$4,400 Gold Can Fix Almost Any Mining Project Except This | Brien Lundin

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Brien Lundin argues that a $4,400/oz gold price would make almost every mining project look better, reviving previously uneconomic deposits and pulling money back into junior miners while major producers gain stronger balance sheets. He warns, however, that very high prices can also mask weak projects and excessive dilution, with explorers typically the last segment to re-rate and major producers potentially offering 3-5x upside with lower risk than junior explorers. The discussion also flags China’s gold demand, record copper prices, and intensifying competition for new projects as medium-term support for the mining complex. Lundin says gold tends to dip when Fed hawkishness picks up, but buyers have repeatedly stepped in, leaving the broader tone constructive for bullion and select producers.