Another 10X In Gold Is "Inevitable" | Thomas Kaplan

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Thomas Kaplan calls the current pullback in gold and the sharp retracement in silver a “1987 moment” for precious metals, arguing the move is a reset within a much larger bull market rather than a trend break. His core message is aggressively bullish: he says another 10x move in gold is “not just likely, but inevitable,” framing the recent drawdown as a buying opportunity for long-duration PM exposure. Kaplan, chairman of Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining, draws on more than three decades in the sector and says he moved into gold because of the long-term strategic case, with jurisdiction and grade at the top of his risk hierarchy. He highlights the Sunshine Mine in Idaho as a long-held conviction asset and notes that Sunshine began trading on the NYSE on June 4, 2026, reinforcing his emphasis on high-quality North American ounces over lower-quality or politically risky deposits. For the desk, the interview is supportive for gold/silver sentiment and for mining equities with clean jurisdictions and high-grade projects. Near term, the key risk is whether the post-rally correction in silver extends further, but Kaplan’s framing suggests strong dip-buying interest should persist as investors reassess the structural supply-demand setup and the scarcity value of premium assets.