Wealth Building Blueprint · Oct 11, 2026 · 36m · 23m saved
With Ross Beaty, Founder and Chair Emeritus of Equinox Gold and Pan American Silver
Gold has gone from $1,050 an ounce to between $4,000 and $5,000 in ten years, Ross Beaty said, and the world has not seen significant new gold or silver production in response.
Some investors think the parabolic run of the past year was the top and that metals face a decade-long wait like the one after 2011. Ross said the earlier highs will be beaten, because deposits are rare and supply cannot catch up quickly.
"Yes, there's going to be more supply, clearly there are new mines opening up, but there's more demand coming than new supply, and that's very, very bullish for the gold price." — Ross Beaty
Ross Beaty, founder and chair emeritus of Equinox Gold, on Wealth Building Blueprint, has built about 15 mines in his career. He said he has taken about a dozen companies from discovery to a sale to a larger miner, and he built Equinox from a company with no assets into one producing more than a million ounces of gold a year.
The full interview is covered here so you can skip it. 36 minutes of audio, 13 minutes of reading.
Here are the 11 lessons that matter.
Key Takeaways
Gold and silver will beat their previous highs, Ross said, though he cannot say when
Prices could fall back for a while first
A $1,000 rise in gold would double gold stocks, by his estimate
Gold supply has not responded to a price that rose from $1,050 to $4,000–$5,000 in ten years
Producers of small metals such as cobalt, scandium and tungsten face a supply glut, and many will go bust
All-in costs at gold mines rose from about $1,500 to $2,000 an ounce, against a gold price of about $4,000
Treat a junior miner's plan to build its own mine with skepticism, he said; mines are hard to build
He was wrong on uranium, because he did not foresee power demand from AI data centers
Only one of eight or nine copper deposits his group owned is in production, after 20 years
He expects copper to fall significantly in 4–5 years as new mines open
1. The Highs Will Be Beaten
Vladyslav Grabarskyy, who hosts Wealth Building Blueprint, last spoke with Ross about a year earlier. He asked whether the near-parabolic run since then marked the end of the precious-metals bull market.
Ross said the move is large but is not the top
Gold went from around $2,000 to a high of about $5,500, he said, and silver from about $35 to $120 or more, before falling back to $60 or $65. He recalled silver at $4 to $5 for five or six years, then $10, then $30 and $50, then about $15, then $30 again before the latest run.
The previous highs will be exceeded, Ross said, though he cannot say when.
"Gold will blow through $5,500 an ounce for sure, silver will go back to over $100 for sure" — Ross Beaty
Paper money loses value over time, he said, so hard assets such as gold, silver, real estate and paintings tend to rise in dollar terms. He listed geopolitics, inflation fears and a weaker dollar as reasons buyers move from stocks and bonds into gold, and said central banks around the world are buying.
Prices could fall first
Ross said gold could trade around $4,000 and silver around $60 for a while. He relayed Rick Rule's view that he owns gold and silver as insurance and hopes never to sell them, because that would mean everything else had fallen apart.
