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Brien Lundin
Gold Newsletter / New Orleans Investment Conference
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
On the June 24 drop to $4,000 he alerted readers 'that really felt like capitulation. Don't know if that was the bottom, but it sure felt like one' @1:37; seasonality 'usually mid-July to mid-August at the gold price bottoms' @1:08, and he expects 'a stronger fall' @2:16.
“You know, we put a little breathing room between $4,000 and us. That seems to be a pretty good floor for the price right now. So I'm optimistic.”
Gold since this was said: ▲ +2.4% · 4,044 → 4,143 · as of 2026-07-22
He models this bull from a base 'probably about $1,050 and the base set in 2015' @4:17; 'Earlier this year, I would have said six to eight months' to get there @4:41. At $6,000 to $8,000 'I'm going to be pretty cautious going forward' @11:02; a 1970s-style 24x projection to the mid-20-thousands would imply a monetary reset he is 'not predicting' @12:07.
“if you project other markets to 70s, the 2000s, then we should get to $6,000 to $8,000 at the end of whatever this cycle is.”
Gold since this was said: ▲ +2.4% · 4,044 → 4,143 · as of 2026-07-22
Asked if this week's hawkish Fed minutes dent his easy-money thesis: 'It just delays it. I mean, the math is the math' @9:11. Trump's silence after Warsh's hawkish presser 'tells me that all of that was pre-approved, pre-arranged, rehearsed' @9:49; 'The simple math of the debt and deficit demands lower rates. So it's going to happen' @10:03. Whisper garbles Warsh as 'Wash'.
“And Trump put Wash in for one specific purpose, and that's to lower rates, and he's going to do that.”
He is describing generalist investors returning from 'the summer doldrums' @14:54 after Labor Day and finding they 'missed those gains through sheer inattention' @15:14; miners are down about 40% from highs and 'Asia is buying. China is buying. Central banks are buying' @14:21.
“they're going to look back and they're likely going to see the gold price up 5 or 10 percent. These mining stocks up 20 or 30 percent”
Gold since this was said: ▲ +2.4% · 4,044 → 4,143 · as of 2026-07-22
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