The Gold Selloff, and What the Experts Say Comes Next | This Week In Focus

Gold slipped below $4,000 this week for the first time since November, the AI trade came roaring back, and a major bank pulled its gold target. So what happens next? In the debut of This Week In Focus, Kitco News anchor Jeremy Szafron breaks down the week with four of the sharpest voices in markets, an economist, a former Fed insider, a financier, and a fund manager, and what they make of the selloff.

You will hear former Fed insider Danielle Di Martino Booth on the new Warsh Fed and the private-credit risk she says is already building, fund manager Lawrence Lepard on why he thinks the gold and silver bull is only in the "third inning," financier Frank Giustra on the dollar, de-dollarization, and central bank buying, and economist David Rosenberg, who called the 2008 housing crash, on why he thinks the bull is still alive and his warning to the AI crowd. Plus the story the Western headlines missed: while the West sold, China's banks made it easier for savers to buy the dip.

This is our very first episode. If you want This Week In Focus every Friday, tell us in the comments what to keep and who you want to hear from.

Recorded June 25, 2026.

CHAPTERS
00:00 The Week Gold Broke $4,000
00:40 The Tape This Week
01:50 The Fed's New Risk
03:20 The Debt Trap
04:50 The Dollar Question
07:00 China Buys the Dip
08:00 Is the Bull Done?
09:50 The Takeaway

Watch the full interviews:
Danielle Di Martino Booth: (https://youtu.be/0MC95IwhKVk)
Lawrence Lepard: (https://youtu.be/GRsXpcuqIc4)
Frank Giustra: (https://youtu.be/bNuljOP4Ric)
David Rosenberg: (https://youtu.be/ua9V2eOvWkU)

Are you buying this gold pullback, or waiting it out? Tell us in the comments.

#gold #goldprice #markets
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Transcript

SPEAKER_02 0:00

All right, it was the week. The headlines tried to call the top on gold. Now the price cracked, the sell-off led the business pages, and even one of Wall Street's biggest banks walked back its forecast. But that's not what we heard in this chair. Now, this week we sat down with some of the sharpest voices in the macro world, a former Fed insider, a legendary mining financier, the economist who called the housing crash, and one of the best known fund managers in the metal space. And almost to a person, I mean, they told us the same thing. This is not a top, it's the entry point. I'm Jerry Stafford. This is This Week in Focus. All right, and one quick thing before we get into it. This is our very first episode. Now, this week in Focus is a new Friday show where we take the biggest conversations we had all week, put them into one place so you walk away knowing what actually mattered. Now, if you like it, tell us in the comments. We're building this one for you and what you say is going to shape where this goes. So let's see that table because this week was wild. Uh the gold sliced under $4,000 on Wednesday, a level it hasn't touched since November. And by Thursday, it had clawed back above it. Even with the bounce, gold is down roughly 5% on the year. Silver, I mean, took even a harder hit, sitting near $58. So what drove it? Two things. According to the government's inflation report, the cost of living is now rising at its fastest pace in three years, 4.1%, which has the market bracing for the possibility that the Fed hikes rather than cuts. And according to the CME FedWatch tool, traders briefly put the odds of a hike to September around 70%. Now, at the same time, the other half of the market went the other way. Oil erased all of its wartime gains as the Strait of Hormuz reopened on progress towards an Iranian peace deal. And the AI trade came roaring back with Micron's blowout, uh its outlook lifting the NASDAQ. So gold gets squeezed, the Bank of America pulls its $6,000 gold target. That is the backdrop. Here's what the people who do this for a living made of it. And we'll start with the why. Now the Fed has a new chair this month, Kevin Warsh, and his first move was a hard turn, higher for longer, with the whole committee behind him. Former Fed insider Danielle DiMartino Booth says that that shift and what it could break matters more for gold than any single inflation print. Take a listen.

SPEAKER_03 2:23

If Warsh is going to kind of be the new sheriff in town and maintains higher for longer and thereby helps facilitate a blow-up in the private credit market that bleeds into the private equity market, then yeah, this was a great buying opportunity for gold because it doesn't matter where inflation is per se, because in times of financial crises, gold is where to hide. Um by way of something continuing. Because private credit's already blowing up, private equity is following it. But let's see if it bleeds into the public markets. But at the end of the day, you have to give Kevin Warsh credit because he he had a unanimous vote. I mean, that was that was absolutely shocking. Um and I suspect that some of the gray hairs in the audience, by the way, including Jay Powell, were probably barking like a seal with happiness that he wanted to go back to being a more succinct institution that leaks less.

SPEAKER_02 3:53

So her point, uh hawkish Fed that holds rates high could be the pin, and gold is the hiding place, which sets up the question every guest came back to. If the risk is real, why are they still buying? Now we also had fund manager Lawrence or Larry, as we call him. Lapard answer was the kind of bluntest of the week. He says we are nowhere near the end of this. Take a listen.

SPEAKER_04 4:15

I know which side of this I want to be on. I mean, I do not, in my opinion, we are in a bull market for silver and gold, and we are in the third inning, you know, not the ninth inning. So um, because this inflation issue has really not been resolved.

SPEAKER_02 4:29

Now his reasoning starts with a Fed he says is trapped by the debt.

SPEAKER_04 4:35

You can't shrink the balance sheet because if you do, the debt, the debt collapses, the entire structure collapses.

SPEAKER_02 4:40

All right, which leads us to uh his one rule, I guess, for the whole era.

SPEAKER_04 4:45

I think we've got inflation baked into the next five years at least, maybe longer. And and and the implications of that, as all your listeners know, is you want to own things they can't print and inflate, and silver and gold are at the top of the list, and Bitcoin's in there too.

