The Financial System Is Cracking - Why Gold & Commodities Could Surge

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Jonathan Wellum argues the market is mispricing gold miners despite margins running above $3,000/oz, saying equities still trade as if gold were far lower. His core call is that the gap between commodity cash flow and mining-stock valuations is unusually wide, creating a potentially attractive entry point across precious metals and broader commodities. He links the bullish case to a mix of structural drivers: record central bank gold buying, the debasement trade, deglobalization, and Western dependence on China for critical minerals. Wellum also says the world is underproducing several key inputs — including copper, silver, uranium and gold — while capital continues to crowd into AI and related capex themes. For traders, the takeaway is constructive for the complex, especially miners and silver, if the macro backdrop stays supportive and central-bank demand remains strong. The interview is more thematic than tactical, but it reinforces the idea that mining equities could catch up to underlying cash generation if bullion remains elevated and investor flows rotate toward hard assets.