PodcastCommodity CultureGianni Kovacevic

'I Still Like SILVER' - $200 a 'When, Not If' Question: Gianni Kovacevic

The discussion links China’s expanding role in gold with broader de-dollarization and examines commercialization prospects for direct lithium extraction. It also focuses on precious-metals valuations, volatile mining equities, copper’s potential trading range, and speculative drilling opportunities in gold, tungsten, and copper. The guest forecasts substantially higher gold and silver prices, a renewed lithium boom driven by battery demand, and significant upside for select companies, while identifying the conditions behind those views.

Precious MetalsSilverGoldBase MetalsCommoditiesMarket Volatility

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Key Takeaways

The guest links China’s position as the world’s largest government-level gold buyer and miner, along with Chinese citizens’ gold purchases surpassing India’s, to broader de-dollarization. Against that backdrop, he views gold at $4,000 and silver near $58–$60 as psychologically normalized, even though those levels represent an unusually strong precious-metals environment.

The speaker sees substantial upside remaining in precious-metals equities despite gold’s sharp rise: portfolios have rebalanced from roughly 10% to 30%–40% gold exposure, yet he says high-quality gold equities remain undervalued at $4,000 gold and that silver producers are priced as if silver were only $35–$40 rather than $60. He forecasts potential gold prices of $8,000–$10,000 and silver prices of $160–$200 if debt remains unsustainable and de-dollarization continues.

Precious-metals exposure can involve extreme volatility even within a bullish thesis: First Majestic rose from $7 to $44 before falling back to $22, while the guest argues Agnico Eagle could return above C$300 and potentially rise even if gold declines by $500 per ounce. He characterizes a 20% stock-market decline as a normal correction, with continued global money-supply growth contributing to market resilience.

The copper outlook combines strong Chinese demand with a potential price plateau rather than a return to prior lows: China buys about 50% of global copper, copper recently reached an all-time high near $6.50 per pound, and the guest expects any decline to stabilize around $5.50–$7.00 rather than return to $3. Separately, Super Copper is presented as a discovery-driven speculation centered on a 5,000-metre drill program at two low-elevation Chilean projects and a potential high-grade IOCG deposit.

GEO-POLITICS

China’s Gold Demand — The guest argues that China’s growing role in the gold market reflects broader de-dollarization. He describes China as the world’s largest gold miner and government-level buyer, while saying Chinese citizens have surpassed Indians in total gold purchases.

“Well, as I said before, the overarching master theme is the continued de-dollarization. And this propensity for BRIC-type countries to do settlements not in the US dollar…”—

TECHNOLOGY

DLE Market Share — The guest argues that direct lithium extraction, or DLE, could account for 20%–30% of the lithium market by 2030. He expects the overall lithium market to be two and a half times larger by then and cites technological progress at SLB and Exxon as evidence of advancing commercialization.

“It's not going to come from the salars of South America. It's not typically going to come from hard rock mining, not all of it…”—

MARKETS

Precious Metals Psychology — The guest argues that gold at $4,000 and silver at roughly $58–$60 have become psychologically normalized, despite signaling a very strong precious-metals environment. As a result, some investors remain dissatisfied with substantial gains.

“And silver's going to blast through the old all-time high, go to $60 and stay there for 2 years. People would be doing cartwheels down Bay Street in Toronto…”—

First Majestic Volatility — The guest describes First Majestic as a highly volatile silver-mining stock, citing a move from $7 to $44 and then back to $22.

“It gets pushed around up and down…”—

Gold Rebalancing — The guest sees portfolio rebalancing as an adjustment after gold’s sharp rise, citing portfolios that increased their gold exposure from 10% to 30%–40%. He argues that high-quality gold equities remain priced below the level implied by $4,000 gold.

“I said this before when those classic Swiss thinking when when that those portfolios went from 10 to 30 or even 40% value of gold because the gold price moved…”—

FORECASTS

Gold and Silver Targets — The guest predicts that gold could reach $8,000–$10,000 and silver could reach $160–$200 if unsustainable debt and de-dollarization continue. He frames the outcome as a question of timing rather than probability.

“It's all about un- untenable debt levels. this continued trend of de-dollarization…”—

Silver Producer Valuation — The guest argues that silver producers are being valued as though silver were priced at $35–$40, even though he identifies the current silver price as $60. He presents this disconnect as a potential source of upside for the sector.

“But effectively, the takeaway, we are the silver producers are discounting something like like they live in 35 and $40 silver world where, as we know, the silver price is…”—

Agnico Eagle Upside — The speaker argues that Agnico Eagle remains undervalued relative to the gold price and expects its shares could return to above C$300. He also says Agnico Eagle could rise even if gold falls by $500 an ounce.

“Agnico Eagle is going higher. Gold could fall $500 an ounce and Agnico Eagle's going to go higher…”—

Intro

Gianni Kovacevic argues that gold and silver can continue rising because debt, de-dollarization, and constrained investor positioning make much higher prices a question of when, not if.

Where is Silver Going Next?

He favors volatile silver producers such as First Majestic alongside tiny, cash-backed explorers offering drill-driven five- or ten-bagger speculation.

Major Opportunity in Silver Miners

Kovacevic forecasts gold reaching $8,000 to $10,000 as China accumulates bullion, BRICS countries reduce dollar settlements, and portfolios gradually absorb de-dollarization.

Gold is Going to $10,000

He sees Agnico Eagle and other high-quality gold producers as severely mispriced, while also favoring low-market-cap gold-tungsten explorers such as Aben Gold.

Which Gold Stocks to Outperform?

Kovacevic expects a healthy broad-market correction but says expanding global money supply supports equities, while a major selloff could ultimately boost gold, silver, and commodities.

Is a Crash Coming for the Broad Market?

He views copper's current $5.50-to-$6.50 plateau as sustainable, rejects a return to $3, and prefers small drill-hole opportunities such as Super Copper over producers.

Copper Hits New All-Time Highs

Lithium is described as the market's most mispriced sector, with battery demand potentially tripling and direct lithium extraction becoming increasingly commercial through companies including SLB and Exxon.

Lithium is Massively Undervalued

Kovacevic identifies Lithium Bank's Alberta Boardwalk project as a potential major revaluation opportunity because SLB is advancing its feasibility work and may help commercialize the asset.

Investment Thesis for Phosphate

He links phosphate demand to lithium-iron-phosphate batteries and favors First Phosphate's igneous Quebec deposit, expecting feasibility studies for both companies by early 2027.

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Important Disclaimers

Not Investment Advice: For education only — not financial, tax or legal advice.

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