Legendary precious metals investor Lawrence Lepard says this gold selloff is a pause, not the peak. With gold off its highs and the mainstream calling the run finished, he explains why he is still buying and why he believes the real move is still ahead. Is the gold bull market over, or is this the dip before the next leg higher?
Gold ran to a record 5,589 dollars and silver cleared 121 dollars before both pulled back hard, and this week new Fed Chair Kevin Warsh delivered a hawkish hold that surprised the market. Larry Lepard, founder of Equity Management Associates and author of The Big Print, sits down with Kitco News anchor Jeremy Szafron to explain why the correction does not worry him, why he believes the real move is still ahead, and what the average saver should actually do right now.
Jeremy and Larry get into the debt doom loop and the 1.3 trillion dollars a year the US now spends just on interest, the 9 trillion in debt that has to be refinanced, why Lepard expects yield curve control and the big print, the strong dollar and positive real rates working against gold today, silver's run to 121 and the supply deficit underneath it, why he sees the best value in the silver miners, the honest case for and against bitcoin as digital gold, and his view that there is a better world on the other side of this through a return to sound money.
Recorded June 18 2026
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
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Follow Lawrence Lepard on X: @LawrenceLepard (https://x.com/LawrenceLepard)
CHAPTERS
00:00 Gold's Record Run And The Selloff
01:00 Why Lepard Is Not Worried About The Correction
04:00 The Debt Doom Loop And 1.3 Trillion In Interest
08:00 Kevin Warsh And The Hawkish Fed Surprise
10:00 The Big Print And Why Yield Curve Control Is Coming
12:00 I Blew The Call: Lepard On Getting The Fed Wrong
15:00 The Strong Dollar And Real Rates Problem For Gold
18:00 Why A Rate Cut Could Come Before The Midterms
21:00 Gold And Silver Are Still Early In This Bull Market
22:00 Silver's Run To 121 And The Supply Deficit
25:00 Why Silver Miners Are The Real Opportunity
36:00 The Bitcoin Question: Digital Gold Or Hype
44:00 What The Average Saver Should Do Right Now
48:00 The Hope Note: A Return To Sound Money
52:00 Final Thoughts And Greenspan's Lesson
#gold #silver #LawrenceLepard
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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 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.
