Tavi Costa Says Bull Market Just Beginning as Mining Stocks Break Out to Multi Month Highs

Gold’s surge is no accident—it’s a global monetary shift. Speaking to Kitco Mining at the 2025 Precious Metals Summit in Beaver Creek, Crescat Capital partner and macro strategist Tavi Costa explains why this marks the beginning of a new bull market for hard assets.

For the first time since 1996, foreign central banks now hold more gold than U.S. Treasuries—a generational shift that Costa calls a signal of declining trust in fiat systems. With inflation reaccelerating, record government debt, and growing political pressure on the Fed, Costa sees real interest rates staying suppressed, fueling a massive rotation into gold, silver, energy, and mining equities.

Costa believes we’re still early in the cycle, pointing to decade highs in GDX and GDXJ, rising M&A activity, and renewed institutional interest in junior miners. He forecasts silver to hit new highs within 12 months and warns that energy exposure is now essential as oil charts a long-term uptrend.

He also flags a contrarian risk: The Fed may pause on rate cuts despite market expectations, adding fuel to the gold and silver breakout. Capital is now flowing into sectors long ignored—and Costa says the crypto crowd is next to enter the hard asset space.

Keep following Kitco Mining for more exclusive interviews from the Precious Metals Summit in Beaver Creek, and subscribe to stay up to date with the latest insights.

00:35 Gold's Rising Influence
02:26 Global Economic Shifts
04:24 Federal Reserve and Interest Rates
09:04 Gold Price Predictions
10:41 Mining Industry Insights
16:01 Mergers and Acquisitions in Mining
19:34 Future Outlook for Precious Metals
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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

The opinions and information shared by Tavi in this discussion are his own, and not necessarily those of Crescat. Any investments discussed may or may not be held by Crescat. Investments carry risk including risk of loss.