Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or hold any securities, commodities, or mining equities. All facts, figures, dates, prices, and other information are based on publicly available sources, including Pierre Lassonde’s March 24, 2026 interview on Golden Telegraph and market data as of April 19, 2026, and are believed to be accurate at the time of writing. However, commodity prices, geopolitical developments, central bank policies, exploration results, permitting timelines, and company performance are dynamic and subject to rapid change. Investing in gold, silver, copper, or mining stocks involves substantial risk, including the potential for significant loss of principal due to price volatility, operational risks, regulatory changes, and global economic factors. Past performance is not indicative of future results. Investors should conduct their own due diligence, review all relevant regulatory filings (including NI 43-101 technical reports), consult with qualified financial, tax, and legal advisors, and consider their individual risk tolerance, investment objectives, and financial situation before making any investment decisions. No guarantees or assurances of future performance, price appreciation, or achievement of any specific price target (including $17,250 or $25,000 gold) are implied or expressed. This article complies with SEC regulations regarding forward-looking statements and promotional content. The author and publisher assume no liability for any losses incurred from the use of this information.
Introduction: Pierre Lassonde’s Wide-Ranging March 24, 2026 Interview
On March 24, 2026, Pierre Lassonde — co-founder of Franco-Nevada, one of the most respected voices in global mining, and a veteran who has navigated multiple commodity cycles — sat down with Alex Deluce on the Golden Telegraph for a nearly 70-minute, wide-ranging interview. The conversation was candid, insightful, and deeply relevant for Canadian mining investors on the TSX and TSXV. Lassonde drew direct parallels between today’s environment and the 1970s gold bull market, warned of structural currency debasement, highlighted the return of gold to the global financial architecture, and shared practical advice on mining cycles, orebody quality, optionality, and specific investment opportunities. For CanadianMiningReport.com readers, his comments on Canada’s lack of gold reserves, permitting challenges (“the killing fields”), the value of large land packages in prolific districts, and the importance of aligned management are particularly timely. This article extracts the best quotes, organizes Lassonde’s views on gold and the global financial system, and outlines the implications for Canadian gold and copper companies, junior mining speculation, and long-term portfolio strategy. All quotes are taken directly from the March 24, 2026 interview.
Pierre Lassonde’s Strongly Bullish Gold Outlook and Price Targets
Lassonde is unequivocally bullish on gold and sees multiple reinforcing structural drivers that will push prices significantly higher.
Key quotes on gold prices and outlook:
“I am very bullish on the gold price uh for a multiple reason. And until the underlying conditions that I looked at that created this gold price change, I will stay bullish.”
“If 1% of world savings is shifted back into gold, for example, you’re going to see gold at $25,000 simply because there’s only 221,000 ton of gold on the planet.”
“We will see what I would say crazy gold prices because of that.”
“I came up with the 17,500… I think it’s probably reasonable… could it go to 25,000? Sure… in a casino-like environment.”
He compares the current cycle to the 1971–1980 period, when gold rose from $35 to over $800 per ounce, and positions today as roughly equivalent to 1977 — still early in the move. Lassonde stresses that gold supply grows only about 1% per year because new mines take 7–10 years to bring online, creating a structural imbalance as demand accelerates.For Canadian investors, this outlook strengthens the case for quality gold producers, royalty companies, and select juniors on the TSX and TSXV, especially those with low all-in sustaining costs and assets in stable Canadian jurisdictions.
The Global Financial System: Structural Debt, Debasement, and Gold’s Return
Lassonde paints a sobering yet clear picture of the current global financial architecture, emphasizing that debt is now structural rather than cyclical.
Key quotes on the financial system and debasement:
“A crisis is building. It’s not a question of if, it’s a question of when.”
“Governments have no good choices. They can either engineer a depression… or they can debase the currency.”
“What they like to do is promise more with money they don’t have.”
“The world economy is hooked on debt… this all went out the door during COVID.”
“Budget deficit now is a structural feature of all government. And that… is the recipe for currency debasement.”
Lassonde explains that governments face politically unacceptable choices: austerity or continued money printing. The result is inevitable currency debasement. Central banks worldwide are responding by repatriating and accumulating gold as a neutral monetary asset that is not the debt of any other nation.He highlights the rise of alternative systems such as Tether Gold (with 530 million wallets, 70% in developing countries, buying 2–3 tons per month) as evidence of a parallel financial architecture emerging outside traditional Western banking channels. Price discovery for gold is shifting eastward, with the Shanghai Gold Exchange now surpassing COMEX in physical flows.This macro view reinforces gold’s role as a safe-haven asset and portfolio diversifier, particularly relevant for Canadian investors concerned about long-term currency risk and purchasing power erosion.
Central Bank Buying and the Shift in Global Price Discovery
Lassonde repeatedly points to aggressive central bank gold buying as a key driver.Key quotes on central banks:
“They keep buying gold. And whether it’s China, Poland, Malaysia, Turkey, you look at all these countries, they are buying gold.”
“Central banks… upping their gold reserve… want a monetary asset that’s not the debt of anybody else.”
He notes that price discovery is moving away from Western markets toward Asia, with more than 50% of physical gold now flowing to China. This shift reduces the influence of traditional COMEX and London benchmarks and supports higher prices as Eastern buyers accumulate physical metal.
