The David Lin Report Crash Alert Or Wild Upside Next? Fund Manager Reveals What's Next For Gold, Miners | Adrian Day
Nov 3, 2025
Adrian Day, President of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund, provides intriguing insights on the gold market. He sees the recent price correction as a buying opportunity, noting a lack of retail investor enthusiasm unlike the frenzied peaks of 2011. They delve into who’s currently buying gold — central banks and wealthy families — and explore the implications of recent Federal Reserve decisions. Day also shares strategies for selecting outperforming miners and why gold stocks remain undervalued.
AI Snips
Chapters
Transcript
Episode notes
Buy Dips If Underweight, Hold If Fully Invested
- Do buy gold on declines if you are underweight or adding new money, according to Adrian Day.
- Avoid adding to fully invested gold-heavy accounts right after a pullback to keep cash reserves for further drops.
Rally Is Cheap And Not Maniacal
- Gold stocks remain fundamentally cheap despite the rally because margins and cash flow expanded with higher gold prices.
- There are no mania signs like 2011: rational M&A, net outflows from GDX, and limited public participation.
Miners Enter This Cycle With Strong Balance Sheets
- The GDX group is net cash positive, a striking change versus 2011 for a capital-intensive industry.
- Miners used recent free cash flow mainly to pay down debt, improving balance sheets and discipline.