Richard Young

Richard Young believes gold and commodities are in a 5-, 10-, even 20-year bull run. He cites a structural shift in the gold market: central banks were sellers for the first 20 years of his 35-year career but have been buyers since the GFC and stepped up purchases after Russia's invasion of Ukraine. He says hard assets are the future over the next decade and his family is all-in on gold equities.

Richard Young believes gold and commodities are in a 5-, 10-, even 20-year bull run. He cites a structural shift in the gold market: central banks were sellers for the first 20 years of his 35-year career but have been buyers since the GFC and stepped up purchases after Russia's invasion of Ukraine. He says hard assets are the future over the next decade and his family is all-in on gold equities.

Trey Reik argues gold mines are among the longest-duration endeavors on the planet, yet gold stocks trade like water. He applies Warren Buffett's moat analogy to mining: completed large mines such as Detour or Mardic can be impossible to recreate in less than 20-30 years, so long-life, high-quality mines in stable jurisdictions should become very valuable. Richard Young agrees and adds that hard assets have moats around them.

i-80 Gold owns four past-producing Nevada gold mines acquired from Barrick and Newmont, with larger ore bodies defined over five years. The company completed a difficult recapitalization and now has five feasibility or prefeasibility studies expected within 12 months, an autoclave refurbishment, and a plan to grow toward 600,000 ounces annually by the early 2030s, with a path to the 2050s, based on current gold prices. Young sees an 8-10 billion NAV and multiple re-rating opportunities through the end of the decade.