Recorded on April 7 2026
Andy Millette sits down with Adrian Day for a sharp macro conversation on gold, silver, juniors, oil, central bank behavior, and why this correction may be creating some of the best value the sector has seen in a while. Adrian explains why he was taking profits into the earlier run, why he has recently been buying again with a much narrower focus, and why he believes many juniors and mid-tiers now offer stronger upside than the names that already ran hardest. He also breaks down why he is fully convinced this is not the final top for gold, why large corrections are normal inside long bull markets, and why central bank buying remains a major force behind the long-term thesis. The conversation then turns to oil, recession risk, the Fed, private credit stress, and why Adrian believes markets could see more QE before meaningful rate cuts. If you want a serious discussion about value, risk, liquidity, and where the best opportunities may be forming across natural resource markets, this interview delivers. #Millettian
Key topics
Gold correction versus final top
Why Adrian Day has been buying aggressively again
Why juniors and mid-tiers may offer better value today
Why the best seniors still matter for new investors
Central bank gold buying and the long-term gold thesis
Iran conflict risk and market volatility
Why higher oil prices can be deflationary for business
Why Adrian expects more QE and later rate cuts
Oil stock valuation and capital discipline
Guest links
https://adrianday.com/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@NaturalResourceStocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
TikTok https://www.tiktok.com/@natural.resource.stocks
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Chapters
00:00 Cold open
02:12 Intro
02:27 Gold correction and taking profits
03:35 Buying aggressively again
04:30 Why juniors offer better value
06:55 Investor psychology in gold
09:34 Why Adrian says this is not the top
14:14 Oil prices and deflationary pressure
16:48 Recession risk and central banks
17:30 Fed shift and why QE may return
23:22 QE before rate cuts
24:03 Oil market relief scenario
25:25 Why oil looked undervalued
28:09 How to work with Adrian Day
30:10 Outro
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