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Lab Report | July 21 Daily Market Overview

CEO.CA Jul 21, 2026 9:36

Summary

Gold, silver and copper production has stayed flat despite record prices, as new discoveries fail to replace depleting mines.

Weak sentiment in gold, silver and copper equities alongside strong fundamentals is the setup the host finds most compelling.

Bond yields sit at yearly highs, and easing them takes more quantitative easing — balance sheet growth — than the $500 billion added since November 2025.

The host reads the new Federal Reserve chair as a dove in hawk's clothing, expecting rate cuts to push gold toward record highs in 2026.

Copper demand from electric vehicles, artificial intelligence and robotics keeps running into supply that cannot respond.

Kevin Warsh's takeaways

  • Top takeaway The host argues Kevin Warsh, hired by Trump and Bessant, will have to slash interest rates, and that with bond yields at yearly highs as of July 21, 2026, delivering that would require a large amount of quantitative easing.
  • He rejects the market's hawkish read on the new Federal Reserve chair as overdone, calling Warsh a dove in hawk's clothing rather than a genuine hawk.
  • He expects Warsh to follow through on lower interest rates and a weaker dollar, and links that outcome to gold returning toward its record highs and setting new ones in 2026.
  • He notes the Fed has already added $500 billion to its balance sheet since November 2025, which he frames as balance-sheet expansion without the label, and says it must grow much further before rate cuts are possible.

Allan Barry Laboucan's takeaways

  • Top takeaway As a natural contrarian, he is bullish on gold, silver and copper equities because sentiment toward gold and silver miners is currently dismal while the underlying fundamentals he cites are strong.
  • He expects copper miners to do especially well going forward as demand from electric vehicles, artificial intelligence and robotics outruns a supply side that cannot react quickly enough.
  • He sees gold as having run from roughly $3,300 a year earlier to $5,500 before correcting, and attributes the pullback largely to an overdone assumption that the new Federal Reserve chair will be hawkish.
  • He reads silver as following gold's path, having climbed from about $38 to $120 and now trading sideways, and on July 21, 2026 it was up $2.16, or 3.8%, which he views as ready to break out higher.
  • He argues a long-running supply shortfall underpins all three metals, with too few new discoveries to replace depleting mines and production staying roughly flat despite prices that are very handsome for miners.