Gold Got Dumped for Cash, That’s Exactly Why You Own It | Adrian Day
Kitco News: 11-4-2026
Gold fell back under $4,000 as AI stocks slid, and Adrian Day says that’s the metal doing its job. When markets crack, investors raise cash, and gold is one of the things they always sell.
“That’s exactly what you own gold for,” says the chairman and CEO of Adrian Day Asset Management. At the New Orleans Investment Conference, Day tells Kitco News anchor Jeremy Szafron he sees strong support near $3,650 and doesn’t expect a V-shaped recovery, but he remains “extremely bullish” on the fundamentals.
He points to past market shocks, from 1974 to 2008, after which he says gold and gold stocks returned 50% to 100% within 12 to 18 months, and to clients he has seen sell out and never get back in.
The miners, he argues, are in the best shape they have ever been, with margins wide enough to absorb rising diesel costs and cash flow growing faster than any other S&P sub-sector over the past three years.
For anyone who already owns some physical gold, he thinks the stocks are the better buy today, and he expects generalist money to return once the S&P 500 falls for a few months in a row.
After the reported hack of crypto exchange Binance, he also makes the case that physical gold “can’t be hacked.”
00:00 Welcome to the New Orleans Investment Conference 2026
00:55 $1,650 Costs and Diesel Hedges at the Big Gold Miners
02:12 Waiting for the War to End Before Buying Oil, and the SPR Refill
03:58 Which Miners Are Most Exposed to Diesel
05:08 Gold’s Drop Below $4,000 and Liquidity Selling
07:09 Royalty Companies Hold Up Better
09:01 Buy the Dip or Wait on Gold
10:32 Staying Invested Through Gold Volatility
13:51 Under-the-Radar Junior Ideas
15:11 The Uranium Price and Stock Disconnect
17:35 The Binance Hack and the Case for Hard Assets
18:43 Physical Gold vs Gold ETFs
19:56 What Brings Money Back to Gold, and Value Overseas
22:54 Cash, Treasuries and Buybacks vs Dividends for Miners
25:55 Day’s Rules for Selling a Gold Stock
28:08 From the LSE to Gold, and the Speed Round
31:01 Midterms, Windfall Taxes and Mine Permitting
32:43 Gold Miners Lead the S&P in Cash Flow Growth