A metals-focused interview where both guests remain long-term bullish on gold and silver but think the recent washout could continue in the near term. Lobo Tiggre says he has taken profits in mining stocks and is waiting for a better entry, while Mario Innecco argues bullion is savings/insurance and sees the recent drawdown as a volatile but not thesis-breaking correction amid ongoing currency debasement, inflation, and geopolitical risk.
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The core thesis is that the recent selloff in gold and silver is a sharp but potentially temporary washout inside a still-bullish longer-term regime. Both guests argue that the structural case for precious metals has not changed: debt remains high, money and credit creation continue, and bullion serves as real money or savings rather than a speculative trade. At the same time, they acknowledge that sentiment has turned weak and that prices could fall further before stabilizing. Lobo Tiggre’s framing is distinctly tactical. He says he sold mining stocks into strength, not because he turned bearish on metals, but because he wanted to realize gains and preserve dry powder for the next opportunity. He describes the current setup as a market that may be pricing a hawkish Fed and lower rates incorrectly, which could keep metals “on sale even more” if the market’s assumption is wrong. …
Near term, metals look vulnerable to more downside if the market keeps leaning hawkish on the Fed and faster normalization in oil further eases inflation fear. The actionable stance is patience: the guests prefer to wait for a clearer washout or divergence before adding aggressively.
Over the next several weeks to months, the most likely path is a volatile consolidation in gold and silver rather than a smooth rebound. A durable turn higher would require the market to stop pricing in a hawkish Fed, stabilize chart structure, and avoid another leg of geopolitical surprise.
Structurally, both guests think precious metals remain a hedge against monetary debasement and policy credibility loss. The long-run regime they describe is one where bullion keeps its role as savings/insurance and strategic commodities benefit from deglobalization, electrification, and recurring supply shocks.
Gold is in a new paradigm where it broke through major long-term resistance levels and will see explosive moves higher over the next 2-3 years, though with great volatility.
Speaker cites gold breaking through a long-term logarithmic trendline from 1980/2011 highs at $2,700, and silver breaking through $50 resistance, as evidence of a structural breakout into a new bullish paradigm.
The market is mispricing oil: the Strait of Hormuz reopening has caused an overreaction to the downside, and oil will rebound as supply disruptions persist and strategic reserves need refilling.
The speaker argues that while the Strait is reopening, the structural damage (shut-in wells, infrastructure damage, demining, and need to refill strategic reserves) creates lasting supply constraints the market is ignoring.
The market is wrong to price in a hawkish Fed that will hike rates, and this mispricing creates an opportunity in gold.
The speaker argues historically the anticipation of rate hikes hurts gold more than the actual rate hikes, and if the market is wrong about the Fed's hawkishness, gold will rally.
Lobo, you've been talking for quite a while that you have sold your gold and silver stocks and this wash out is not really coming as a surprise to you. Can you explain what you saw coming and where you see us going from here?
Lobo says he took profits on his gold and silver stocks while prices were going vertical, realizing gains rather than holding paper gains. He emphasizes that booking wins reduces stress and gives you capital to buy low again. He remains a long-term bull but advises discipline: buy low, sell high.
Mario, what is your perspective and outlook for metals going forward given the current wash out, with gold falling below $4,000 and silver below $60?
Mario says he's bullish longer term because the debt situation hasn't changed and the system requires more inflation (money/credit creation). He holds 90% physical and 10% mining stocks, took profit on just 1-2 stocks last year, and is still adding to mining stocks because he considers them heavily undervalued versus both the stock market and bullion. He views the recent breakout above long-term trendline resistance (gold at $2,700, silver at $50) as a new paradigm — like a rocket leaving Earth's atmosphere — with huge moves ahead but turbulence along the way.
Lobo, regarding the weak sentiment right now — people are depressed about gold and silver prices despite them being significantly higher than a year ago. How does this play into your view?
Lobo notes that gold stocks priced in gold are actually quite cheap, and even in nominal terms these mines were built at much lower gold prices so they're still profitable. He reiterates his discipline of buy low, sell high — he sold high and is now waiting for the next opportunity to buy low.
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