Adrian Day: Sentiment ‘Unbelievably Lopsided’ for Gold, Still ‘Very Undervalued’, Silver and Oil

Adrian Day: Sentiment ‘Unbelievably Lopsided’ for Gold, Still ‘Very Undervalued’, Silver and Oil

From Palisades Gold Radio by Collin Kettell

July 8, 2026 · 31 min

About this episode

Adrian Day discusses the undervaluation of gold and silver equities amidst negative market sentiment during an interview at the 2026 Rule Symposium.

Stijn Schmitz interviews Adrian Day at the 2026 Rule Symposium. Adrian Day is CEO of Adrian Day Asset Management and Manager of the EuroPacific Gold Fund. Adrian observes a significant opportunity in the resource sector, noting that gold and silver equities are trading at valuations near all-time lows, compounded by deeply negative sentiment. He points out that bullish sentiment for gold has plummeted to single digits, even hitting zero percent on one occasion, creating what he views as an exceptionally lopsided and contrarian setup. While acknowledging that gold bullion cannot be valued using traditional discounted cash flow models, he argues it is undervalued on an inflation-adjusted basis and relative to global debt and money supply, suggesting the current cycle has a long way to run before any potential overshoot. Day emphasizes that key indicators for market tops are primarily sentiment-driven, such as overwhelming bullish media coverage, unsolicited stock tips from the public, and lines forming outside bullion dealers. Harder data points include accelerating flows into gold ETFs and the emergence of premiums on physical products. For investors new to or underweight the…

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