Heads Up Poker Podcast

Adrian Day of Adrian Day Asset Management joins the 2025 Rule Symposium with a sharp macro analysis on gold, copper, and silver. Despite volatility, gold remains resilient, fueled by central bank buying and a weakening economic outlook. Adrian explains why traditional gold buyers may soon return, just as rate cuts and inflation concerns resurface. Turning to copper, Day outlines a major supply crunch on the horizon, driven by long lead times and accelerating demand from electrification and AI infrastructure. He highlights Freeport Copper and Lara Exploration as top picks to gain exposure. On silver, Day notes its unpredictable nature, limited supply response, and identifies Pan-American Silver as a standout with key upside assets. The conversation closes with a strong case for gold stocks, which remain deeply undervalued despite strong recent gains. Adrian emphasizes that price charts alone don’t tell the full story—valuations remain historically low across top-tier miners. This is a rare window of opportu