Name: Gold Rally Finished? Why This Run Is 'Dramatically Different' | Gwen Preston
Uploaded: 2025-10-22T18:21:53+00:00
Duration: 2063 s

Speakers

Gwen Preston — VP Communications, West Red Lake Gold Mines

Summary

Gwen Preston of West Red Lake Gold Mines discusses the unprecedented gold rally, arguing it is structurally different from prior cycles due to de-globalization, central-bank buying, and new investor flows. She explains why gold miners may still be under-owned and outlines West Red Lake Gold's ramp-up at Madsen, the Rowan satellite project, and its path to roughly 100,000 ounces annually. She also comments on producer hedging, Treasuries, the dollar, crypto as a hedge, and downside-risk strategies.

Gold's rally is driven by structural de-dollarization and central-bank demand.
Generalist funds and new gold-backed vehicles are adding to demand.
Gold miners have rallied but may not yet reflect full leverage to gold.
West Red Lake Gold is ramping Madsen toward commercial production in early 2026.
WRLG plans to add Rowan and grow Red Lake output toward 100,000 ounces annually.
Gwen sees producer hedging and capital discipline as key risk-management topics.
She says crypto is not an effective hedge and Treasuries face structural demand shifts.

Ideas

Gwen Preston VP Communications, West Red Lake Gold Mines 1:11

Ramp-up and growth path undervalued.

West Red Lake Gold is ramping its Madsen mine toward commercial production in early 2026, with ore tonnage increasing on schedule. It has a funded plan to expand production from roughly 50,000 ounces in 2026 to about 60,000 in 2027 and near 100,000 ounces annually in the Red Lake region after adding the Rowan satellite project in 2028. A recent C$40 million raise pulls forward projects to increase output sooner. Gwen believes the market is still focused on whether Madsen will work and that WRLG is lagging other gold miners in responding to the gold price; as it proves commercial production and charts a path to significant production growth, this could create significant value for investors.

Gwen Preston VP Communications, West Red Lake Gold Mines 1:56

Structural drivers keep gold rationale strong.

Gold's unprecedented rally is dramatically different from 2020 because it is driven by structural de-globalization and de-dollarization, sustained central-bank gold buying, tariff wars, new demand from generalist funds entering the gold space, and new vehicles like Tether's gold-backed coin. While she will not make price predictions and acknowledges corrections are normal, the rationale for gold to remain very strong is firmly in place.

Gwen Preston VP Communications, West Red Lake Gold Mines 17:05

Miners under-owned; need gold longevity.

Gold miners have surged with gold, but Gwen does not think investors are fully on board or leaning hard into miners; share prices are not showing the leverage to gold that would appear if investors fully believed in the move. She thinks the market needs to better understand the longevity of the gold price move before investors jump in with both feet, implying further upside potential if the gold thesis is sustained.

Gold Rally Finished? Why This Run Is 'Dramatically Different' | Gwen Preston

Summary

Ideas

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