Lab Report | July 23 Daily Market Overview
CEO.CA Jul 23, 2026 12:43
Summary
Bond prices at yearly lows are pushing yields up, and the host reads that as a strong bearish driver for gold and gold stocks.
Gold fell 2.4% and the VanEck Junior Gold Miners ETF dropped 3.1%, while crude jumped 5.4% on Middle East supply risk.
The host argues computers now trade the day's narrative, ignoring the slower inflation and debt signals that favor gold.
He puts US debt service costs on a path toward $2 trillion within a year, framing that as the core long-term case for gold.
Kirkland Lake Discoveries and McEwen Mining are teased for separate deep dives, with no company fundamentals covered here.
Key points on Mcewen Mining Inc
- The host notes the company has changed its name and is now referred to as McEwen Mining rather than McEwen Inc.
- He lists McEwen Mining as one of two companies with news to feature and says it will be covered in a separate deep-dive episode after the Kirkland Lake Discoveries show.
Allan Barry Laboucan's takeaways
- Top takeaway The host argues the bond market, not the day's price action, is the signal worth watching, and that what is happening there is ultimately extremely bearish for gold and for gold stocks.
- He uses the 10-year, as a proxy for the bond market, saying it is well into all-time lows while yields move the other way, which he reads as bond vigilantes being nervous about inflation and therefore as a bullish factor for gold.
- He attributes gold's 2.4% decline on 23 July 2026 to algorithmic, narrative-driven trading that ignores those longer-term bullish factors.
- He estimates the cost of servicing debt is running toward $1.5 trillion and possibly $2 trillion within a year, and calls that debt spiral the main long-term driver of gold.
- He says the Fed's short-term bond buying has been extended from four to seven months into 2026 and still is not enough to keep yields down, and expects more aggressive quantitative easing.