In this interview on MINING.com, Tavi Costa (Founder & CEO of Azuria Capital) breaks down the major signal from the U.S. Treasury’s decision to double purchases of long-dated bonds.
Key takeaways:
- The Treasury’s move is a form of financial repression — suppressing yields while weakening the dollar. Costa sees this as a multi-year trend.
- Gold surged (toward $4,400) because it is the primary beneficiary of yield suppression + dollar weakness.
- Silver, copper, and mining stocks are the second-order winners.
- China is racing to accumulate gold to stabilize its own highly leveraged system. Both the U.S. and China need higher gold prices, creating a global monetary competition.
- Mining companies are still extremely conservative (focusing on cash flow, dividends, and debt reduction instead of aggressive growth or M&A). This delay is actually bullish longer-term.
- Costa prefers large-cap miners first, followed by mid-tiers and quality juniors later, as many smaller companies are still priced as if gold were under $2,000.
- He argues mining is a better (and cheaper) way to play the AI/infrastructure boom than overvalued tech stocks, because metals and power are the real constraints.
Overall message: The Treasury just confirmed the path of least resistance is higher gold and a weaker dollar. Corrections remain buying opportunities.
Watch the full interview below:
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