"The Worst Sentiment I've Ever Seen in 50 Years" | Adrian Day

Gold-stock sentiment just hit a level Adrian Day has never seen in 50 years of managing money, one day two weeks ago, not a single investor surveyed was bullish. Speaking with Kitco News at the Rule Symposium 2026 in Boca Raton, the Adrian Day Asset Management chairman said miner bullishness has collapsed to around 7%, against a typical 60/40 split. He calls it "the worst sentiment I have ever seen in my 50 years managing money in any sector at any time," and argues it has left the big producers historically cheap, a Scotiabank study places them in their lowest valuation quartile in 70 years. Day, a value investor who says he is "not in the business of predicting," expects generalist money to rotate into gold once the S&P stops climbing, and points to the rotation already underway, in the four weeks before the conference, Microsoft, Amazon, and Nvidia all fell 15 to 20% while the S&P dropped just 2%. Still, he warns gold "could easily break the last low and go down to 3,600" first. Recorded July 08, 2026. Special thanks to our sponsor, Aris Mining, for making this coverage possible. To learn more, visit: https://www.aris-mining.com/ Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) 00:00 - Live From the Rule Symposium 01:01 - Risk vs Reward, Not Predictions 02:10 - The Gold Thesis and Mid-Cycle Corrections 03:42 - The AI Trade Rotation Begins 08:50 - Passive Flows and the 401(k) Effect 09:51 - Gold Sentiment Hits a 50-Year Low 11:40 - Where the Value Is in Gold Stocks 15:21 - How to Size Buys and Manage Risk 17:31 - Why Oil Is the Most Hated Trade 20:47 - Silver: Demand, Supply and Value 25:25 - Royalties and Streamers Explained 31:14 - Discipline: Staging Into Positions 36:20 - Know Yourself, Know What You Own #Gold #GoldStocks #AdrianDay #Silver #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram:   / kitconews   Facebook:   / kitconews   LinkedIn:   / kitconews   Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4Wgt... 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast... 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising 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.