Gold Has Investors Asking If the Run Is Over. This Mining Veteran Says It Isn't

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1. Disclosure for the quote from the John Newell article published on February 24, 2026

1. For the quoted article (published on February 24, 2026), Goliath Resources has paid Street Smart, an affiliate of Streetwise Reports, US$3,550
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Rob McEwen, founder of Goldcorp and chairman and chief owner of McEwen Inc., said he remained a long-term believer in gold as monetary expansion, government debt, and continued central bank buying supported his view of the precious metal.

Speaking during an interview on Mining.com's "Top of Mind," McEwen said his approach to gold was not based on short-term market cycles, even as investors questioned whether the metal's recent run had ended.

"I've always been a long-term believer, so I'm not looking at the short-term cycles," McEwen said. "I just look at what's coming at us and invest heavily when no one wants it."

McEwen pointed to what he described as "excessive monetary expansion, excessive debt loads," and governments that appeared intent on debasing their currencies. He said those policies were reducing the purchasing power of currencies.

"So, get some gold, get some real assets," McEwen said.

Earlier in the discussion, McEwen contrasted the rate of growth in gold production with inflation. He said gold production expanded by about 1% annually while the inflation rate was running faster. He also pointed to continued purchases by central banks, describing their buying pace as aggressive.

McEwen questioned why central banks were getting rid of Treasuries and replacing them with gold. "I'd say we're heading higher and this is an opportunity to build a position," he said.

The comments followed a period in which gold had climbed above US$4,400 an ounce, according to the interviewer. McEwen said investors considering whether gold had completed its run should look at broader economic conditions rather than focusing solely on recent price movements.

"I think you have to ask yourself, is anything cheaper today than it was yesterday?" McEwen said. "Inflation is with us."

He also pointed to large government debt levels and monetary expansion, including spending related to the conflict in the Middle East. McEwen said the United States was not alone, also citing Europe, Canada, and elsewhere.

The discussion also addressed the demand for physical gold outside traditional investors. McEwen said representatives from Tether had visited his office four or five months earlier while looking to acquire an interest in a gold-silver mine in Argentina.

According to McEwen, Tether representatives said during the conversation that they were buying two tons of gold a month.

"And I thought, now wait a minute, this is a crypto, and it's buying physical, and it's buying gold," McEwen said.

He described the example as part of a movement from the digital world into hard, physical assets. McEwen also said gold had risen more than gold shares and stated that exposure to gold could be obtained more cheaply through a gold-producing company than through bullion.

The relative performance of gold and mining equities came up again later in the interview. McEwen said mining stocks had not experienced the same run as gold, while higher gold prices would flow into the company's cash flow. He said senior mining companies had moved further than junior and exploration companies, which were lagging behind.

McEwen said about 2% of global equity capital was invested in metals, compared with approximately 10% to 11% at the beginning of the 1950s and about 9% to 10% at the beginning of the 1900s. He said a shift in attention from the digital world toward the physical world could result in money moving into the sector.

When asked where he would invest fresh capital if he could not invest in a McEwen company, McEwen said the decision depended on an investor's risk tolerance.

"If you want exposure to gold, with the least amount of risk, you'd probably look at a royalty company or a streaming," he said.

McEwen also criticized royalties and streams from the perspective of mining companies, saying companies that used them to avoid shareholder dilution were giving away profit margin and reducing their resilience in a lower market.

McEwen said his own preference was further up the risk curve.

"Then I personally like the exploration stories," he said. "I tend to travel up the risk curve a lot further because they can have explosive numbers. Not all of them do. Most of them don't, but you have a good return there."

For exploration investments, McEwen said he would look for companies that were being ignored and operating in districts known for gold production. He also said he would consider whether a property had been ignored for an extended period, whether a company had another way of looking at its resource, and how effectively it was using artificial intelligence.

For McEwen, those considerations remained part of a broader investment approach centered on the long term rather than short-term movements in the gold price.

"I've always been a long-term believer," he said.

McEwen Inc.

