John Rubino – Was Gold Closing Above $2100 Today The Breakout Move We’ve All Been Waiting For?

John Rubino joins me today to discuss his outlook on the precious metals sector, with gold breaking out above $2100, silver having a nice move higher, and a number of precious metal stocks starting to pop.  We start off looking at a number of potential macroeconomic and geopolitical catalysts potentially playing into the recent price appreciation in gold, and get John’s thoughts on if this is the breakout in the PMs we’ve been waiting for? 


With regards to the producers we discuss the improving margins as metals prices move up, as well as the optionality on many of the junior developers and explorers, now that sentiment may be getting a lift higher. John mentions when building one’s portfolios at this time to focus on accumulating the quality royalty companies and producers first, before moving down the risk curve into the more speculative juniors, but even then to focus on the quality names in the sector over unproven riskier propositions. 




Click here to follow along with John on Substack.

    Mar 04, 2024 04:22 PM

    Stick with quality companies sound advice, the only thing I would add is also stick with what you know. For instance, I like risky explorers but never venture into them unless you are a trader with lots of experience in this field. DT

      Mar 04, 2024 04:58 PM

      You are a gagman, D.T. Like Rodney Dangerfield jumping on both sides of the teeter totter to keep it going.

    Mar 04, 2024 04:09 PM

    Few posts implies sentiment in toilet. Glenfidish posted Thursday that bottom is in on miners for 3-4 months. My stuff perking up!

      Mar 05, 2024 05:41 AM

      Bang on buzz!

      All momentum, cycles and indicators could not be better lined up, Thanks for the mention your the only one who noticed. I will keep sharing what i can. Its seems many pros including some that have been on this show are still hesitant including chris v and gary. This move will be epic and stealth if your not in already.

      Lastly and i may be wrong on this, i have gold capped here at this range possibly flat next week and then slightly down to retest that $2075-$2085 zone. Regardless april is going to blow away all doubters who have been hurt for so long in there portfolios. the game is changing


        Mar 05, 2024 05:16 AM

        I noticed………… but, … I thought you were gone……. 🙂

          Mar 05, 2024 05:18 AM

          Game CHange…………. was……….. PETRO DOLLAR.. and the Saudis….to the Brics….

            Mar 05, 2024 05:31 AM

            ‘We Have Liftoff!’ – Spot Gold Takes Out Record High
            Tyler Durden’s Photo
            BY TYLER DURDEN
            TUESDAY, MAR 05, 2024 – 09:20 AM
            Extending their run of the last few days, spot gold prices just exceeded their all-time highs, topping $2140 for the first time in history…

            Mar 05, 2024 05:07 PM

            Hey Jerry good to see you always posting amigo! You have done a stellar job keeping us all focused on the bigger picture. All the best!

            Ex, thank you as well! Not sure if you see this comment but I’d like for you if possible down the road to interview garoth and others with Cory about a topic that’s seems to be debatable in regard to what happens once $2800-$3000 gold gets met. Some cycle experts predict gold down to $2000-$2100 or maybe lower then back to higher highs like the $3000, $5000 and bigger numbers after. But others predict straight up to those higher numbers without going down to retest $2000 etc. One of those guys is Gary who says $3000 $5000 gold piece of cake

            Mar 05, 2024 05:47 PM

            Hi Glenfidish. Yeah, good suggestion on the longer term picture of what may happens after gold approaches the cup & handle pattern extension up to $2800. I did see Gary on Peter Grandich’s YouTube page saying $3,000 then $5,000 gold is a piece of cake.

            I’ll reach out to Garreth Soloway to see if he’d be game for coming on the show.

            We have had Jordan Roy-Byrne on the show that mentioned last time he could see gold getting up much higher than the cup & handle targets of $2,800-$3,000 — up to $5k-$8K if we saw a true multi-year secular bull market in real terms, where the general stock indexes are correcting in tandem with the PMs surging higher.

            We’re also going to be getting Christopher Aaron on the show soon (initially it was for today but got rescheduled later in the week), but he has a different vantage point that after the next big leg higher in the PMs for what he is considering a rectangular box consolidation the last few years that extends to $2,600-$2,800 that this may be the 5th wave of a larger pattern that started when the bull market kicked off in December of 2015’s major low at $1045. He isn’t opposed to the idea of a longer term secular bull, but doesn’t see evidence of that when he looks at the longer-term DOW:Gold ratio charts, and is still leaning towards all markets breaking out this year, but then one of the two (gold/US equities) making another large secular run higher while the other one corrects.

