Why Dave Lotan Has Spent 23 Years Bullish on Gold - And Isn't Stopping Now

For more than two decades, Dave Lotan has viewed gold as the ultimate currency hedge and safe haven asset in an era of fiat currency risks and monetary expansion. In his June 29, 2023 CEO.ca CrashLabs interview, he laid out the case for staying bullish on gold. Three years later, with gold trading at record highs and central bank gold buying accelerating, his thesis is more relevant than ever.

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 the CEO.ca CrashLabs Podcast Episode #16 with Dave Lotan (June 29, 2023) and market data as of April 25, 2026, and are believed to be accurate at the time of writing. However, commodity prices, geopolitical events, monetary policy decisions, and economic conditions are dynamic and subject to rapid change. Investing in gold or gold 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 return 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: A 23-Year Bullish Stance on Gold

Dave Lotan has been bullish on gold for more than 23 years. Through multiple market cycles, changing central bank policies, and shifting geopolitical landscapes, his conviction has remained remarkably consistent: gold is the last great currency hedge you can use at scale. In his June 29, 2023 interview on CEO.ca’s CrashLabs podcast, Lotan articulated this view with clarity and depth. At the time, gold was trading around $1,950–$2,000 per ounce, and many investors were questioning whether the metal could break out meaningfully. Lotan’s message was contrarian yet grounded in history: gold’s role as a monetary asset and inflation hedge would become increasingly important as fiat currency risks grew. Three years later, in April 2026, gold has surged to record highs near $4,800–$4,900 per ounce. Central banks continue aggressive gold buying, geopolitical tensions remain elevated, and questions about the long-term stability of the fiat system have intensified. Lotan’s long-term gold investment outlook has not only held up — it has been strongly validated by events. This article examines Dave Lotan’s core arguments from the 2023 interview, places them in today’s 2026 context, and explores why he remains bullish on gold. It addresses the key reasons investors buy gold during inflation, gold’s role as a safe haven asset, and the structural drivers behind the current gold price surge.

Dave Lotan’s Long-Term Thesis: Gold as the Ultimate Currency Hedge

In the 2023 interview, Lotan repeatedly returned to a central idea: gold is the last great currency hedge available to investors at meaningful scale.

Key quotes from Dave Lotan (June 29, 2023):

• “Gold is the last great currency hedge you can use at scale.”

• “When you look at history, gold has always been the ultimate store of value when governments print too much money.”

• “Central banks understand this. That’s why they’re buying gold again in record amounts.”

Lotan’s reasoning is rooted in monetary history. He argues that fiat currencies have no intrinsic value and rely entirely on government and central bank promises. Over time, these promises are often broken through inflation and currency debasement. Gold, by contrast, cannot be printed or arbitrarily increased in supply. This view aligns with the long-term performance of gold versus fiat currency. Since the Nixon Shock of 1971, which ended dollar convertibility into gold and collapsed the Bretton Woods system, the U.S. dollar has lost the vast majority of its purchasing power when measured against gold.

Central Bank Gold Buying: The Structural Driver

One of the strongest themes in Lotan’s 2023 interview was the accelerating central bank gold buying trend. He noted that many central banks, particularly in emerging markets, were actively diversifying away from heavy reliance on the U.S. dollar.

Lotan’s insight on central bank gold buying trend:

• Central banks are buying gold because they are losing faith in pure fiat systems.

• Gold has no counterparty risk — its value does not depend on any government’s promise.

• This official sector demand provides a consistent structural bid for gold.

Since 2023, this trend has only strengthened. Central banks have purchased over 1,000 tonnes of gold annually in recent years, with emerging market buyers leading the charge. This buying supports gold’s role as a gold investment hedge and gold as reserve asset, providing a floor under prices even during periods of temporary consolidation.

Gold vs Fiat Currency: Why Investors Are Losing Trust

Lotan’s analysis of gold vs fiat currency is rooted in the history of money and the post-1971 fiat era.

Key points from the interview:

• Fiat currencies have no intrinsic value and can be debased at will.

• The post-1971 period has been characterized by repeated episodes of inflation and currency debasement.

