Description
Bob Quartermain says the world's great gold deposits are getting harder to find, and the price will have to rise to make up for it.
Speaking with Kitco News at the Rule Symposium 2026, the Dakota Gold CEO and newly named Order of Canada member said the remaining deposits are deeper, lower-grade, and far costlier to find. "Those elephants at depth are rare, and they cost hundreds of millions of dollars to find," he said. "We're just gonna have to see a higher gold price to achieve the amount of production that we're currently seeing now."
Quartermain called the recent pullback "a breather in the bull market," pointing to central bank demand as the structural break from the speculative 2011 run. He noted gold has now passed US Treasuries as a reserve asset and China's holdings have grown from 33 million ounces to over 75 million, and explained why US gold output has fallen from over 10 million ounces a year to four or five since the Homestake mine closed.
Recorded July 08, 2026.
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00:00 - Welcome and Intro
01:37 - Gold Cycle: 1980, 2011 and Now
03:02 - Central Banks and Gold vs Treasuries
04:52 - Hemlo: Full Circle 40 Years Later
08:09 - Why Majors Miss the Big Finds
09:56 - Building Brucejack, Selling to Newcrest
12:24 - Why the Gold M&A Wave Is Just Starting
13:56 - Silver's AI and Data Center Demand
17:20 - Gold Supply Crunch and Jurisdiction Risk
20:44 - Reviving the Historic Homestake Mine
25:40 - How to Spot a World-Class Deposit
28:30 - Advice to Young Geologists
#Gold #Mining #DakotaGold #KitcoNews
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