            I’d point people back to his most recent interview we did with Christopher [for the charts he posted]:


            Christopher Aaron – The Single Most Important Major Macro-technical Signal For The Next Decade


            Mar 05, 2024 05:14 PM

            THANKS GLENF……….. appreciate your kind words…. and thank you for posting good info…

        Mar 05, 2024 05:11 AM

        Thanks for sharing your outlook with us Glenfidish.

    Mar 05, 2024 05:45 AM

    /GC early AM retest of highs and resistance…Was this pop countertrend?…I am prepared to bail on my GDXU due to leverage and reconsider….the technicals I use are all gaining strength…..Even the previous two day volume strong….and foreign gold relative to euro yen mark etc…REAL big…so again…tough tough …glta

    general market is set-up…may not occur..for quick steep profit take

      Mar 05, 2024 05:14 AM

      Good question Larry, on if this move was a countertrend pop. I see what played out on Friday (making a new daily/weekly high closes), with the follow through yesterday, making another new daily closing high as very significant, and more a continuation of the bull market, than a counter-trend rally. Afterall, gold is making new highs, not testing new lows, so the trend appears to be continuing to the upside.

    Mar 05, 2024 05:02 AM

    GOLD BUGS……all you need to know….. 🙂

    1. Dedollarisation continues, the Petrodollar dies and gold gradually replaces the dollar as a global commodity trading currency especially in the commodity rich BRICS countries. This would allow commodity prices to stay low as gold rises and drives a virtuous circle of global trade.

    If the above option sounds too good to be true especially bearing in mind the bankrupt status of the global financial system, Luke puts forward a much less pleasant outcome.

    And in my view, Luke’s alternative outcome is sadly more likely, namely:

    2. “China, the US Treasury market, and the global economy implode spectacularly, sending the world into a new Great Depression, political instability, and possibly WW3…in which case, gold probably rises spectacularly all the same, as bonds and then equities scramble for one of the only assets with no counterparty risk – gold. (BTC is another.)”

    Yes, Bitcoin couldgo to $1 million as I have often said but it could also go to Zero if it is banned. Too binary for me and not a good wealth preservation risk in any case.

    Luke Gromen in his Tree Rings report

      Mar 05, 2024 05:16 AM

      Hi Jerry, you realize if we have WWIII, it will be the end of humanity! The bomb that will be used now has the destructive power of 100 times that of the atom bomb that was dropped on Hiroshima. Both Russia and the US combined have more than 10,000 of these bombs, forget about all the other countries that possess these weapons. DT 😂

        Mar 05, 2024 05:01 AM

        I do not think everyone is that stupid…. I do think some are being taken out as we speak….
        Nuland just retired….

          Mar 05, 2024 05:15 AM

          Hey….look over here…..
          “Treason!”: Bombshell Report Reveals Biden Has Secretly Flown 320,000 Illegals INTO The United States
          Tyler Durden’s Photo
          TUESDAY, MAR 05, 2024 – 11:40 AM
          A Freedom of Information Act lawsuit has revealed that the Biden administration has flown at least 320,000 migrants into the United States in an effort to reduce the number of crossings at the southern border, according to Todd Bensman of the Center for Immigration Studies.

          Mar 05, 2024 05:05 PM

          Really?…Then you never lived in a townhome HOA…lmao

          kiddin Jerry

          Mar 05, 2024 05:22 PM

          Hi Jerry, I don’t know how you could say that when you look at everything that is happening today. Nuland might be gone but the wars never stop, and all wars are stupid. Wars are easy to start but hard to finish and now we have a couple of nuclear powers facing off against each other. Are you aware that The British, The French and The Germans, have combat troops fighting in Ukraine, not just in logistic support. DT

            Mar 05, 2024 05:41 PM

            If that isn’t stupid, I don’t know what is? DT

            Mar 05, 2024 05:08 PM

            Hello DT.
            Thanks for the reply….

