Tavi Costa challenges peak predictions: Why he believes the metals bull market is just beginning!

Gold is near record highs. Capital is flowing back into mining. Is this the top, or just the beginning?

In this interview, Tavi Costa, macro strategist and CEO of Azuria Capital, pushes back on the idea that the metals bull market is peaking. He argues we’re still in the “awareness phase” of a much larger structural shift.

Costa points to record sovereign debt, tight metal supply, and decades of underinvestment in mining as key drivers. He also highlights the extreme concentration in mega-cap equities, growing fiscal pressure on central banks, and what he sees as a major rotation toward hard assets.

We discuss:

• Gold’s relationship to rising global debt
• Supply bottlenecks in copper
• The valuation gap in silver miners
• Why this cycle could have years left to run

If you’re watching the metals space and wondering what comes next, this conversation breaks down the bigger picture.

Learn more about Azuria Capital: https://azuriacapital.com/