What Is Fund Manager Adrian Day Buying & Selling Right Now?

**Mark** (0:00)
This video is sponsored by Terrahutton, who make the invisible, investible. My name is Mark and you're watching Resource Talks weekly news roundup for the week ending June the 14th, 2026
This week, gold rallied after Trump called off planned strikes on Iran. US companies warned that some rare earths from China remain nearly unobtainable, and BHP faced possible strike action at Port Headland, one of the world's most important iron ore export hubs.
Joining us to make sense of it all is Adrian Day, Chairman and CEO of Adrian Day Asset Management. Adrian has spent decades investing across global markets with a particular focus on gold, mining equities, and resource companies. His work combines macroanalysis, company-level research, and a long-term value investing approach. And at the end of the conversation, I'll ask him how he would invest $100,000 in this environment. So Adrian, thanks for being here.

**Adrian Day** (0:59)
Well, thanks very much for asking me, Mark. Good to be back.

**Mark** (1:03)
I want to start with gold because it had a strong move this week after Trump called off planned strikes on Iran. And the market seems to read that as easing pressure on oil, inflation rates.
So my question is, where do you see gold going from here? Do you think it's mainly going to be about the Iran War and its effects on real rates going forward? So do you think investors may be getting too caught up in that headline?

**Adrian Day** (1:28)
No, I think, I think that is the near term determinant without question. And yeah, we've had a good bounce off that sharp bottom, but you know, let's face it, we're still below where we were on the ninth. So, you know, it's just a normal, a normal bounce, I think, off a sharp, off a sharp drop.
I mean, gold is obviously for the last three months, it's been moving up and down, depending on either developments in the Mideast or posts that are put out by the president or whatever.
And that does seem to be the prime determinant. And it's for two reasons, really. Remember that the dollar is a safe haven asset. And so if you look at the dollar's action, every time it looks like the war might, the conflict might be ending, the dollar falls and that's obviously good for gold. And conversely, every time it's getting worse and the bombing resumes, the dollar rallies. And that's bad for gold. So I think the dollar is really the key to what's going on. And then the other factor, of course, that you referred to or alluded to is, you know, with the conflict, the oil prices moved up, of course, and that sparked fears or concerns about the effect on the inflation or the CPI. And central banks around the world, as you know, have suddenly, by suddenly, I mean, the last three months, they've turned hawkish in their commentary. And ECB, the European Central Bank, actually raised a key interest rate this past week.
You know, they've become the most hawkish of all the central banks. But many other banks, Bank of England, Bank of Canada, have indicated that they're not lowering rates. And so that obviously is a concern for gold as well, because earlier in the year, the market was pricing in two or even three at times, rate cuts this year. And there was a bullish sentiment concerning Warsh coming in as a new Fed chair. By bullish, I mean the sense that he would be very easy, very accommodative. And then the war has completely changed that narrative. So both of those things are the dollar and the interest rates are obviously very negative for gold in the short term. So yeah, I definitely think the war is the main factor right now.

**Mark** (3:56)
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And the Financial Times reported this week that gold ETF flows turned negative from March to May with around 55 tons of outflows after nine straight months of inflows. And it also pointed to some central bank selling or swapping gold to defend currencies or raise cash, even as central banks globally remain net buyers of gold. So how do you read that mix? Do you see that as mainly speculative and liquidity driven selling after a crowded move?