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Gold Suppression, Bond Markets 'Revolting' & Why Juniors Will Outperform

Michael Gentile, the largest shareholder in ~35 junior miners, says he used gold's Q2 pullback for his biggest-ever buying quarter (McFarlane Lake, Big Ridge Gold), argues a bond market "revolting" against 40%-of-revenue interest bills means money printing must accelerate, and lays out why junior ounces trading at $30–100 in the ground should rerate toward the $500–600 majors just paid.
2026-SEP-19 · Palisades Gold Radio (host Stein) · Michael Gentile, Bastion Asset Management / Saturday Morning · 50:45 · ▶ Watch · transcript · actionable insights
One-line take: "I'm not just saying that with my mouth. I'm saying that with my wallet." Gold's pullback from ~$5,500 to below $4,000 produced Gentile's biggest-ever quarter of junior-mining investment (a new ~20% stake in McFarlane Lake; Big Ridge Gold doubled to 20%), with Q3/Q4 possibly another record. The macro case: 10-year yields near 5% on $40T of debt mean ~$2T/yr of interest, ~40% of federal revenue — "an insolvent situation" that ends in yield caps/QE, "turbo fuel for gold," and money-supply growth accelerating from 7% toward 10–12%. The micro case: his juniors trade at $30–100/oz in the ground while majors earn ~$2,000/oz margins and just paid $500–600/oz (Agnico for Rupert, G Mining for G2) — the rising tide "I've yet to enjoy." Disclosure: he is the largest shareholder of the juniors he names; every Positive row is his own book.

1. Stocks & names mentioned

Positive rows are his disclosed holdings (typically 5–30% stakes). Neutral rows are the takeover comparables he cites as evidence of what majors will pay. The Palisades Goldcorp / New Found Gold / Made in America Gold sponsor reads are the show's, not his, and are not rows; Exxon, Nvidia and SpaceX appear only in his dollar-debasement illustration and are not rowed. Gold itself is keyed to GLD.

TickerNameResearchViewWhat he saidAt
GLDSPDR Gold Shares (gold)QT · SA · STKPositiveLong-term trend "firmly intact" — gold is still up 10%+ from $4,000 a year ago despite the fall from $5,500. Gold "is just a measurement" of paper money in circulation; with bond markets revolting against 40%-of-revenue interest costs, yield caps/QE are coming, and gold will be higher in 5 years. (GLD is the proxy; he speaks of the metal and buys miners, not ETFs.)01:20
MLM.CNMcFarlane Lake MiningSA · STKPositiveBought 20% of the company day one — "one of the biggest checks I've written so far in my career." A classic Gentile setup: scale, grade, terrific infrastructure, a project with the potential to become a mine, in a Canada that is now favorable for building gold mines.03:45
BRAU.VBig Ridge GoldSTKPositiveDoubled his position from 9% to 20% in the downturn: "very misunderstood by the market," "a very buildable asset in this cycle with a short permitting timeline" — good grades, previous mines and infrastructure in place, room to expand, and newly hired builders/permitters of Newfoundland's last two mines. The highest-ROI new check he could see in his book.04:04
RDS.VRadisson Mining ResourcesSA · STKPositiveHeld since the resource was small; now ~2 million oz of high grade with Agnico Eagle's ~$60M investment for 10% "validating" it, an exploration target of 4 million-plus oz, and eight rigs "hitting almost every single hole" — "already a really exciting, profitable future mine" that adds ounces every day.31:26
GGO.VGalleon GoldSTKPositiveGoing underground for a bulk sample on 1.6 million oz; with infrastructure in place he calls it "already an economic mine," and recent results suggest that 1.6 million "is vastly understated" and could grow to multiple million ounces — the good-becomes-great exploration upside he prizes.31:57
ZNG.VGroup Eleven ResourcesSA · STKPositiveOwns it (largest holder): a polymetallic "treasure box" — zinc, lead, copper, silver, germanium, antimony, each above standalone-deposit grades — worth $1,000–1,500 per tonne net smelter return in places, i.e. 5–8 g/t gold-equivalent over wide widths. He judges it on NSR value per rock, not metal mix.40:25
NCX.VNorthIsle Copper and GoldSA · STKPositiveA holding that "really managed that transition terrifically well" from micro cap to a ~$1.5 billion company and one of Canada's premier development assets — because it added two Mining Hall of Famers to the board and a 40-year COO, knowing the team that built the explore co can't take it to production.34:05
KNT.TOK92 MiningSA · STK · FAPositiveIn his portfolio: went "from a micro cap $10 million stock to a multi-billion dollar producer" — one of the rare juniors that made it to production itself, again by bringing in the right people at the right time to de-risk the asset.34:53
ASCUArizona Sonoran CopperSA · STK · FANeutralExited via takeover — he owned it "since it was a private company" and it "got taken out" this year, freeing capital to redeploy. Cited as a realized win, not a live view.42:32
AEMAgnico Eagle MinesQT · SA · STK · FANeutralCited as evidence, not a stance — the acquirer that paid "$500 or more US per ounce in the ground" for Rupert Resources and put ~$60M into Radisson, and the model of the major he thinks like: only one or two mines at a time, so it buys the top-decile, low-cost assets.24:51
RUP.TORupert ResourcesSTKNeutralCited as evidence, not a stance — acquired by Agnico Eagle this year for $500+ US per ounce in the ground, and "applauded" for it: proof majors can pay far more than the $50–100/oz his juniors trade at.24:51
GTWO.TOG2 GoldfieldsSTK · FANeutralCited as evidence, not a stance — bought by G Mining for "like $600 US per ounce in the ground," the second 2026 deal showing where junior ounces can rerate.25:17
GMING Mining VenturesSA · STK · FANeutralNamed only as the acquirer of G2 Goldfields at ~$600/oz in the ground — "good, smart, strategic M&A in their backyard."25:17