McEwen Inc. (MUX:TSX; MUX:NYSE ) reported second-quarter net income of US$9.6 million, or US$0.16 per share, compared with US$3.0 million, or US$0.06 per share, in Q2 2025. Revenue increased 27% to US$59.2 million from US$46.7 million, while gross profit rose to US$20.1 million from US$12.3 million. The company sold 13,948 gold equivalent ounces (GEOs), compared with 14,549 GEOs a year earlier, while its average realized gold sale price increased 35% to US$4,454 per GEO from US$3,298. Adjusted EBITDA increased to US$22.2 million from US$17.3 million.

Cash and equivalents totaled US$78.9 million at June 30, up from US$51.0 million at the end of 2025. McEwen increased its full-year exploration program to US$25.7 million from US$22.0 million after investing US$11.4 million during Q2. The company updated consolidated 2026 production guidance to 109,000 to 120,000 GEOs and consolidated cost guidance to US$2,200 to US$2,450 per ounce for cash costs and US$2,500 to US$2,750 per ounce for all-in sustaining costs.

At the Fox Complex in Ontario, Q2 production totaled 7,000 GEOs, and McEwen increased its 2026 production guidance to 20,000 to 23,000 GEOs from 16,000 to 19,000 GEOs. Development of the Stock Mine remained on time and within its initial budget, with US$12.8 million invested during the quarter. Mining is expected to begin in Q4 2026, followed by commercial production in 2027. Additional engineering and mine planning led the Stock Mine team to believe its mine life could be extended to 8.5 years from six years based on the current Mineral Resource Estimate.

Exploration also advanced at Grey Fox and Tartan. McEwen released a new Mineral Reserve Estimate for Grey Fox containing 980,300 ounces of gold in Probable Reserves from 9.41 million tonnes grading 3.24 g/t gold. At Tartan in Manitoba, Q2 drilling discovered the new Central Zone between the Main and South zones, with results including 5.8 g/t gold over 8.3 meters and 4.1 g/t gold over 9.0 meters. Drilling along the eastern and western flanks returned 29.1 g/t gold over 10.0 meters, including 572.0 g/t gold over 0.5 meter, and 17.8 g/t gold over 15.9 meters, including 241.6 g/t gold over 1.0 meter. "During Q2, the exploration teams at Grey Fox and Tartan have each made new discoveries near existing underground infrastructure, demonstrating the Company's ability to further drive organic growth," McEwen said in its news release.

Additionally, McEwen reported on August 27 that its 46.3%-owned subsidiary McEwen Copper Inc. had closed a US$240 million senior secured four-year term loan facility to advance engineering and early works at the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. Participants included Sprott Natural Resource Investment Partners for US$112 million, Rob McEwen for US$85 million, and other lenders for a combined US$43 million.

The loan carries an interest of 12% per year, payable monthly, with the principal due at maturity. Lenders also received 15,000 five-year McEwen Copper common share purchase warrants for each US$1 million of principal, exercisable at US$40 per share. McEwen Copper said the financing would provide funding as it advanced broader project debt financing for Los Azules, while preparations for a potential initial public offering continued in parallel. A final investment decision and full project financing were expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals.

Work at Los Azules also continued toward the final investment decision. McEwen Copper completed more than 5,600 meters of drilling during its 2025-2026 field campaign and said geotechnical results were better than expected, while condemnation drilling confirmed the suitability of the planned North-East rock storage facility location. Engineering for the final investment decision was ahead of plan; engineering for key process equipment packages had been awarded to Metso, the mining fleet tender was in final evaluation, and selection of an EPCM contractor was expected by Q4 2026.

"This financing reflects our lenders' confidence in Los Azules and in the progress Argentina has made over the past two and a half years," McEwen Copper Managing Director Michael Meding said. "We are proud to be building Los Azules here."

Results at Gold Bar in Nevada were weaker. McEwen reduced its 2026 production guidance for the complex to 30,000 to 33,000 GEOs from 39,000 to 43,000 GEOs and increased AISC guidance to US$2,900 to US$3,200 per GEO following lower-than-planned ore placement on the heap leach pad due to an assay lab outage and more carbonaceous material associated with the ore than anticipated. Gold Bar produced 5,842 GEOs during Q2. McEwen's 49% interest in the San José Mine accounted for another 17,019 GEOs, 17% above Q1 and 24% above Q2 2025. McEwen received a US$49.4 million dividend from San José during the quarter, bringing 2026 dividends received to US$58.2 million.

