China supplies at over 80% of global output.

De Beers is cutting rough diamond prices and dropping 25 buyers, pressuring Anglo American to consider offloading the unit.

Scottie's inferred resource is put at 703,000 ounces of gold at a high grade of 6.1 grams per tonne, and the presenter calls it one of the highest-grade undeveloped gold projects in British Columbia's Golden Triangle.
A 2025 preliminary economic assessment for a direct ship ore scenario is said to show after-tax net present value ranging from C$215 million to over C$660 million, with a 1.7-year payback period.
Scottie has launched a fully funded 50,000-metre drill program aimed at growing the resource and fast-tracking the project to production.
The 100%-owned 58,500-hectare package is described as including the past-producing Scottie gold mine, an expanding contact zone and multiple exploration targets.
Scottie is named as one of the partners of this episode of Chairman's Briefing.

Top takeaway She argues gold's recent price drop is a healthy reset rather than a market crash, so reading it as a dead bull run is a misreading of the tape as of mid-July 2026.
She treats Bank of America's warning that US equity speculation is at its most extreme since the 1999-2000 dot-com bubble as the setup for a wealth rotation into hard assets, the historical trigger for gold's longest bull run.
She sees a hawkish Federal Reserve as a short-term headwind but argues America's rising debt level makes another aggressive rate-hiking cycle unlikely.
She reads gold holding a consolidation floor around $4,100 an ounce as the quiet before that rotation rather than as weakness.
She flags that data centres will drive a major surge in copper demand, and points to Codelco's debt and operational crisis as evidence that the world's largest copper supplier is under strain.

Top takeaway She says the recent drop in gold is a healthy reset, not a market crash, and reads it as a misreading of the tape rather than the end of the bull run.
She says her firm is holding its $4,500 average gold forecast for the year, with the $5,800 bull case intact.
She pegs gold's fair value at $4,000 an ounce, arguing the metal sits far closer to its floor than to its ceiling.