Show Notes
Is gold facing another correction before the next major liquidity upswing? Michael Howell of CrossBorder Capital joins Trevor Hall on Mining Stock Daily to discuss global liquidity, China’s gold demand, the debt refinancing wall, and his outlook for 2027.
Recorded in London during LME Week, this conversation explores why Howell believes financial markets are entering a difficult phase—even as parts of the real economy remain strong. He explains how AI capital spending and rising refinancing needs compete for liquidity, and why Treasury bills, bank reserves, and repo markets deserve more attention than interest rates alone.
Howell also lays out his case that China’s monetary expansion is an underappreciated driver of gold prices. Could gold help anchor a more divided international monetary system? And why does he favor bonds tactically while remaining bullish on gold, commodities, and hard assets over the longer term?
We discuss: • The global liquidity downturn and a potential 2027 turning point • “Treasury QE,” debt monetization, and the changing role of the Fed • Monetary inflation versus energy and supply-side pressures • AI capital spending, credit stress, and the debt maturity wall • China’s debt problems and demand for gold • Bitcoin, the yield curve, and indicators of a liquidity recovery • What would actually force the Federal Reserve to intervene
Follow Michael Howell’s research: Capital Wars on Substack Institutional research: https://glindexes.com More from Mining Stock Daily and the Clear Commodity Network: https://clearcommodity.net Subscribe for more conversations on gold, commodities, mining, and global markets.
More from Mining Stock Daily
Meridian Mining CEO Gilbert Clark joins Trevor Hall during LME Week in London to discuss the market's response to the definitive feasibility study for the Cabaçal copper-gold project in Brazil. With an after-tax NPV exceeding $2 billion and an IRR of 108%, Meridian is now advancing project financing and commercial discussions with smelters and trading houses. Clark outlines the company's path toward construction, targeting initial ramp-up in late 2028 and free cash flow in 2029. The conversation also covers the strategic value of Cabaçal's high-quality copper concentrate, financing considerations, Brazil's political landscape, and plans to significantly expand exploration spending across Meridian's broader copper-gold portfolio.
Valhalla Metals CEO Sorin Posescu joins Ian Wagner to introduce the company’s Sun and Smucker copper, zinc and silver projects in Alaska’s Ambler Mining District. He explains the history of Sun’s resource, the recent acquisition of Smucker from Teck, and the strategic investment from Marubeni. Valhalla plans to test extensions of Sun’s known mineralization and explore new targets, while working to bring Smucker’s historic resource up to current reporting standards. Posescu also discusses pending assays from the 2026 drill program, access to the remote projects, the proposed Ambler road, and how the company plans to fund further drilling in 2027.
Tudor Gold CEO Joe joins Ian Wagner to discuss drilling at the Perfectstorm target at the Treaty Creek project in British Columbia’s Golden Triangle. Recent results point to a copper-gold porphyry alongside an epithermal gold zone, prompting Tudor to expand its program beyond its original plan. Three rigs remain active, with more assays expected as the company works toward a maiden resource. Joe explains why drilling at CBS has taken a back seat, updates the permit timeline for underground access to Goldstorm’s SC-1 zone, and outlines the Goldstorm economic study. The conversation closes with Tudor’s efforts to resolve the Seabridge dispute and consolidate Treaty Creek ownership.
Elemental Royalties CEO Fred Bell joins Trevor Hall in London during LME Week to discuss the company's decision to sell its project generation business to Carlin East and sharpen its focus on becoming a pure-play royalty and streaming company. Bell explains how the transaction could reduce annual overhead by $6–7 million while preserving exposure to early-stage royalty opportunities. The conversation also examines Elemental's evolving shareholder base, Tether's continued support as its largest shareholder, and the potential for improved margins following its recent acquisitions. Bell also addresses the company's recent share price weakness and what could drive a future re-rating.
Liberty Gold has reported results from its 2026 drilling at the Black Pine gold project in southeastern Idaho. Canagold Resources reports results from its New Polaris gold project in northwestern British Columbia. Kodiak Copper has started metallurgical testing at its MPD copper-gold project in southern British Columbia. Minaurum Silver has discovered a blind vein at its Alamos silver project in Sonora, Mexico. Fireweed Metals has received conditional approval to move its shares from the TSX Venture Exchange to the Toronto Stock Exchange. Critical Metals Corp has cleared a hurdle in its proposed acquisition of European Lithium.