Veteran money manager Adrian Day, Chairman & CEO of Adrian Day Asset Management, joins host Andy Millette to unpack why he believes the gold-equities bull market is still in its early innings — and why most investors haven’t even noticed yet.
Day explains how public participation remains almost nonexistent: your dentist, your Uber driver, and your neighbor aren’t buying gold stocks. To him, that’s the ultimate contrarian tell. Despite strong metal prices and record central-bank buying, the average retail investor still chases the S&P 500. That disinterest, he argues, means we’re nowhere near the top of this cycle.
He walks through the psychology of every gold bull market: an early-adopter phase, a consolidation, a mid-cycle correction, and finally the euphoric blow-off. Each correction, he says, offers disciplined investors a chance to rebalance, trim risk, and reload for the next leg higher — not to exit entirely.
Adrian details why Agnico Eagle continues to look inexpensive on a price-to-free-cash-flow basis, why Fortuna Silver trades around six times cash flow despite a multi-asset pipeline, and why the prospect-generator model — highlighting Midland Exploration — still provides asymmetric upside without constant dilution.
He breaks down special-situation trades such as strategic-seller overhangs and overnight financings that create short-term entry points. Then he turns to turnaround candidates like Equinox Gold and B2Gold, where operational improvements and cost discipline could trigger major reratings.
Looking ahead, Day previews a new generation of royalty and streaming companies, including Summit Royalties and Evolve Royalties, emphasizing the importance of fair IPO pricing for long-term credibility in the space.
On the macro side, he flags the confluence of global catalysts — geopolitical flashpoints, persistent U.S. deficits, potential Fed policy shifts, and investor fatigue with megacap tech — that could accelerate the rotation toward real-asset equities. He also outlines how his firm manages position sizing for conservative clients, when he starts trimming winners, and the signals that tell him the market is overheating.
This full conversation is a masterclass in cycle discipline, valuation logic, and practical portfolio management for the precious-metals sector.
