Gold May Rally Up To $6,000-8,000/oz | Brien Lundin

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**Brien Lundin** (0:59)
The way I look at it is if you if you look at the timings always difficult, but if you look at the three previous gold bull markets, the first one in the early 70s, from trough to peak gold went up 5.6 times. The second one in the late 70s, it went up from trough to peak 8.2 times. And the early 2000s, from say 2000 to 2011, it went up 7.9 times from trough to peak. If you call the bottom of this market about $1,050 in 2015, then we should end up $6,000, $8,000 at the end of this cycle.

**Adam Taggart** (1:47)
Welcome to Thoughtful Money. I'm its founder and your host, Adam Taggart. Gold is up 40% this year. Silver is up almost 50%, and the mining stocks as a sector are up over 100%. So has the big money and the precious metals now been made, or is the party just getting started? For answers to all things gold, silver, and the companies that mine them, we're fortunate to speak with Brien Lundin, CEO of Jefferson Financial, publisher of goldnewsletter.com, and producer of the excellent New Orleans Investment Conference. Brien, thanks so much for joining us today.

**Brien Lundin** (2:23)
Always a pleasure, Adam. Always a pleasure, especially in times like these for metals and miners.

**Adam Taggart** (2:30)
Well, Brien, you and I have known each other for a long time, I think well over a decade now. We've done a lot of interviews together. I can imagine this is going to be one of the more fun times in your career to do an interview.

**Brien Lundin** (2:42)
Yeah, it is. You know, gold is probably the world's oldest asset store of value, but it's only been an investible asset since 1971 And there have been three bull markets around before this one. And so I've been alive for every bull market in the 6,000 year old asset.
But long way of saying, yeah, I've paid some dues, I've enjoyed some bull markets before this one. But this one is really special. It's a long time in coming. And I think it's going to duplicate those previous three in a lot of ways.

**Adam Taggart** (3:24)
Okay. You know, in other assets, we've had bubbles before, right? I mean, throughout history, but even in recent history, we had the.com bubble, we had the housing bubble. Now we have what many people refer to as the everything bubble, right? Is there anything that, I know we're early on in this bull market for the precious metals, but is there anything that gives you a sense that this time, of the magnitude of this bull market versus the previous bull markets in gold?

**Brien Lundin** (3:59)
Yeah, it's a little scary, frankly, in recent weeks and we've had a few surges over this 18 million bull markets, similarly to this, but even over the last few weeks, we've had a tremendous surge and it's been violent and it's been abrupt and it's volatile, volatile in one direction primarily up and so we haven't seen anything like this, I think, since maybe January of 1980, when gold hit its last nominal high, back then, of $850 when it went up tremendously over just a few weeks. But that's happened a couple of times in this market and by that virtue alone, it's distinguished, I think, from any previous bull market that we've seen, but there are other aspects that are different, like the fact that this one's been driven by central banks buying, largely with the absence of Western investors until recent months. And those Western investors are, if they want to get involved, and as they're trying to get involved in the sector, they see how far gold has come and they look at how they're going to enter the sector. And interestingly, because central banks have driven it, because central banks don't buy silver and they don't buy mining stocks, the traditional levers for gold, they find that these sectors have lagged in the entering, the play, via silver and gold. And we're starting to see that reaction as well.