2. Talking points

01:20 The pullback in context — and his biggest buying quarter ever

03:45 New deal flow: McFarlane Lake and Big Ridge Gold

05:07 Marketing the portfolio as a whole — the Gentile Mining Forum

06:52 The bond market is revolting

10:11 The pinch point: yield caps, "turbo fuel for gold"

12:01 A decade of suppression, then a catch-up trade

14:53 Money supply growth has to accelerate

18:35 Growth as an illusion — measure things in gold

21:00 The junior leverage math: $50/oz then, $30–100/oz now

26:54 Juniors are worth zero or a lot more — think like a major

31:04 Favourite setup: a mine today plus exploration upside

33:40 Small high-grade producers: not his game

36:22 Commodity first, then cost-curve discipline

39:33 Polymetallics: judge the NSR per tonne

42:32 Position sizing: 1% in, up to 5%, starve the weeds

45:29 Adding to winners: know your fair value

3. In plain English

GLD — Gold Positive

Gentile's case for gold is about debt. The US owes about $40 trillion, and at today's ~5% rates the interest bill is roughly $2 trillion a year — around 40% of what the government collects in taxes. Lenders are demanding higher rates because they expect to be repaid in dollars worth less. He thinks the government will eventually step in to hold rates down by creating money to buy its own bonds, and that more money chasing the same amount of gold pushes the gold price up.

He treats gold as a ruler for how much money has been printed, not as something that "goes up" by itself. Big drops like this year's fall from $5,500 are, in his view, normal in a long bull market — and central banks such as China's have been buying the dips.

MLM.CN — McFarlane Lake Mining Positive

A small gold explorer in which Gentile bought a 20% stake in one go — one of the largest single investments of his career, made while gold miners were out of favour this spring. He says it has the traits he looks for: a large deposit, good grade, roads and power nearby, and a real chance of one day becoming a mine. He owns a big slice and can't easily sell, so this is a long-term bet on the project being built or bought.

BRAU.V — Big Ridge Gold Positive

A Newfoundland gold developer where Gentile doubled his stake from 9% to 20% when the shares were weak. His argument: the site has old mines and infrastructure already in place, decent grades, room to grow the deposit, and a short path through permits — and the people who built Newfoundland's last two mines have just joined the team, which he reads as insiders voting with their careers.

RDS.V — Radisson Mining Resources Positive

A Quebec gold explorer he owned from when its deposit was small. It has grown to about 2 million ounces of high-grade gold, and Agnico Eagle — one of the world's biggest gold miners — paid about $60 million for roughly 10% of it. The company is targeting more than 4 million ounces with eight drill rigs running. This is his favourite kind of story: already big enough to be a mine, and still getting bigger.

GGO.V — Galleon Gold Positive

An Ontario gold developer that is tunnelling underground to pull out a "bulk sample" — a small trial batch of ore that proves how the deposit behaves before building a full mine. It has about 1.6 million ounces, and Gentile thinks recent drilling shows that figure is well understated, so the company could grow while it de-risks the project.

ZNG.V — Group Eleven Resources Positive

An Irish explorer whose rock contains several valuable metals at once — zinc, lead, copper, silver, germanium and antimony. Rather than judging it on any one metal, Gentile adds up what a tonne of rock is worth after processing (its "net smelter return"): in places $1,000–1,500 a tonne, which he compares to a very high-grade gold mine. High value per tonne, low build cost and good infrastructure are what make a project worth building.

NCX.V — NorthIsle Copper and Gold Positive

A British Columbia copper-gold developer he holds that has grown from a tiny company into a roughly $1.5 billion one. He credits the board for recognising that the team that finds a deposit is rarely the team that builds a mine, and hiring accordingly — two Canadian Mining Hall of Fame directors and a chief operating officer with 40 years of experience.

KNT.TO — K92 Mining Positive

A gold miner in Papua New Guinea that Gentile owns, which grew from a $10 million company into a multi-billion-dollar producer. He uses it as the rare example of a junior that built its own mine rather than selling to a major — possible, he says, only because it brought in experienced people at the right time.


Built from the public YouTube episode (auto-transcript saved in the transcript; fillers removed) — wording is Gentile's and the host's own. Gentile is the largest shareholder of the junior miners he names. For personal study — not investment advice. © Palisades Gold Radio for source material.