Gold fell back under $4,000 as AI stocks slid, and Adrian Day says that’s the metal doing its job. When markets crack, investors raise cash, and gold is one of the things they always sell. “That’s exactly what you own gold for,” says the chairman and CEO of Adrian Day Asset Management. At the New Orleans Investment Conference, Day tells Kitco News anchor Jeremy Szafron he sees strong support near $3,650 and doesn’t expect a V-shaped recovery, but he remains “extremely bullish” on the fundamentals. He points to past market shocks, from 1974 to 2008, after which he says gold and gold stocks returned 50% to 100% within 12 to 18 months, and to clients he has seen sell out and never get back in. The miners, he argues, are in the best shape they have ever been, with margins wide enough to absorb rising diesel costs and cash flow growing faster than any other S&P sub-sector over the past three years. For anyone who already owns some physical gold, he thinks the stocks are the better buy today, and he expects generalist money to return once the S&P 500 falls for a few months in a row. After the reported hack of crypto exchange Binance, he also makes the case that physical gold “can’t be hacked.” This interview was recorded on Oct. 30, 2026. Special thanks to our sponsor, Dakota Gold, for making this coverage possible. To learn more, visit: https://dakotagoldcorp.com/ Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Learn more about Adrian Day: https://adriandayassetmanagement.com/ 00:00 Welcome to the New Orleans Investment Conference 2026 00:55 $1,650 Costs and Diesel Hedges at the Big Gold Miners 02:12 Waiting for the War to End Before Buying Oil, and the SPR Refill 03:58 Which Miners Are Most Exposed to Diesel 05:08 Gold’s Drop Below $4,000 and Liquidity Selling 07:09 Royalty Companies Hold Up Better 09:01 Buy the Dip or Wait on Gold 10:32 Staying Invested Through Gold Volatility 13:51 Under-the-Radar Junior Ideas 15:11 The Uranium Price and Stock Disconnect 17:35 The Binance Hack and the Case for Hard Assets 18:43 Physical Gold vs Gold ETFs 19:56 What Brings Money Back to Gold, and Value Overseas 22:54 Cash, Treasuries and Buybacks vs Dividends for Miners 25:55 Day’s Rules for Selling a Gold Stock 28:08 From the LSE to Gold, and the Speed Round 31:01 Midterms, Windfall Taxes and Mine Permitting 32:43 Gold Miners Lead the S&P in Cash Flow Growth #Gold #GoldStocks #Mining __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
