Skip to main content

Lab Report | July 27 Daily Market Overview

CEO.CA Jul 27, 2026 18:19

Summary

Laboucan's core call: constrained supply meets strong demand across gold, silver and copper, and mining equities still reflect neither.

Silver's run from roughly $35 to over $100 an ounce, with production below demand for six straight years, underpins the bullish silver-miner case.

Copper demand from AI data centers, EVs and grid rebuilds keeps outrunning new mine supply, with few projects reaching production in one to three years.

Bond prices sit at a yearly low after a death cross while yields hit yearly highs, and balance-sheet easing is running past its stated term.

Algorithm-driven trading chases the daily news cycle and misses structural supply changes, such as Middle East conflict damage to oil output.

Key points on Newmont

  • The speaker names Newmont as one of three companies he will cover in dedicated deep-dive episodes on the CEO.ca YouTube channel, but shares no Newmont-specific news, results or figures in this July 27, 2026 market overview.

Key points on Orogen Royalties Inc

  • Referred to in the transcript as "Origin Royalties" and announced as one of three companies getting its own deep-dive show; no royalty-specific news, deal or figures are given in this July 27, 2026 overview.

Kevin Warsh's takeaways

  • Top takeaway The speaker rejects the widespread view that the new Fed chairman, Kevin Warsh, is a hawk, calling him "a dove in hot clothing" who is supposed to oppose quantitative easing.
  • He argues quantitative easing is happening regardless: it started in the third quarter of 2025, was meant to run four months but has lasted close to nine, with another $500 billion added to the balance sheet that Warsh is supposed to be against.
  • He expects interest rate cuts to come next, arguing that $40 trillion of debt at roughly 5% means a couple of trillion dollars a year in interest alone, so lower rates are "just math."
  • He flags the Middle East war as the complication to that path, saying the conflict is pushing inflation higher and throwing a wrench into the rate outlook.
  • The rate backdrop he describes is supportive of gold in his view: bond prices are at a yearly low and through a death cross with the 20-day and 50-day trends bearish, while yields sit at yearly highs.