            I agree WAR is Stupid…. but , all wars are banker’s war , so they say.
            Bankers like to make money, and have for centuries. If, they kill everyone, they
            will not collect on anything…. Even they will be destroyed.
            They need to fund their life style … takes Sheeple to steal from and enslave.
            No Sheeple, no slaves., no slaves no money. And of course they are WHORES,
            with BONDAGE ON THEIR MINDS…and have been from the beginning.
            Of course the gold will remain…. humm… they can build themselves a Golden Calf.
            As far as Nuking the flock, and scorching the earth,….there will be no earth to feed the banker’s
            faces for a 1000 yrs…. I think they know that., I do not think they all want to go underground
            for life , no way they have enough to last…
            As far as France, Britain, and Germany….. they have not won a war in over 100 yrs….
            and they have never defeated the Bear and I think they know that….
            The plans for AI, will go out the window , with a FULL NUKE WAR…. and that would upset the
            globalist and satanist…..But, the satanist do not know they have been tricked (another day and topic)
            But, I have to agree …. Two stupid idiots with a throw switch… could be dangerous…

      Mar 05, 2024 05:15 AM

      OOTB – There are definitely a lot of tailwinds at the back of gold right now, helping to push things higher.

    Mar 05, 2024 05:04 AM

    DXY day…if it closes below 2/22 low we have an intermediate top in…gold bullish…

    Mar 05, 2024 05:46 AM

    Hi EX…Maybe you could comment?…This sounds gold positive…..In other words, a rapid 1930’s style devaluation of our currency….If you could pull out the meaning…I think it would tell the story of now through the election regarding gold…glta

      Mar 05, 2024 05:20 AM

      Hi Larry. Yes, the US debt bubble growing larger and larger will soon be too big to ignore.

      I agree with the point in the article that the central bankers and policy makers would prefer to inflate away the problem by issuing more and more money, but that the “debt restructuring” idea or the classic “debt jubilee” would be another way of approaching it, but that would be akin to a system reset and has it’s own host of challenges and ramifications.

      Regardless, as the debt serving cost grow larger and larger, and are only exasperated by the higher interest rates, then it is going to hit a tipping point in the next couple years. It will be fascinating (and likely horrifying) to see how it all plays out. This just underpins the idea of getting some funds and real assets outside of the banking system.

        Mar 05, 2024 05:33 AM

        Ok…fair enough…You do not view the impact on golds trajectory as meaningful different in a Trump Jubilee possibility…Maybe just more rapid as the article implied…fine w me…glta

          Mar 05, 2024 05:37 AM

          Yes indeed. Gold is going to do just fine in either scenario, but the debt jubilee/restructure option would just be an accelerant.

      Mar 05, 2024 05:47 PM

      Trump was in charge when the Fed pulled off the greatest looting in history and caused the price inflation that followed. The guy can only be seen as “right” because today’s left has gone to psycho extremes.

    Mar 05, 2024 05:24 AM

    US………. 84 million on Medicaid….. humm… great economy…. according to the usdebt clock…

    Mar 05, 2024 05:37 AM

    Next Move …………..for GOLD……………… $2140…. New High……… should be interesting…
    Petrodollar collapse is well under way…. 60% of world population now going with BRICS.

    Mar 05, 2024 05:47 AM

    Love you guys, I’m thinking we’re having a stealth move in m&a activity. The Barrick ceo just admitted on the kitco site, that they are actively seeking to replace ounces depleted, in Canada. NFG comes to mind. Just sayin…… Could m&a be the next stimulant? The kitco site has been minimal for some time now. What happened? How do I listen to February 29 Webinar of Labrador Gold with Roger Moss &Corey.

      Mar 05, 2024 05:46 AM

      FIH – Thanks for the kind words of support for the KE Report. Much appreciated!

      As for the M&A, I agree that the time is right, especially with the gold pricing breaking out, that we should see more transactions in this department. The PDAC is mostly wrapping up tomorrow, so it will be interesting to see if any of the discussions lead to any more companies tying the knot and combining forces.

