Gold has pulled back from its highs and silver has given up a large piece of a record run. Dr. Thomas Kaplan has seen this before, and he called it in advance.In this exclusive interview with Jeremy Szafron, the chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining says the drawdown is a "1987 moment" for precious metals, and that another tenfold move in gold is "not just likely, but inevitable."He also explains why he sold his energy company in 2007 and moved into gold, why...
Gold has pulled back from its highs and silver has given up a large piece of a record run. Dr. Thomas Kaplan has seen this before, and he called it in advance.
In this exclusive interview with Jeremy Szafron, the chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining says the drawdown is a "1987 moment" for precious metals, and that another tenfold move in gold is "not just likely, but inevitable."
He also explains why he sold his energy company in 2007 and moved into gold, why jurisdiction became his first worry instead of his tenth, what he means when he calls an asset a Rembrandt, and what he would say to somebody who bought silver during the surge and is underwater now.
Kaplan has been an investor in precious metals for more than three decades. He pointed at the Sunshine Mine in Idaho in 1993 and told his fiancée he would own it one day. His company bought it in 2010, and it began trading on the New York Stock Exchange on June 4, 2026.
Recorded August 20, 2026
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
00:00 He waited 33 years for one mine
01:30 The Oxford thesis that became a career
03:30 What history gives you that a spreadsheet doesn't
06:00 The sleeping well rule
08:00 Why grade and jurisdiction beat everything else
13:30 China controls the refining, not just the mining
18:00 Why he refuses the word vindication
20:00 "This is a 1987 moment"
21:30 Gold at 30, 40, 50 thousand
23:00 The chart where the 1987 crash disappears
27:00 "Silver is the thoughtful person's Bitcoin"
28:30 Selling the business that had just worked
35:00 How to tell conviction from stubbornness
40:00 "They will take it from you"
48:00 Who pays for a 9 billion dollar gold mine
51:00 Japan, Korea and the sovereign money question
56:00 "I was Moses, John Paulson was God"
1:00:00 What it means to call an asset a Rembrandt
1:03:00 For the person who bought silver too late
#gold #silver #kitconews
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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