Canadian Mining Policy, Gold Reserves, and Permitting Challenges
Lassonde offers pointed commentary on Canada’s position in the global gold market.
Key quotes on Canada:
“Why Canada has… us being the only G7 country not owning gold reserves… the Central Bank of Canada… has always looked at Canada as essentially the 51st state of the United States.”
“That is now changing… may end up thinking about if we are going to be independent, we should have gold back into our reserve.”
He also addresses permitting delays in Canada, calling the current 4–7 year timelines “the killing fields” for junior mining companies compared to the historical 3-year average. Lassonde sees some positive government efforts to streamline processes but warns that supply response remains delayed. For CanadianMiningReport.com readers, these insights highlight the strategic importance of domestic gold production and the potential for policy shifts that could support Canadian gold companies in a friend-shoring environment.
Mining Cycles, Optionality, and the Value of Large Land Packages
Lassonde revisits the Lassonde Curve and emphasizes the misunderstood value of “optionality” in mining.
Key quotes on mining cycles and optionality:
“It’s another cycle, but… the one that has me comparing to the most would be the 1971 to 1980 cycle… So, they seem to repeat sort of like every 50 years.”
“We’re in a similar environment. And if you ask me pointedly, like what year would that be, I think we’re like 1977.”
“The best place to find a gold mine is beside a gold mine… That optionality, what’s the value of it?”
“If you own a 200,000 acre piece of land… you’ve seen that how many times? Like, all the time.”
“A great deposit have a tendency to get greater… The best place to find a gold mine is beside a gold mine.”
“For generational money, you have to get into a generational deposit. The ones that going to last 25 to 40 years.”
He stresses that great deposits tend to grow dramatically over time through exploration success, while small deposits remain finite. Copper-gold deposits are described as “nirvana” for optionality (roughly 2/3 copper, 1/3 gold by value in many cases). This insight is highly relevant for Canadian investors evaluating junior mining companies with large land positions in the Golden Triangle, Abitibi, or other prolific districts.
Specific Company and Project Insights
Lassonde shares concrete examples of companies and projects he finds attractive:
Orla Mining (TSX: ORLA): Two mines in production, a third in Nevada starting soon; targeting 500,000–1 million ounces per year at low cost. Stock seen as a buying opportunity after pulling back from higher levels. No share issuance; uses convertibles and gold forwards.
Fuerte (Yukon, formerly Newmont’s Coffee deposit): 5.6 million ounce resource with potential for 250,000 ounces per year over 20+ years. PEA completed, production possible in 2–3 years with strong Indigenous and Yukon government support.
Atex (Chile copper-gold): One of the best deposits discovered in the last 20 years (200 million tonnes at 2.25% Cu equivalent). Potential for 500 million pounds of copper per year as a starter mine; described as undervalued.
Southern Cross (Australia): High-grade (10 g/t Au) vein system analogous to Fosterville. Potential 4–5 million ounces (possibly 10 million). Cash flow characteristics similar to a 500,000 ounce per year mine at 1 g/t; market cap seen as undervalued.
These examples illustrate Lassonde’s preference for aligned management, long-life assets, and projects with clear paths to production and cash flow.
Practical Investment Advice for Canadian Mining Investors
Lassonde provides straightforward, experience-based advice:
“Sell losers, buy more winners.”
“Hold forever like Warren Buffett… align with management that has significant stakes.”
“Focus on 5–6 companies if you really know them, or use an index if you don’t.”
Emphasizes avoiding debt and focusing on management that is building mines for cash flow rather than quick sales.
He encourages investors to understand the geology deeply rather than relying solely on DCF models and to appreciate the long-term optionality value in large land packages.
Risks and Balanced Perspective
While Lassonde is strongly bullish, he acknowledges risks including permitting delays, capital requirements, and execution challenges. He notes that the mining sector remains high-risk and high-reward, requiring patience and rigorous due diligence.
Conclusion: A Life-Changing Period for Canadian Mining Investors
Pierre Lassonde’s March 24, 2026 interview on Golden Telegraph delivers a compelling and wide-ranging thesis: gold is returning to the global financial architecture in a major way, driven by structural debt, currency debasement, central bank buying, and shifting price discovery toward Asia. The current environment mirrors the 1970s in key ways, setting the stage for a powerful commodity supercycle.For Canadian investors, Lassonde’s insights highlight the strategic importance of domestic gold and copper production, the value of high-quality orebodies and large land packages, and the need for aligned management and patient capital allocation. Companies on the TSX and TSXV with strong fundamentals, low costs, and clear development paths are well-positioned to benefit from higher gold prices and increased Western demand for secure supply chains.The interview is a timely reminder that the mining sector rewards those who focus on the rocks, understand the macro drivers, and maintain a long-term perspective. For CanadianMiningReport.com readers, this is one of the most important discussions of 2026 — a clear call to action for disciplined investors in the next mining supercycle.This article is based solely on the March 24, 2026 interview on Golden Telegraph and is for educational purposes only. Mining stocks are highly speculative and volatile. Conduct your own thorough due diligence and consult qualified professionals before making any investment decisions.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.