Gold has spent the past several days seesawing above and below the $4,000-an-ounce mark as investors weigh a stronger US dollar, shifting interest-rate expectations and the implications of higher oil prices. Yet Adrian Day believes the market is becoming too focused on the short term.
In this edition of Top of Mine, the veteran investor explains why central banks remain the foundation of the gold market, why copper’s long-term story has little to do with artificial intelligence, and why the biggest opportunity in mining may still lie in companies that generalist investors continue to overlook.
Day also outlines an intriguing chain of events that could reshape the gold market over the coming year. He says higher oil prices don’t just fuel inflation—they can weaken economic growth, forcing central banks to rethink higher interest rates. If that plays out, he says, gold could once again challenge its record highs.