Digging Deep

Paul Harris, Kitco Media
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Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.

  1. Rick Rule on Debt, Inflation, and the Real Drivers of the Gold Market

    3D AGO

    Rick Rule on Debt, Inflation, and the Real Drivers of the Gold Market

    Rick Rule, President & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain. Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector. In this interview, Rick Rule also discusses: - Why debt, deficits, and unfunded liabilities continue to erode purchasing power - Why inflation, not default, is the most likely path governments use to manage obligations - The widening gap between metal prices and mining equity valuations - How royalty and streaming companies may prioritize growth over dividends Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:52 — Macroeconomic Risks and the Case for Gold and Silver 03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook 11:47 — Producer Earnings, Margins, and Analyst Assumptions 15:41 — Risk Management, Silver Stocks, and Investment Strategy 32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation 41:30 — Final Thoughts on Precious Metals and the Cycle Ahead __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    42 min
  2. Silver Breaks Out, Tungsten Tightens, and Juniors Run: Feneck Explains Why

    12/12/2025

    Silver Breaks Out, Tungsten Tightens, and Juniors Run: Feneck Explains Why

    John Feneck, Founder and CEO of the Feneck Commodities Report, joins Kitco Mining’s Digging Deep to break down one of the strongest years yet for precious metals. He says the December 10 Fed rate cut reflects rising concern about the labor market, while the political shift underway in 2025 may ultimately shape the direction of rate policy more than Powell’s guidance. Silver led the reaction to the announcement, breaking above US$62 and now trading near US$63 as the gold-to-silver ratio tightens. Feneck has long argued that the metal was overdue for a reprice, noting in today’s discussion that “silver has to catch up with gold.” He explains why he remains overweight in silver equities, highlights developers and explorers he believes are still undervalued, and outlines how AI, data centers, and solar installations are becoming increasingly important to the silver demand narrative. Feneck also sees a major shift underway in 2025, with capital finally returning to junior miners after years of neglect, creating what he believes may be a multiyear window for outsized equity performance. The conversation also covers tungsten’s tightening supply, AngloGold’s permitting setback in Colombia, and what record metal prices could mean for M&A heading into 2026. Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on industry news and interviews. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    44 min
  3. Barrick and Newmont: A Mining Romcom | Neil Adshead

    12/10/2025

    Barrick and Newmont: A Mining Romcom | Neil Adshead

    Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep to unpack the three forces that will shape the mining sector in 2026. He warns that copper is heading into a structural supply crunch as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost blowouts, long paybacks, and permitting challenges have created what he calls a global “decision moat,” leaving the next generation of large copper mines stalled across key jurisdictions. Adshead also breaks down the growing tension between Barrick, Newmont, and Elliott Management. A potential Barrick breakup, combined with decisions surrounding the Nevada Gold Mines joint venture and the Four Mile put-option, could redefine the world’s largest gold producers. “There are so many different permutations here,” he says, noting that 2026 may bring long-awaited restructuring across the majors. He adds that geopolitics is now shaping who will own future copper supply, with Chinese bids increasingly blocked in the Americas and Western capital stepping in to fill the gap. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    38 min
  4. Government Intervention Will “Change the Game” for Western Mining

    10/29/2025

    Government Intervention Will “Change the Game” for Western Mining

    Stephen Stewart, founder and chairman of Ore Group, joins Kitco Mining’s Ernest Hoffman at Explor 2025 in Montreal to discuss Canada-U.S. relations, government policy, and how Ore Group is positioning for the next phase of the commodities cycle. “The United States and Canada are brothers and sisters,” Stewart said. “We have probably the most fruitful economic partnership in the history of the world, and I think that's going to continue.” Stewart argues that new government intervention policies, including floor pricing and strategic equity stakes, could redefine Western mining investment and help North America compete with China’s long-term resource strategy. He calls for renewed focus on productivity and job creation in Canada, saying the country has “dropped the ball” despite its rich mineral endowment. Stewart also highlights Ore Group’s countercyclical philosophy and key milestones, including a 40% IRR on its XXIX copper project in Quebec and expanding copper, uranium, nickel, and gold portfolios across Canada. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    17 min
  5. Trump’s Mining Revival Faces Critical Minerals Oversupply – Ecclestone

    10/29/2025

    Trump’s Mining Revival Faces Critical Minerals Oversupply – Ecclestone

    Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep as gold drops more than US$400 per ounce from record highs. Ecclestone, who predicted the correction earlier this month, says it reflects the inevitable turn in overheated markets.  “What goes up must come down,” he said. “Eventually, everything corrects in some way or another.” He links the retreat to easing global tensions and the prospect of “an outbreak of peace,” arguing that much of the gold rally was driven by insecurity tied to ongoing conflicts. Ecclestone also sees long-term risks for the U.S. dollar, warning that its “primacy is being eroded” as global trade shifts toward a more multilateral system. On policy, he says Trump’s push to revive mining at home marks a lasting shift for U.S. resource strategy, even as he cautions against scattergun funding in critical minerals like rare earths and lithium that could create “too much of everything.” Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    44 min
  6. Trump’s Mining Push ‘Just the Tip of the Iceberg,’ Says John Feneck

