Live Interview with Brien Lundin

Rule Investment Media Oct 8, 2026 57:12

Summary

Brien Lundin argues rising yields triggered a gold dip, but the monetary-metals bull market remains intact and dips are buying opportunities.

He sees miners undervalued relative to metals, with developers newly able to fund their own projects and explorers better funded than ever.

He favors silver over gold for most of the bull market, using the gold-silver ratio for valuation rather than trade timing.

He expects fiat-currency strain and bond-market stress to drive metals higher, with liquidity cushions letting investors buy crisis sell-offs.

He runs through listener questions on Silver47, Sunpeak Metals, Amarc Resources, Elemental Royalty and other junior resource names.

Lundin says he received a presentation from Abcourt Mines late last year and remembers it as a good project, but says he is not up to date enough on recent developments to give an educated answer now.

On Elemental's divestment of its project generation business, Lundin says it gives Dave Cole something to do and calls Cole a brilliant guy who excels in that role.
Lundin argues Fred Bell and the Elemental team excel at the royalty business in a tougher environment by doing win-win deals that make them trusted counterparties.
He points out that in several of Elemental's royalty purchases, sellers take Elemental stock for a significant portion or all of the price because they are bullish on the team.
Lundin says Elemental's big deal was made accretive by design, regrets never recommending the stock despite early presentations from Fred Bell, and thinks the company is primed for big moves.

Lundin calls Franco-Nevada's strategic stake in Kenorland a tremendous validation and stamp of approval for the prospect generator at an earlier stage, and sees Kenorland on a similar trajectory to Franco.

Lundin says he loves Amarc Resources after its big discovery and calls CEO Diane Nicholson a real go-getter who has tens of millions of dollars in funding secured to keep exploring.
He says the discovery is trending onto TDG's ground and believes the entire area is primed for a roll-up in which both companies will be key.
He expects a lot of upcoming drilling news from Amarc and sees the discovery as having also highlighted about a million ounces of resource at TDG's previously isolated Shasta deposit.

Lundin says Silver47 holds roughly a quarter billion ounces of silver in inventory at grades over 300 grams per ton, is aiming for a billion ounces, and has a market cap that is not bad considering what it has.
He highlights its projects, including Red Mountain, Hughes in Nevada, and the Mogollon project in New Mexico, the latter one he followed and liked when it was held by A2 Gold.
He argues that in a gold bull market, silver leverages gold and silver stocks leverage silver, making Silver47 a way to amplify the monetary trend.
He says the company is delivering a lot of news flow and calls it a quality silver story he is very high on, though his own portfolio is too full to have recommended it.

Lundin likes TDG Gold because Amarc's nearby discovery is trending onto TDG's ground and he believes the whole area is primed for a roll-up in which TDG will be key.
He notes the discovery dynamic has brought about a million ounces of resource into focus at TDG's Shasta deposit, which had been isolated from infrastructure.

Top takeaway Lundin argues investors remain in a gold and silver bull market that will last for some time, and that the recent pullback driven by rising yields and hawkish Fed signals is a dip to buy rather than a trend change.
He sees miners as undervalued even after gold's rally, with producers making money hand over fist and, for the first time in his career, developers wealthy enough to fund their own billion-dollar-plus projects rather than sell out.
He expects silver to outperform gold for the bulk of this bull market, but cautions that before any eventual monetary reset investors will want to shift heavily toward gold because he does not know whether silver will be included in it.
He frames rising global bond yields and unrest in France as the end game of a 45-year cycle of easy money and overspending in which all major fiat currencies are racing to be depreciated, making metals and miners the appropriate response.
He calls the current setup a generational opportunity combining a secular monetary metals bull market with a broader commodity supercycle, noting copper supply cannot respond to the steepest demand curve ever given 15-20 year discovery-to-development timelines.

Top takeaway Albert Liu hosts the Rule Classroom Live session, filling in the regular format while Rick Rule travels, and relays audience questions on gold, silver, and specific juniors to Lundin.
He announces he has been invited to moderate a fireside chat with Doug Casey at the New Orleans Investment Conference, which Lundin says will be Casey's last public appearance.