Greg Orrell, Portfolio Manager at OCM Gold Fund, joins Kitco Mining’s Paul Harris to break down why the precious metals market enters 2026 in uncharted territory. With gold closing in on $4,500/oz and silver pushing through $80/oz at the time of recording, Orrell highlights how unusual the move has been, noting that “the gold price went up every single month in 2025,” something he says has not happened going back to 1971.

Orrell says the rally reflects a structural shift in demand, led by non-Western buyers and new participants such as Tether, which he says is buying gold on a regular basis. He argues that rising U.S. debt and deficit spending remain the central drivers for gold, while Western investors are still largely on the sidelines. The discussion also explores why silver has entered a new phase, what record margins mean for miners, and why discipline, per-share delivery, and capital returns matter as the cycle evolves.

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00:28 – Greg Orrell and the OCM Gold Fund
01:37 – Gold and Silver’s Historic 2025 Run
03:02 – What Drove Gold and Silver Higher
06:33 – Outlook for Gold and Silver in 2026
13:00 – What $4,500 Gold Means for Producers
18:39 – How Orrell Evaluates Gold Stocks
24:35 – M&A Outlook for Gold Miners
27:10 – Risks, Pullbacks, and Key Watchpoints
30:17 – Final Thoughts on the Gold Cycle
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Gold Near $4,500, Silver Above $80: What Comes Next in 2026 | Greg Orrell

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