Lundin and Maharrey agree: the Federal Reserve is boxed in.

On one hand, inflation persists—exacerbated by tariffs and supply chain distortions. On the other hand, the U.S. national debt demands lower interest rates to remain serviceable.

“They’re in a trick bag,” said Lundin. “The market’s addicted to easy money. Every new rescue package has to be bigger than the last.”

Normalized interest rates, historically around 6%, are off the table in today’s debt-soaked environment. That contradiction fuels uncertainty—and central banks are responding by accumulating gold at historic levels.

What makes this rally different?

“This is the first bull market in modern history driven by central bank demand,” Lundin explained. “They’re not emotional. They buy for strategic reasons and they don’t stop on corrections.”

That’s why recent pullbacks in gold have been shallower and shorter than expected—and why retail investors chasing this market may find themselves looking to silver and mining stocks for exposure.

Silver has climbed rapidly in recent weeks, briefly hitting $37 per ounce and holding strong above $35, a level last seen over a decade ago.

“There’s basically blue sky from here to $50 silver,” said Lundin. “We’re knocking on the door of the next leg up.”

Industrial demand, especially from the green tech sector, is now beginning to outpace new mine supply, creating additional tailwinds. Silver has run four consecutive annual supply deficits, and many analysts believe demand will only accelerate.

Meanwhile, the gold-to-silver ratio remains near 90:1, far above the historical average—another sign silver is still undervalued.

Maharrey and Lundin also addressed the persistent anti-gold bias among mainstream investment firms. Part of it, they argue, is structural: brokerages and banks simply don’t profit much from selling physical metal, which offers thin margins and limited trading volume.

But there’s also a deeper political discomfort: gold limits central bank power, acts as a barometer of fiscal mismanagement, and reminds governments they can’t print their way out of problems.

“They’ve spent decades making gold investors look like kooks,” Lundin said. “But the fundamentals keep proving us right.”

Looking ahead, Lundin is preparing for the 51st Annual New Orleans Investment Conference, a premier gathering for investors focused on gold, silver, and junior mining stocks.

“This is where the next ten-baggers are found,” he said. “You’ll hear from the top names in the industry and find real opportunities on our exhibit floor.”

New Orleans Conference (November 2 – 5, 2025) details and registration can be found at:
www.NewOrleansConference.com

And for monthly market commentary, mining stock analysis, and macroeconomic insights, visit:
www.GoldNewsletter.com