Analysts maintained positive ratings following the results, while several reduced their price targets.

Alliance Global Partners analyst Jake Sekelsky reiterated a Buy rating and US$31.00 target on August 6, writing that San José dividends were expected to support exploration and development work toward McEwen's stated target of 250,000 to 300,000 AuEq ounces of annual production by 2030.

On August 6, Cantor Fitzgerald analyst Mike Kozak maintained a Buy rating while reducing his target to US$37.00 from US$38.00, and, on August 7, H.C. Wainwright analysts Heiko F. Ihle and Case Bongirne reiterated a Buy rating while lowering their target to US$28.00 from US$29.50.

Ihle and Bongirne identified portfolio-wide organic growth as their main takeaway and described it as "one of the firm's primary catalysts."

Roth Capital Partners analyst Joe Reagor maintained a Buy rating on August 10 and lowered his 12-month target to US$31.00 from US$35.00. "While Q2 results were disappointing, the long-term outlook of the company remains positive, in our view," Reagor wrote.

Roth estimated 2026 production of 115,700 GEOs and said it believed McEwen remained on track toward its stated goal of 250,000 to 300,000 GEOs of annual production by 2030.

On the non-analyst side, on August 7, newsletter writer Chen Lin of What Is Chen Buying? What Is Chen Selling? also highlighted the production goal and McEwen's 46.3% ownership of Los Azules, writing, "The gold and silver production has a clear path to 250-300Koz by 2030."

McEwen's July presentation identified exploration, production growth, development projects, and work at Los Azules among its stated catalysts. For Los Azules, detailed engineering was underway, with sectoral permits and a Final Investment Decision planned during 2026, followed by a planned 33-month construction period from 2027 through 2029, commissioning in Q4 2029 and ramp-up to capacity in 2030. The presentation also identified Grey Fox, Gold Bar, Tartan, and Fenix as development projects for 2026-2027 and ongoing drilling at the Fox Complex, Eureka, Seven Troughs, Tartan, and Los Azules for resource growth. Across its gold and silver assets, McEwen reported 1.25 million ounces of Proven and Probable gold Reserves, 2.81 million ounces of Measured and Indicated gold Resources exclusive of Reserves and 1.77 million ounces of Inferred gold Resources, for a combined gold resource base of 5.8 million ounces, along with 37.5 million ounces of silver.

²In terms of ownership and share structure, McEwen Inc. has institutional ownership of  63.86%, management and insiders hold 3.1%, and strategic entities hold 15.61%. The rest is retail.

McEwen Inc. has  61.36M shares outstanding and a market cap of approximately US$1.18B. Its 52-week range is US$9.82–US$29.70/share.

McEwen also holds a multi-million-dollar equity investment in Goliath Resources Ltd. In March 2025, McEwen acquired 5,181,347 Goliath units through a strategic transaction valued at CA$10 million, with each unit consisting of one common share and one-half of a share purchase warrant. The transaction gave McEwen 5,181,347 Goliath shares and 2,590,673 warrants exercisable at CA$2.50 per share. The warrants expired unexercised on March 10, 2026, while Goliath's current stock information lists McEwen Mining as holding approximately 3.0% of the company. Rob McEwen separately holds approximately 2.6% of Goliath.

Goliath Resources

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQX; B4IF:FSE) reported that 2026 drilling at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle expanded both the Golden Gate and Bonanza Zones. The combined Surebet footprint reached 2.01 square kilometers, a 12% increase from 1.8 square kilometers before the 2026 season. As of August 24, Goliath had completed 59 of 98 planned holes totaling 34,990 meters as part of its fully funded, approximately 50,000-meter program using seven drill rigs.

At Golden Gate, the mineralized footprint increased 38% to 1.17 square kilometers from 0.85 square kilometers. Step-out drilling produced a combined 1,020 meters of expansion on the northeastern and southwestern sides of the Surebet system, while the expanded zone measured 1.6 kilometers east-west and 1.5 kilometers north-south. Golden Gate contains 18 veins/lodes up to 14 meters thick, with a combined thickness of up to 49 meters. Previously reported drilling included 34.52 g/t gold equivalent over 39.00 meters in hole GD-24-260, while 2026 hole GD-26-424 returned up to 10.90 g/t AuEq over 6.00 meters.