      As for Kitco, they had some big website and technology hack, and it sent them spiraling to repair the damage the last 2-3 months, and people were discussing that the end of last year, and still discussing it at the Vancouver MIF and VRIC conferences in January. Some of the content went down, as well as other data, and so many investors opted for other platforms. It may help explain why we continue to see so much growth on our podcast network, and smaller but steady growth over on our YouTube channels, despite having been in really bad sector environment the last few months (up until the end of last week).

      As for the Labrador Gold webinar Cory did last week, not sure that the replay is out yet, and Cory is still out of pocket due to a family matter, but I’m sure it will get reposted to our YouTube page, and maybe here on the website, once it’s out and circulating.

      Here’s a link to our YouTube page:

      Mar 05, 2024 05:32 PM

      I think Barrick would love to have NFG so would a number of other majors, next to Northern Dynasty they must have the biggest gold deposit in The World, by the time it is proven out it could be 30-40 million ounces! WOWZER! DT

    Mar 05, 2024 05:16 AM

    Gold’s momentum has been speaking loudly and clearly and now price is backing it up. The potential for a major move lasting many months is better than we’ve seen in years.
    GLD daily:

    Mar 05, 2024 05:24 AM

    (IAU.TO) (IAUX) i-80 Gold Announces Best Results To-Date from Underground Drilling at Cove

    March 5, 2024

    – New Helen Zone Results (3 Holes) Include 22.6 g/t Au over 19.1 meters, 32.9 g/t Au over 14.9 meters and 23.5 g/t Au over 12.8 meters

      Mar 05, 2024 05:57 AM

      Jordan Roy-Byrne took I-80 off his top ten list, too much debt.

        Mar 05, 2024 05:16 PM

        Yeah, I wrote about this exact topic with the many hand-wringing market participants not really paying attention to what i-80 Gold announced in November, or what Ewan has messaged in a number of interviews about them bringing on a new strategic minority partner in Q2 of this year. This new minority position (specifically interested in polymetallic deposits at Hilltop, Blackjack, & FAD, and retrofitting the Ruby Hill processing center) will be bringing in a large capital infusion to the company.

        Now, we don’t know yet who the partner actually is or what amount of money it will bring it, but it has been announced and is hiding there in plain sight, and yet seems lost on so many worried about the money needed and debt.

        Additionally, the company just showed they still have access to capital by doing a $23.5 Million capital raise through equity (which was biggie-sized and oversubscribed).

        Here’s that article where I dive into that topic in the 2nd half of it focused on i-80 Gold.

    Mar 05, 2024 05:35 AM

    Gold Cup & Handles Abound

    By Jordan Roy-Byrne CMT, MFTA • The Daily Gold – March 05, 2024

    “Yesterday, Gold finally broke out from the handle and surged above $2100 to $2126. Gold had already made all-time high closes in quarterly, monthly, and weekly terms, but clearing $2100 made it official.”

    “Depending on how you measure, the upside target is $2,920 or $3,090. The log target, which I have discussed in past articles, is roughly $4,000. Those targets are nice, but Gold is lifting away from a 13-year base.”

    “At worst, it is the most significant breakout since 2005, after which Gold surged 360% in the next six years.”

    “At best, it is the most significant breakout since 1971, when the United States abandoned the Gold Standard…”

      Mar 05, 2024 05:25 PM

      IAU had fantastic drill results that came out today, but the stock went down, what a market. I bought some two months ago but it just kept slowly tanking so I sold. I don’t have patience for much these days perform or your gone and the money gets traded into something else and my portfolio is up as it was today. This is a trader’s market, that too will change. DT

        Mar 05, 2024 05:38 PM

        Yep, I posted that IAU drill news up above, and then linked to my recent Substack post where I discussed i-80 Gold up above as well, (noting in there that the market has shrugged off most of their great drilling news for the last few months).

    Mar 06, 2024 06:47 AM

    Here we go… SCZ

      Mar 06, 2024 06:52 AM

      IMO it has to close above 22c and hold for a few days to be legitimate but the technicals for a breakout are there.

        Mar 06, 2024 06:53 AM

        BTW, my portfolio is full of SCZ…

          Mar 06, 2024 06:40 PM

          Good thoughts Dan. Yeah, bring on the SCZ breakout, as I’ve got a pretty good weighting to Santacruz Silver as well.

      Mar 06, 2024 06:19 AM

      Weekly SCZ is still oversold.