David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris to break down gold’s renewed surge, silver’s upside, mining M&A, strategic investments in juniors, and whether producers are returning too much cash instead of funding future growth.

Erfle says gold’s breakout was driven by a weaker U.S. dollar, falling long-term yields, Treasury debt-buyback moves, and markets positioning ahead of the Fed’s Jackson Hole symposium. With oil back above US$90 per barrel, U.S. debt topping US$40 trillion, inflation still elevated, and growth slowing, Erfle says the Fed is trapped between supporting the economy and reviving inflation. “This is basically the road towards stagflation, and that is rocket fuel for precious metals,” he said.

Erfle also compares the latest gold and silver correction with the 2008 setup, outlining a scenario for much higher metals prices by 2029. He explains why late-stage developer ounces could attract more M&A into year-end, how Beaver Creek and Denver Gold Forum could become dealmaking catalysts, and why strategic investments from majors can validate juniors while setting up potential bidding wars. He also discusses OceanaGold’s US$549 million Ausgold deal, Canada’s mining and permitting response to U.S. tariffs, producer buybacks and dividends, bullion on balance sheets, and critical minerals valuations.

Recorded August 20, 2026.

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00:00 - Welcome and Market Setup
00:26 - Iran Conflict and Oil Risk
01:11 - Gold Surge Explained
05:51 - Debt, Buybacks and the Fed Trap
09:36 - OceanaGold Buys Ausgold
11:18 - M&A Cycle and Conference Catalysts
12:08 - Majors Funding Junior Explorers
17:20 - Producer Cash Returns Versus Growth
20:17 - Dividends and Gold on Balance Sheets
21:33 - Critical Minerals Valuations
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.