• Gold has maintained its purchasing power over centuries because its supply is limited and cannot be arbitrarily increased.

In 2026, these arguments are even more relevant. Persistent government deficits, large central bank balance sheets, and ongoing geopolitical uncertainty have led many investors to question the long-term reliability of government-issued money. Gold’s performance since 2023 validates Lotan’s view that it remains one of the best assets during inflation and periods of financial system instability.

Gold as a Hedge Against Inflation and Recession

Lotan emphasized that gold is not just an inflation hedge — it performs well across a variety of adverse economic conditions.

Key concepts from the interview:

• Gold protects purchasing power during periods of high inflation.

• It serves as a safe haven asset when confidence in fiat currencies erodes.

• In recessionary environments with monetary easing, gold often benefits from lower real yields and increased money supply.

Investors frequently ask “can gold hedge against inflation and recession?” Lotan’s answer is clear: yes. Gold has historically delivered positive real returns during stagflationary periods and acts as portfolio insurance when both stocks and bonds struggle.

Gold Price Drivers and Gold Investment Outlook 2026

Lotan’s 2023 interview identified several structural drivers that continue to support gold in 2026:

• Central bank gold buying as countries diversify reserves.

• Safe haven demand gold amid geopolitical tensions and economic uncertainty.

• Inflation and gold prices correlation, with gold acting as a proven hedge against currency debasement.

• Gold demand vs supply dynamics, with mine supply growth remaining constrained.

These factors support a constructive gold long term investment case and gold outlook next 5 years. With gold at record highs and ongoing monetary uncertainty, Lotan’s bullish stance on gold remains intact.

Implications for Canadian Gold Mining Companies

Canadian gold mining companies benefit from operating in one of the world’s most respected mining jurisdictions. Lotan’s thesis on gold as a currency hedge and safe haven asset strengthens the long-term case for these companies:

• High-grade assets in stable provinces (Ontario, Quebec, Saskatchewan) offer significant leverage to rising gold prices.

• Strong management teams and clean share structures become even more valuable in a gold bull market.

• The combination of elevated gold prices and growing recognition of gold’s monetary role supports a positive gold mining stocks outlook.

Investors seeking exposure to gold investment hedge and sound money gold principles can find leveraged opportunities through carefully selected Canadian gold mining companies with low all-in sustaining costs and long reserve lives.

Risks and Balanced Perspective

While Lotan’s case for gold is compelling, risks remain. Short-term price corrections are possible if geopolitical tensions ease or if stronger economic data reduces safe-haven demand. Gold mining stocks can be volatile even when the metal itself is strong. Investors must maintain proper position sizing and diversification.

Conclusion: Dave Lotan’s 23-Year Bullish Stance on Gold Remains Intact

For more than 23 years, Dave Lotan has viewed gold as the last great currency hedge investors can use at scale. His June 29, 2023 interview on CEO.ca CrashLabs provided a clear and historically grounded framework for understanding gold’s enduring role as a safe haven asset, inflation hedge, and monetary asset. In April 2026, with gold trading at record highs near $4,800–$4,900 per ounce, central bank gold buying accelerating, and concerns about fiat currency risks and financial system instability growing, Lotan’s long-term bullish stance on gold has been strongly validated.For investors asking “why invest in gold,” “is gold a good investment in 2026,” and “should you invest in gold now,” Lotan’s analysis offers a compelling answer. Gold’s independence from any single government, its proven track record as a store of value, and its role as a hedge against inflation and currency debasement make it uniquely positioned in today’s uncertain world. Canadian gold mining companies with high-quality assets in stable jurisdictions offer investors leveraged exposure to this dynamic. As the monetary system continues to face pressure, gold’s importance as a currency hedge and safe haven asset is likely to grow. Dave Lotan’s message from 2023 remains as relevant as ever in 2026: gold is the last great currency hedge you can use at scale — and the case for staying bullish on gold is stronger than ever. This article is based on the CEO.ca CrashLabs Podcast Episode #16 with Dave Lotan (June 29, 2023) and publicly available market data as of April 25, 2026. It is for educational purposes only and is not investment advice. Gold and gold mining stocks are volatile; conduct your own research and consult qualified professionals.