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GOLD Just Became a Real Alternative to the Dollar (Here’s Why): Nick Campbell

Commodity Culture Sep 1, 2026 47:26

Summary

Gold's structural bull case rests on central bank diversification away from the USD, accelerated by the 2022 dollar weaponization.

Copper supply stays tight because major mines need roughly 25 years from discovery to production, supporting prices above $6/lb.

Phoenix Metals controls the consolidated Greenwood copper-gold district in British Columbia, with bulk-tonnage (large-volume, low-grade) potential of up to a billion tonnes.

CEO Nick Campbell's track record spans Silvercrest and Artemis, both of which he helped grow from small-cap juniors to multi-billion-dollar producers.

First Lexington drill results are due October 2026, with a PEA (Preliminary Economic Assessment) on the permitted mill targeted for next year.

Key points on Artemis Gold

  • The guest says he was an early employee at Artemis Gold (around the sixth hire) and that, in his telling, the market cap grew from about $400 million when he joined to roughly $9 billion by the August 2026 interview.

Key points on Mayfair Gold

  • The guest says he was previously CEO of Mayfair Gold and recently stepped down to take the Phoenix Metals role, with Drew Anwell taking over as Mayfair's CEO.
  • He notes he remains a Mayfair shareholder and describes the team he built there as high quality.

Key points on Troilus Mining Corp

  • The guest uses Troilus as a peer benchmark when sizing the Phoenix district, citing roughly 324 million tonnes at 0.49 g/t gold and 0.06% copper.

Kevin Warsh's takeaways

  • Top takeaway The guest discusses Fed Chair Kevin Warsh's first Jackson Hole speech, saying markets now price in an elevated chance of a rate hike; he argues Warsh has signalled a hawkish stance but is only one vote and could be influenced by the administration on monetary policy.

Scott Bessent's takeaways

  • Top takeaway The guest says Treasury Secretary Scott Bessent is talking about doubling Treasury buybacks to push long-term yields lower, but argues governments rarely change the market's view and notes Bessent is rightly worried about refinancing the US debt load.