The Bonanza Zone footprint increased 19% to 1.51 square kilometers from 1.27 square kilometers following a combined 910 meters of expansion during 2026. The expanded zone measured 1.8 kilometers northwest-southeast and 1.8 kilometers northeast-southwest and contained five veins/lodes up to 19 meters thick. Previously reported drilling included 8.35 g/t AuEq over 23.00 meters in hole GD-24-280. Drill core from the northeastern and southwestern expansions contained gold visible to the naked eye along with sulphide mineralization, with assays from additional drilling pending.

Across Surebet, visible gold had been intersected in multiple veins and shear zones in 34 of the 59 holes drilled during 2026, while every hole completed during the campaign had intersected quartz-sulphide mineralization. "We started the 2026 drilling campaign to test the limits of the Surebet Discovery system with substantial step-out holes," founder and CEO Roger Rosmus said in Goliath's August 24 news release. "We look forward to reporting further assays from our 2026 drill program as they become available."

 Stifel analyst Cole McGill focused on the expanding footprint and mineralized continuity in a July 15 research note following step-out drilling that extended the Bonanza shear structure approximately 750 meters southwest. McGill wrote that the drilling "showcases continuity of the Bonanza shear structure/host lithology (>1.8km x >1.8km corridor)," and said additional step-outs had "the ability to put upward pressure on total ounce count of property. GOT trades at ~US$45/oz on our 4.2MMoz Au exploration target, with its US$190MM EV implying ~1.36MMoz Au at our US$140/oz in-situ value benchmark."

McGill assigned Goliath a CA$4.25 price target and BUY recommendation on August 7.

¹John Newell of John Newell & Associates also emphasized Surebet's scale and continuity when he initiated coverage with a Speculative Buy rating in February. Newell noted that more than 150,000 meters had been drilled with a reported 100% hit rate for mineralization and wrote that "early skepticism around the geology has given way to a growing recognition of the scale, continuity, and structural complexity of the Surebet discovery." He described Surebet as "a large, high-grade gold system with vertical and lateral continuity" and identified upside objectives near CA$4.10 and CA$8.25, along with a longer-term objective near CA$11.50, should the market move toward what he described as full valuation of the discovery.

Goliath's August 18 presentation outlined additional exploration work underway alongside its 2026 drilling campaign. The approximately 50,000-meter program is focused on expanding the 46 mineralized veins/lodes identified at the Surebet Discovery, which remains open laterally and at depth. The company is also carrying out a relogging program based on updated vein modeling. That work identified a five-meter interval in historical hole GD-24-237 at Golden Gate for which assays were pending. The interval was described as lying on trend with GD-24-254, approximately 200 meters away, which returned 12.67 g/t AuEq over five meters.

Goliath's geological work also includes geochemical investigations and updates to its geologic model. Its comprehensive litho-structural model comprises seven units and seven faults and uses lithology logging data from 8,139 intervals and downhole structural measurements from oriented core. Goliath's geological team has worked with Archer, Cathro & Associates (1981) Limited, Colorado School of Mines, Motherlode Consulting, and Oriented Targeting Solutions LLC on different components of the modeling and geological work.

Goliath has also completed a 28% expansion of its Golddigger land package, increasing the property from 66,608 hectares to 91,518 hectares and giving the company control of 56 kilometers of the Red Line. The expanded land package includes ground described as amenable to reduced intrusion-related gold mineralization, including the Blue Origin discovery. A large portion of the acquired ground covers northern icefields where new outcrop showings have recently been exposed as snowpack and glaciers have melted.

²Management and insiders owned 20% of the company on a partially diluted basis, while strategic and institutional investors collectively held 35.0%, including Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc., Waratah Capital Advisors, Deutsche Bank AG, US Global Investors Inc., Rob McEwen, Eric Sprott, and Larry Childress.