SPEAKER_02 5:00

All right, so third inning, not the ninth. Hold that thought because the next guest takes it from a trade to a whole new monetary system. Now, the deepest take of the week came from Frank Justra, a guest of this show, who argues that the pullback is noise and that the real story is a monetary system being rebuilt underneath of us.

SPEAKER_00 5:18

Copper can easily go from what is a 620 a pound right now. Um, it could go to say eight, nine, ten dollars a pound. Gold, on the other hand, could pick a number. Gold can go from 4,000 to some crazy number because it's some it's it's part of the monetary system, and and we know that the fiat experiment, as we know it, is falling apart. That experiment's over. And so now uh so gold has a different upside dynamic potential than copper does. So you buy gold for a different reason than you buy copper.

SPEAKER_02 5:52

Now his evidence is in who already moved.

SPEAKER_00 5:56

They have a a strategic objective to switch reserves from dollars to gold, and that's happening. And and I think you said something about the the the amount of gold. Foreign central banks own more gold than US dollars now. And and a big part of that reason is because gold's gone up in value. Obviously, the value of those ounces of gold have gone up, but that's who would have predicted that, you know, 10 years ago. But here we are, it's happening.

SPEAKER_02 6:24

Now, his line on the dollars loss privilege struck with me.

SPEAKER_00 6:28

But seriously, the petrodollar, if it goes away, because it was an exorbitant privilege that was given to the U.S. to have their reserve currency, and then the petrodollar, and they've treated that privilege like an abused wife, okay, a battered wife. And um, so I think that uh that we're gonna see this change, but you're gonna see the United States react very harshly to those that try and exit the US dollar-petrodollar system.

SPEAKER_02 6:58

Here's why this one lands right now. Just this morning, Frank emailed me two words, told you, and attached this.

SPEAKER_01 7:09

Lower the interest rates you can have all the housing you want. But you have to understand, I don't want to have I don't want to hurt people that own houses, too. These people, for the first time in their lives, they have valuable houses, they become rich. I don't want to hurt them either. What you want to do is what's good for everyone, get the interest rates down. We have this numbskull that was the head of the Fed before, and he's a stupid person. And we call him too late because he was too late with the interest rates all the time. Um, we need low interest rates. Low interest rates will solve everything. We'll solve that. Now, despite that, we're doing well with housing. But what we're really doing well is oil is plummeting and costs are coming down, uh affordability.

SPEAKER_02 7:55

All right, now Jucio's argument is that the political pressure to push rates lower, to keep housing and the system moving, even at the dollar's expense, is exactly what ends up driving gold. This week you heard that pressure in the president's own words, you decide what it means. And here's the part of the story you won't see in Western headlines. As the price fell this week, China's banks did the opposite of panic. According to the Chinese state media, major lenders, including ICBC and China's construction bank, are cutting or waiving the fees on their gold savings plans, lowering the minimum buy-ins and extending trading hours, all to make it easier for ordinary savers to keep buying the dip. Now think about that. While Western money was heading for the exit, the world's biggest gold market was lowering the turnstile. That is the counter-cyclical demand that the bulls on this show keep pointing to happening in real time. Now, the economist who called the housing crash, David Rosenberg, says that the bull market isn't broken. It's just breathing. I asked if the bull market was over after the sell-off, and he doesn't even blink.

SPEAKER_05 8:57

No, I think the bull is still alive. You know, nothing goes in a straight line.

SPEAKER_02 9:03

Now, his tell for why the floor under gold is solid is the buyer that never left.

SPEAKER_05 9:08

What else has changed with gold, really? What's changed? I mean, it's still the beautiful, shiny, malleable metal that never changes its characteristic. This had nothing to do with the dowry season in India or um really about um uh about Costco selling its uh its nice uh little bars. This had to do with the cent it had to do with the central banks. You either invest along the central banks or you don't. Uh I choose to. Uh so um until that changes, and remember, it was the central banks that ended. The central banks cost the 20-year bear market, and then it cost the end of the 20-year bear market back in 1999.

SPEAKER_02 9:47

All right, but he also had warnings too, aimed at the other side of the trade, the AI winners, everyone piled back into this week.

SPEAKER_05 9:55

But I would say right now, for anybody sitting on these winners, especially uh in the semiconductor space and the AI space, remember that it's only a paper gain until you sell. I don't have so as you're asking me about, you know, my philosophy is I am not a momentum trader. I I do not invest that way. That's not even investing. I am not I'm not counting cards in Vegas and doubling down. I have never been scared to take profits. I enjoy taking profits. That's when you make your money.

SPEAKER_02 10:26

So here's the week in one line. The price said sell. The people who have done this for 30 years said the opposite. A former Fed insider, a financier, the man who called 2008 and a fund manager, uh veteran fund manager, I should say, all different lanes, and the same conclusion that a dip in gold is not the end of the story. It's the part where you're supposed to pay attention. And we're not done. We just sat down with Rick Rule, one of the most respected resource investors in business, and he called this drop in his words kind of heaven sent. That conversation is up on the channel now, and in a couple of weeks, I'll also be with him at the Rick Rule Symposium in Boca Ratan, bringing it to you live. The full interviews with every guest is linked below. If you want the macro and the metals, nobody else will give you straight, no hype, hit subscribe. And because this is our very first one, do me a favor. If you want to see this week in focus, every Friday, say so in the comments. Tell us what you'd keep, what you'd cut, who you want to hear from. We're building this for you. And while you're there, tell me are you buying this gold pullback or waiting it out? I'm Jeremy South, and for all of us here at KitCo News. That's this week in focus.