Name: $3,600 Gold Price Is 'Early Stages', What's Next For Markets? | Joe Ovsenek
Uploaded: 2025-09-20T02:04:47+00:00
Duration: 2007 s

Speakers

Joe Ovsenek — President & CEO, Tudor Gold

Summary

Joe Ovsenek, CEO of Tudor Gold, discusses why he believes gold is in the early stages of a bull cycle driven by central-bank buying, geopolitical bifurcation, inflation, and constrained mine supply. He says capital is finally flowing down to junior miners and explorers, producers are financially healthier than in 2011, and eventual reserve-replacement M&A should benefit developers. He details Tudor Gold's Treaty Creek project, its 21.66 million indicated ounces, path to a starter mine, financing position, and upcoming catalysts including a November resource estimate and mid-2026 PEA.

Gold sentiment and financing have improved versus last year.
Joe Ovsenek sees gold in an early-stage bull market with central-bank demand and limited supply.
Capital is trickling down from seniors to juniors and explorers.
Gold producers are disciplined, paying debt, paying dividends, and cleaning up balance sheets.
M&A is expected eventually as producers need to replenish reserves.
Tudor Gold has a large Treaty Creek gold resource and aims for a 250,000-300,000 oz/year starter mine.
Tudor Gold is funded near-term and may use flow-through financing later this year.
Upcoming catalysts include drill results, permitting, a November resource estimate, and a mid-2026 PEA.

Ideas

Joe Ovsenek President & CEO, Tudor Gold 1:20

Capital flowing to junior gold miners.

He explains that when gold rises, capital historically flows first to senior producers, then intermediates, then junior miners, and finally explorers. Last year at Beaver Creek the money had not trickled down that far. This year it has: junior and explorer financings are being completed, and companies have capital to drill and build. That improved access to capital directly benefits junior gold miners and explorers.

Joe Ovsenek President & CEO, Tudor Gold 3:37

Gold bull cycle is early.

Ovsenek argues gold is in the early stages of a bull cycle, not the 2011/2012 peak. This cycle is fundamentally different because inflation is back, the world is bifurcating between BRICS/developing nations and the US/Europe, and central banks—especially in the BRICS—are buying gold rather than holding US Treasuries that could be sanctioned or cut off from SWIFT. Foreign central banks now hold more gold than Treasuries. Supply is constrained because new mines take a long time to permit and build, while demand is rising, so price is the only release valve. With gold at $3,600 and up about 45% this year, he sees more room to climb.

Joe Ovsenek President & CEO, Tudor Gold 7:19

Gold producers have strong fundamentals.

Ovsenek notes that this cycle producers are not dropping cut-off grades as much as they did in the last boom, so they are actually making money. They are paying off debt, paying dividends, banking cash, and cleaning up balance sheets. He also says they are being fiscally disciplined, which positions them better than the 2011-era producers.

Joe Ovsenek President & CEO, Tudor Gold 11:22

Tudor Gold advancing large gold project.

Tudor Gold's Treaty Creek project in BC's Golden Triangle hosts 21.66 million indicated ounces plus 4.88 million inferred ounces of gold, with relatively high grade for a bulk-tonnage deposit. The company recently acquired American Creek to raise its interest to 80%. Management previously built the nearby Brucejack mine from discovery to production in under eight years. The plan is to isolate a higher-grade 3-5 million ounce starter resource at 2-3 g/t, build an 8,000-10,000 tpd mine producing 250,000-300,000 oz/year with $1-1.5 billion capex, and then expand. Tudor is well capitalized with about $8 million expected at quarter-end and may raise flow-through capital at a premium later this year. Catalysts include fall drill results, underground permitting, a November resource estimate, and a PEA by mid-2026.

$3,600 Gold Price Is 'Early Stages', What's Next For Markets? | Joe Ovsenek

Summary

Ideas

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