Gold's Bull Market Isn't Over, But Don't Buy Yet

**SPEAKER_1** (0:00)
This episode is brought to you by Paypal. You had plans for the last days of summer.
And back to school shopping has its own plans.
School supplies, dorm essentials, your list doesn't stop, neither does the spending. But when you Pay in 4 with Paypal, you can pay over time. No interest, no fees. Check out with Paypal and get back to summer. Subject to approval. Learn more at paypal.com/pay in 4 Paypal Inc. NMLS 910457

**SPEAKER_2** (0:30)
This episode is brought to you by Accenture. When you're advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales. Using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at accenture.com.

**SPEAKER_3** (1:01)
This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up require compatibility and availability varies 18 plus.

**Lobo Tiggre** (1:26)
I sold every single one of my gold and silver stocks.
And people were calling me an idiot or a traitor or a fool. Don't confuse the inevitable with the imminent.

**Maggie Lake** (1:39)
Lobo, it's great to see you in person. Thanks for stopping by.

**Lobo Tiggre** (1:43)
Happy to talk with you, Maggie.

**Maggie Lake** (1:44)
Where are we in the cycle though, do you think, based on what's happened so far this year?

**Lobo Tiggre** (1:51)
Well, my view, my call for gold and the gold slash silver sector, my view has been that we are stair stepping up in the same way we had a multi-year correction, consolidation period after the big went up to 2000 in 2020, not the last one, right? And then it broke out again. For all the reasons that that happened in 2020 and then later broke out, that's my base case. That's actually where I think we are, the answer to your question. But I have to say, and here come the rotten tomatoes, there is data that suggests that, not that the market has peaked, but it is pretty spooky how similar this peak looks to the last one. And history doesn't repeat, but it can rhyme. So I'm not calling the market top. I'm not saying that the bear market is next. That is not my view. Consolidation, then the next leg up is still, for now, my base case. But the data, I just can't ignore it. The more it over prints, what happened last time, the more alarming that becomes.
And we're at a point right now where if things don't start getting better, it will start looking more like 1980, which would be even worse. And so that's not a call. I'm just saying, don't be religious about it. Look at the data.
Religion is fine in the church, not so much in the market.

**Maggie Lake** (3:15)
Yeah. I think you've been great and honest in this space about saying, don't chase, don't overpay.
If you start to get warning signs on your dashboard, pay attention to them. Because we do have people who are just zealots no matter what.

**Lobo Tiggre** (3:31)
I'm not listening. I'm not listening.

**Maggie Lake** (3:33)
Exactly. So I appreciate that. And I think a lot of people will as well. And it's for them to decide because everyone's time horizon is different.
What are the factors that would argue for something that looked like the 80s? Because what we've been hearing, or all the other structural reasons, the high levels of debt, central banks buying gold, there's a lot of those supportive factors.

**Lobo Tiggre** (4:00)
But you could have said that in 1980 too. I mean, the stagflation of the 70s, that was epic at the time.
And frankly, in 2011, after the GFC, the governments had done all kinds of then, unprecedented, off the charts, crazy things. And my mentors, the people with more experience than me in this business at the time, all of us were bullish, and I drank that Kool-Aid. None of us thought we were going into a four or five-year bear market. You know, the more responsible ones did say, okay, you know, it's gone up vertical, takes some profits, you know, expects some correction and consolidation.
I remember writing to that effect early in 2011, sorry, 2012, after the peak in 2011 But I, honest, I had no idea it could get as bad as it did. Rather, you know, intellectually, I had this idea, but I didn't expect it, didn't believe it, didn't plan for it, didn't guide for it. And as a person who people listen to, I see that as a failure, frankly, a lesson learned, and I'm not doing that again.