Central Banks Built This Gold Bull and Wall Street Just Turned It Violent | Brien Lundin

Gold's brutal 40% miner selloff was a "classic washout," not a breakdown, says Brien Lundin, and what comes next could leave Wall Street watching from the sidelines.

Speaking with Kitco News at the Rule Symposium 2026, the Gold Newsletter editor and New Orleans Investment Conference host said the June 24 plunge to $4,000 "really felt like capitulation," and that level has held as a floor since. He likens today's sentiment to 1999 and 2000, the bottom that launched the entire 2000s bull. And he argues the market has changed hands: no longer driven purely by central banks, "the Western market is making the price and the central banks and China are taking the price," he said, concluding they were glad to do it because gold was on sale, a shift that turned the moves violent.

Lundin expects easy money regardless of hawkish Fed minutes, arguing "the math is the math" and that Chair Warsh was installed "for one specific purpose, and that's to lower rates." He even reads Warsh's tough-on-inflation messaging as "rehearsed," with Trump's silence the tell. And he warns the pros, "on the beach drinking their pina coladas," may return after Labor Day to find gold up 5 to 10% and mining stocks up 20 to 30%, gains "missed through sheer inattention."

Recorded July 09, 2026.

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