At $4,400 gold, almost every mining project looks better. Brien Lundin says that may be exactly what makes this market dangerous.
Lundin joins Kitco News anchor Jeremy Szafron to explain why soaring gold prices are reviving previously uneconomic deposits, attracting money back into junior miners and transforming the balance sheets of major gold producers. But high prices can also conceal weak projects, excessive dilution and risks investors may not see until the cycle turns.
Lundin lays out the one obstacle even $4,400 gold cannot overcome, why explorers are typically the last mining stocks to move and why major producers could now offer three-to-five-times upside with less risk than junior exploration companies.
The conversation also covers China’s gold demand, record copper prices, the coming competition for new projects and why Lundin believes today’s copper price could eventually look like a discount. He also explains why gold initially falls whenever Federal Reserve Chair Kevin Warsh sounds hawkish—and why buyers keep stepping back into the market.
Lundin is editor of Gold Newsletter and host of the New Orleans Investment Conference. Kitco News will be reporting from this year’s conference, taking place October 28–31.
Register here: (https://neworleansconference.com/kitco2026/)
Recorded September 8 2026
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
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Follow Brien Lundin on X: @Brien_Lundin (https://x.com/Brien_Lundin)
CHAPTERS
00:00 Has $4,400 gold made mining better—or harder to read?
01:00 The “optionality” plays are finally paying off
03:27 Why gold miners still haven’t caught up to gold
06:02 China is buying more at $4,400 than it did at $3,000
09:01 Copper hits a record—and tells a different story
12:21 Seven factors that can kill a mining project
17:22 The one thing high gold prices cannot fix
18:26 Why an explorer can now become a miner
21:22 Money rushes back into junior mining stocks
23:14 Why explorers are the last mining stocks to move
36:12 Why major producers could outperform the juniors
37:49 Lundin’s costly admission: “I’m a lousy seller”
43:30 Why the market may be wrong about Fed rate hikes
#Gold #GoldMining #Copper
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequen
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
