David Morgan explains how the END GAME Plays Out for Gold & Silver!
In a wide-ranging conversation on the Gold Telegraph channel, legendary mining investor Pierre Lassonde sat down with host Alex Deluce to discuss the structural forces reshaping the global financial system – and why he believes a crisis is already forming beneath the surface.
Lassonde, known for his long track record in the mining industry and as a co-founder of Franco-Nevada, argued that the current environment closely resembles the 1970s.
He described today’s conditions as a period of stagflation, persistent deficits, and currency debasement, placing the present moment roughly around “1977” in the historical parallel.
Key Themes from the Discussion:
Gold’s Return to the Center of the System
Lassonde emphasized that central banks continue to buy gold aggressively, with countries including China, Poland, Malaysia, and Turkey leading the accumulation.
He noted a clear shift in price discovery from West to East, particularly toward the Shanghai Gold Exchange, as physical gold flows increasingly move to Asia. He also highlighted the rise of products like Tether Gold, which has hundreds of millions of wallets (many in developing countries) and is backed by physical metal held in Swiss vaults.
Lassonde suggested that if even a small percentage of global savings rotated into gold, prices could rise dramatically given the metal’s fixed supply.
Debt and Debasement
With global debt at extreme levels and U.S. debt near $39–40 trillion, Lassonde argued that governments have few good options. Raising taxes or cutting spending at the scale required would risk depression.
The more likely path, in his view, is continued currency debasement and financial repression. Trust in the existing system is eroding, which is why some countries have begun repatriating their gold reserves.
Copper as a Strategic Metal
Beyond gold, Lassonde stressed the critical importance of copper. He described copper as essential to modern civilization because it carries electricity. Rising demand from AI, data centers, electrification, and aging power grids (especially in the U.S.) is creating structural deficits. He called large copper-gold deposits “nirvana” for long-term investors because of their multi-decade mine lives and dual commodity exposure.
Mining Industry Realities
Lassonde discussed the well-known “Lassonde Curve,” noting that the time from discovery to production has lengthened significantly due to regulatory and permitting delays (now often 4–7 years). While some governments are beginning to fast-track projects for national security reasons, the industry still faces major hurdles. He prefers large, long-life deposits with strong management teams and advises investors to buy winners, cut losers, avoid excessive debt, and think in multi-decade terms.
Bottom Line
Pierre Lassonde’s core message was that a crisis is building – not as a distant possibility, but as an unfolding process driven by debt, deficits, and eroding monetary trust.
In this environment, he sees gold reclaiming a central role in the financial system and copper becoming one of the defining metals of the next economic cycle.
For investors, the emphasis remains on scarcity, long-life assets, and disciplined capital allocation.
Full interview below:
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