The remaining shares were held by other institutional funds and retail investors. Goliath has 177 million shares issued and outstanding with a market capitalization of CA$327 million, or approximately US$235 million, and a 52-week trading range of CA$1.265 to CA$3.54.

Frequently Asked Questions

Why is Rob McEwen bullish on gold as a long-term investment?

Rob McEwen said he has "always been a long-term believer" in gold and does not focus on short-term market cycles. He pointed to excessive monetary expansion, large government debt loads, currency debasement, inflation, and continued central bank gold buying as factors behind his outlook.

What did Rob McEwen say about the gold price and gold's next move?

McEwen said gold production expands by about 1% annually while inflation is running faster. He also pointed to central banks continuing to buy gold at what he described as an aggressive pace. McEwen said, "I'd say we're heading higher and this is an opportunity to build a position."

What did McEwen say about investing in physical gold versus gold mining stocks?

McEwen said gold had risen more than gold shares and stated that investors could obtain exposure to gold more cheaply through a gold-producing company than through bullion. When discussing investment choices more broadly, he said the appropriate approach depended on an investor's risk tolerance and said he personally favored exploration opportunities further up the risk curve.

What were McEwen Inc.'s Q2 2026 results?

McEwen Inc. reported Q2 2026 net income of US$9.6 million, or US$0.16 per share, compared with US$3.0 million, or US$0.06 per share, in Q2 2025. Revenue increased 27% to US$59.2 million, gross profit rose to US$20.1 million, and adjusted EBITDA reached US$22.2 million.

What is McEwen Inc.'s gold production target for 2030?

McEwen identified a target of 250,000 to 300,000 gold equivalent ounces of annual production by 2030. Its July presentation identified exploration, production growth, development projects, and work at Los Azules among its stated catalysts.

What are analysts saying about McEwen Inc. stock?

Alliance Global Partners, Cantor Fitzgerald, H.C. Wainwright, and Roth Capital Partners maintained Buy ratings in August. Their stated price targets ranged from US$28.00 to US$37.00, with analysts discussing organic growth, production expansion, and Los Azules among the factors considered in their assessments.

What is Goliath Resources' Surebet gold discovery in British Columbia's Golden Triangle?

Goliath Resources Ltd. is drilling the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle. During the 2026 program, expansion of the Golden Gate and Bonanza Zones increased the combined Surebet mineralized footprint to 2.01 square kilometers.

How much has Goliath Resources expanded the Golden Gate and Bonanza Zones in 2026?

The Golden Gate Zone mineralized footprint increased 38% to 1.17 square kilometers, while the Bonanza Zone increased 19% to 1.51 square kilometers. Goliath reported 1,020 meters of combined 2026 expansion at Golden Gate and 910 meters at Bonanza.

What gold grades has Goliath Resources reported at the Surebet Discovery?

Previously reported Golden Gate drilling included 34.52 g/t gold equivalent over 39.00 meters in hole GD-24-260, while 2026 hole GD-26-424 returned up to 10.90 g/t AuEq over 6.00 meters. At Bonanza, previously reported drilling included 8.35 g/t AuEq over 23.00 meters in hole GD-24-280.

How large is Goliath Resources' 2026 Golden Triangle drill program?

Goliath's fully funded 2026 program comprises approximately 50,000 meters of systematic drilling using seven drill rigs. As of August 24, the company had completed 59 of 98 planned holes totaling 34,990 meters. Visible gold had been intersected in multiple veins and shear zones in 34 of those 59 holes, while all holes completed during the campaign had intersected quartz-sulphide mineralization.

What are analysts saying about Goliath Resources and the Surebet Discovery?

Stifel analyst Cole McGill assigned Goliath a CA$4.25 price target and BUY recommendation on August 7 after highlighting the expanding footprint and continuity at Surebet. John Newell of John Newell & Associates initiated coverage with a Speculative Buy rating in February and described Surebet as "a large, high-grade gold system with vertical and lateral continuity."

What is next for Goliath Resources at the Golddigger Property?

Goliath's 2026 program is focused on expanding the 46 mineralized veins/lodes identified at Surebet, which remained open laterally and at depth. Additional assays from the 2026 drilling remained pending, while the company was also carrying out relogging, geochemical investigations and updates to its geologic model.