In this feature from the 2025 New Orleans Investment Conference, Adrian Day of Adrian Day Asset Management shares a detailed macro outlook that challenges mainstream narratives. He outlines clear signs of a slowing US economy, including weak employment and manufacturing data, while highlighting a concerning global trend of central banks easing monetary policy before controlling inflation. According to Day, these conditions set the stage for persistent inflationary pressures and potential long-term currency devaluation.

Adrian explains why gold and silver are still far from their market tops, citing low public participation, undervalued gold stocks, and continued central bank buying. He highlights two companies that stand out in the current environment: Dakota Gold, with strong US-based assets, and Midland Exploration, supported by major partners like Rio Tinto, Barrick, BHP, and Agnico Eagle. Day views these as well-positioned plays in an ongoing precious metals bull market with significant upside potential.

 

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Website: https://adrianday.com

 

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Key Market Insights This Week:

✅ US economy slowing with weak jobs and manufacturing data

✅ Central banks cutting rates while inflation stays high

✅ Gold still undervalued, nowhere near market top

✅ Silver up but below historical highs, driven by retail buying

✅ Gold miners like GDX trading below S&P 500 valuations

✅ AEM strong on free cash flow and solid fundamentals

✅ Dollar strength temporary, long-term weakness expected

✅ Gold likely to hold above 3600, not expected to drop to 3200

✅ Silver supply tight due to limited primary production

✅ Dakota Gold offers strong upside with quality US assets

✅ Midland backed by majors like BHP and Rio Tinto

✅ Low public interest in metals suggests more room to run

✅ Inflation still a tailwind for precious metals

 

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Chapters:

00:00 Adrian Day Joins the Show

03:00 Central Banks Cutting Rates Early

09:18 Gold Spike and Short-Term Outlook

12:33 How to Value Gold Accurately

16:43 Gold Pullback Timing and Trend

20:42 Short-Term Moves and Buyer Exhaustion

24:53 Gold Ratio Valuations

26:06 Gold Price Floor Estimates

26:53 Silver Outlook and Key Drivers

30:43 Conference Picks and Company Highlights

33:13 Midland Explor