    10/20/2025

    Trump’s Mining Push ‘Just the Tip of the Iceberg,’ Says John Feneck

    With gold and silver at all-time highs, and copper hovering around US$5, John Feneck of The Feneck Commodities Report tells Kitco Mining’s Digging Deep that gold has finally broken out after months of consolidation. “Gold obviously was kind of a sideways pattern for a good portion of 2025,” he said, adding that it “then broke out of that consolidation and just skyrocketed past $3600, and just went ballistic here.” ​​Feneck also highlighted the growing institutional support behind gold’s rally, pointing to Wall Street’s latest forecasts. “Goldman Sachs has now raised their target to 4,900 gold for next year. Bank of America came out and said, ‘We’re not at $4,400 anymore. We’re at $5,000,” concluding that, “having all of this new attention on gold is really, really bullish.” Silver’s rally is equally striking, with $50 looking like just the beginning, with Feneck speculating that inflation-adjusted highs near US$66 to US$70 could be next. He also pointed to record US$17 billion in global gold ETF inflows and noted that his firm remains heavily exposed to miners. “We’re much overweight on the equity side because you’re seeing outsized numbers on a daily or weekly basis in some of these names.” On U.S. resource policy, he said progress is welcome but insufficient. “There has to be a lot more money thrown at this. We’re just so far behind.” Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    37 min
  7. Jeff Pontius Says Mid-Tiers Will Drive Next Wave of Gold M&A

    10/06/2025

    Jeff Pontius Says Mid-Tiers Will Drive Next Wave of Gold M&A

    Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep to discuss Nevada discoveries, royalty market premiums, and the outlook for M&A. Pontius, who led Corvus Gold through its C$570 million acquisition by AngloGold Ashanti in 2022, has advanced multiple discoveries across his career and continues to advise and evaluate new opportunities. On AngloGold’s Nevada build-out, he said, “They’ve done a very good job of advancing that, keeping the locals on side, pushing the permitting forward.” He continued that the company are going to start with the North Bullfrog project, “which is a couple million ounce open pit heap leach project.” He added that the discovery will be a cornerstone asset “for 20 or 30 years into the future.” Pontius pointed to recent royalty transactions, commenting that, “those transactions are at a premium and it’s impressive.” He expects mid-tiers to lead the next wave of acquisitions, with majors focused only on the largest multi-million-ounce projects. On financing, he noted that bigger raises reduce dilution and show investors are more disciplined than in past cycles. Looking ahead, Pontius remains bullish, predicting that “we’re in those early phases, and I look for two to three more years of pretty strong move in the commodity price.” Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    23 min
  8. Central Banks, Silver Demand, and Grasberg Mudslide Define Metals Market, says Neil Adshead

    09/29/2025

    Central Banks, Silver Demand, and Grasberg Mudslide Define Metals Market, says Neil Adshead

    Neil Adshead, Consultant Analyst at Commodity Discovery Fund, joins Kitco Mining’s Digging Deep as gold pushes past US$3,700 per ounce and silver hits 14-year highs. In the discussion, he points to central banks as the marginal buyers driving bullion higher, noting “The marginal buyer is these central banks,” and that nations across Asia and Europe are steadily adding gold to reserves. Adshead explains silver’s dual role, with nearly 60% of demand coming from solar, electrification, and other industrial uses, even as investors continue to treat it as a store of value. He also highlights a shift among producers, who are pivoting from buybacks and dividends to growth strategies through exploration and M&A, reflecting confidence in the bull market for equities. In copper, Adshead discusses Freeport’s Grasberg mine and the major setback faced after a mudslide dumped 800,000 tons underground. “This is not going to be a quick fix. This is going to take many months to rectify,” Adshead said, adding that output may not recover until 2027. The disruption pushed copper above US$10,000 per tonne, or roughly US$4.55 per pound, on the Grasberg news, supporting developers like Atex, which recently unveiled a multibillion-pound copper-gold resource in Chile. Adshead weighs in on U.S. critical minerals policy, from the DOE’s proposed 10% stake in Lithium Americas’ Thacker Pass project to fresh G7 and EU proposals for rare earth price floors. He argues that direct government backing will remain a defining feature of supply security, even if it risks capital misallocation. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

    23 min
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About

Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.

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  • Creator
    Paul Harris, Kitco Media
  • Years Active
    2024 - 2026
  • Episodes
    45
  • Rating
    Clean
  • Copyright
    © 2026 All rights reserved
  • Show Website
    Digging Deep