Tavi Costa pushes back on peak calls, says metals bull market is early

As gold hovers near record levels and capital begins flowing back into the sector, debate is intensifying over whether mining is nearing a peak — or only just beginning a new cycle.

Tavi Costa, macro strategist and CEO of Azuria Capital, argues the industry is in the “awareness phase” of a structural repricing driven by record sovereign debt, constrained metal supply, and decades of underinvestment. He challenges the idea that today’s price strength signals excess, instead pointing to historical concentration in mega-cap equities, fiscal constraints on central banks, and what he views as a major rotation toward hard assets.

From gold’s relationship to global debt levels to copper’s supply bottlenecks and the valuation gap in silver miners, Costa lays out why he believes the metals and mining sector remains early in what could be a multi-year shift.