Is the "Build Phase" of the AI revolution creating a structural inflation shock the market is ignoring? Tavi Costa, Founder and CEO of Azuria Capital, joins Senior Anchor Jeremy Szafron to map out the collision between massive global debt, shrinking physical metal supplies, and the scramble for strategic resources.
They break down why the math behind central bank reserves is shifting, with gold surpassing U.S. Treasuries as a primary reserve asset. Tavi argues this isn't just a political statement, but a calculated response to a Treasury market increasingly behaving like an emerging market. The discussion moves into the mechanics of the supply crunch, explaining why record-high copper and silver prices are failing to incentivize new production due to the "byproduct trap." Finally, Tavi addresses the "Build Phase" paradox: while AI may be deflationary in its mature stage, the current, capital-intensive race to construct the global electrical grid is consuming raw materials at an unsustainable rate.
Recorded June 3 2026
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)
Follow Tavi Costa on X: @TaviCosta (https://x.com/TaviCosta)
00:00 Gold Tops Treasuries
00:57 Debt Trap And Rate Suppression
03:58 What Breaks If Fed Hikes
05:48 Main Street Inflation Squeeze
08:50 Populism And Mining Risk
09:17 Emerging Markets Rotation
11:11 Copper Price Discovery
14:13 Where New Supply Comes From
17:39 Silver Deficit And Repricing
20:54 Mining M&A And Orla Risks
23:43 Pricing Jurisdictional Risk
29:39 Argentina As Reform Roadmap
34:28 Government Metal Intervention
39:01 Managing Mining Volatility
45:56 What Would Break The Thesis
49:19 Closing Thoughts
#KitcoNews #Gold #Copper #MiningStocks #TaviCosta #Inflation #Macro #AI #Silver #Investing #Commodities #Mining
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X: https://x.com/kitconewsnow
Instagram: https://www.instagram.com/kitconews
Facebook: https://www.facebook.com/KitcoNews
LinkedIn: https://www.linkedin.com/company/kitconews
Listen to the PODCAST on
🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof
🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233
🎧 All podcast episodes available here → https://kitconews.buzzsprout.com
Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart: https://www.kitco.com/charts/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto
Learn more about Kitco News: https://www.kitco.com/news/about/
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising
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.
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.
