Gold Tracking '70s Bull Run, History Shows What's Next
Why the 27% gold correction looks like the mid-cycle break in the 1976–80 bull market (a 94% correlation that would put gold at $9–10k within two years), why he is buying aggressively instead of calling the bottom, the four junior-miner categories he buys, and why copper and uranium now get their own newsletter.
One-line take: a macro-only precious-metals and junior-miner call. No securities are named. Gold's 27% correction matches the GFC (30%) and COVID (28–29%) drawdowns, and its path is tracking the 1976–80 bull market with a 94% correlation. If that holds, gold "would have to more than double" to $9–10k "within less than two years" ("this is not a 2011 bull market"). Clark says don't try to catch the exact bottom. Own physical gold first, use abnormal volatility for stink bids, and follow the institutional money, which is "actively and aggressively investing" while retail gives up. He is personally buying hard, about half through private placements, and favors pre-producers (construction decision to first pour: "a 90% chance of a 90% return"). Outside gold and silver, copper and uranium are the clear opportunities, and they now have their own newsletter.
1. Stocks & names mentioned
A gold/silver and junior-mining discussion. Clark names no public companies, tickers or funds. He refers to metals (gold, silver, copper, uranium, critical minerals, rare earths), unnamed picks in his paid letters (including "a brand new copper pick"), and people and events (his Gold Advisor Network Summit speakers, Trump). There is no stock table for this episode. The substance is in the talking points below.
2. Talking points
00:48 The Gold Advisor Network Summit — Nov 5, Vancouver
- Clark's first conference of his own, "we're big enough now". Speakers include Clark, "silver guru" Peter Krauth, geologist Sharon Alexander and senior analyst "Jeff Vogs". There will be new speakers, new picks and a closing panel Q&A, plus free gifts for the first 200 attendees.
02:37 A 94% correlation with the 1976–80 gold bull market
- Since the January surge, gold is "on a $1,000 off sale". Everything he is doing is based on the correlation between today's gold price action and the 1976–1980 bull market: a 94% correlation coefficient, "almost tick for tick".
- That run also had a big mid-bull correction, "tracking almost at the same time". If the match continues, gold "would have to more than double": $9–10,000 "within less than two years". "I'm not saying that's what gold's going to do," but "this is not a 2011 bull market. This is a 1970s type of bull market."
04:48 Is the bottom in? Value, not timing
- Correction sizes: 30% in the GFC, 28–29% in the COVID crash, 27% now. "You're getting good value now even if you don't happen to snag the very bottom."
- Mining equities "fell more than gold and silver", so they offer great value. He is "personally investing aggressively" until the next up-leg, "which could be in a week or 6 months".
06:03 Abnormal volatility = stink-bid season
- Gold and silver volatility is "abnormal", "very high". So stink bids (bids placed below market) "you can get filled much easier now than you can normally", catching sellers who "get tired".
07:09 The catalyst: be ready, don't predict
- "We don't know what's behind door number one, door number two, door number three". Volatility is higher "because of Trump" and his statements. He isn't watching any one catalyst.
- Own "a meaningful amount of physical gold that's under your control", then silver. "That's your hedge. That's your insurance."
- Unresolved big-picture catalysts: sovereign debt, money printing, and "for the first time in global world history, all currencies are fiat".
- Looking back at past gold catalysts, "almost half of those were black swans" (COVID being the recent one).
09:48 Taking profits: the paid letters said yes, he didn't
- October and January were "mini manias". The paid letters told readers to take profits, "but I didn't", because he held "a very large cash" position and could add on any big drop.
- His rule: check your cash balance. High, maybe you don't need to take profits; low, you probably should. The book's rule stands: "take profits if you get a double", which is "how I built my portfolio bigger over time".
11:39 Deploying cash: half private placements, half the letter's picks
- Cash "still high" because of the volatility, but he is investing aggressively: roughly half in private placements and half in the picks of his paid "Prospector" letter. Subscribers get "first crack" at new picks before he buys.
- Focus is on companies, not metals. He wants value, compelling reasons, and "catalysts on tap" that could double the stock by next year. He acknowledges "the beginning cycles of a major commodity bull market".
13:49 Bigger raises = more catalysts
- Financings are multiples of two years ago. A company that raised $1M now raises $5M, a $5M raiser now raises $20M, and "we've seen $50 million raises". The result: more drill results, resource definition, economic studies and production decisions.
14:50 His four junior categories
- Prediscovery: higher risk, higher reward. Pre-resource: a discovery made, drilling to size it. Resource builders: set to double or triple an existing resource, "not by 10 or 20%".
- Pre-producers, one of his favourites: from construction decision to first pour, "a 90% chance of a 90% return in that 18-month period. That's what history and the data shows."
15:59 Follow the big money, not retail
- Retail is "weak", selling or disinterested. Institutions, fund managers and high-net-worth investors "are still aggressively investing". "I'm following the big money, not the small money."
17:10 Copper and uranium — and a new letter for them
- "The clear opportunities are with copper and uranium... I'm in both." Both face an "inevitable" supply-demand crunch plus political and environmental support (grid rebuilds need copper). "The better equities" should outperform the metal.
- New newsletter ("Pater Discoveries" as transcribed) for mining opportunities outside gold and silver: copper, uranium, critical minerals. It has launched with "a brand new copper pick" that is "not too late to buy", with three more picks due before the November summit.
19:13 Critical minerals: judge the metal, then the company
- Some critical minerals are oversupplied, or "nobody cares and the metal is not going anywhere". So he doesn't buy "the basket". He checks whether the individual metal is in a bull market, then looks for a company with value and major catalysts. Rare earths are "a little opaque", and critical minerals "run a lot, so I don't want to chase."
20:23 Message to retail: don't give up
- Some subscribers are cancelling and declaring the bull market over. Weigh history, the unplayed catalysts, what institutions are doing and the 1970s correlation. "Don't give up yet... In fact, I'm doing the opposite."
- Running joke: if gold hits $10,000 and Jennifer Aniston calls, "that would be the time to sell".
Built from the public YouTube interview (auto-transcript saved in the transcript; fillers removed). The wording is Clark's and the host's own. For personal study — not investment advice. © Investing News Network for source material.