Commodities
Most of His Net Worth Is in Gold, Heres Why Mine Builder Bob Quartermain Is Still Bullish
Date: 2026-11-02 20:30:16
Gold fell back below $4,000 on Oct. 30, and Robert Quartermain has weathered drops like this before. He started in the business when gold was $140 an ounce, and he says the industry’s discipline means producers are still making money at today’s prices, with costs around $1,600 to $2,000 an ounce.
At the New Orleans Investment Conference, the veteran mine builder tells Kitco News anchor Jeremy Szafron that gold is “still a small trade,” so short sellers and liquidity squeezes can knock it down fast. The fundamentals haven’t changed, he argues, with central banks still buying and gold still flowing into China. Most of his own net worth is tied to gold, and he says there’s “a point where even I start buying physical gold back again.”
An honorary colonel in the Royal Canadian Air Force, Quartermain also explains why North America’s critical minerals gap is in refining, not mining, and how China built that choke point over the past two decades. Gold is critical in every phone and server, he notes, but it’s missing from NATO’s list of defense-critical materials because it’s so abundant. For the first time in his 50-year career, he adds, politicians are talking about the need for these metals.
Disclosure: Robert Quartermain is co-chair of Dakota Gold, the sponsor of this coverage.
This interview was recorded on Oct. 30, 2026.
Special thanks to our sponsor, Dakota Gold, for making this coverage possible.
To learn more, visit: https://dakotagoldcorp.com/
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)
Follow Dakota Gold on X: @DakotaGoldCorp (https://x.com/DakotaGoldCorp)
00:00 Welcome Back to New Orleans
00:39 Gold Below $4,000 and Industry Discipline
03:33 Investor Sentiment on a Volatile Day
04:34 Rare Earths, China and Military Supply Chains
09:26 South Dakota and the Homestake District
13:25 Permitting on Private Land and a 2029 Target
15:14 The Richmond Hill Study
16:31 Scaling Up Production
17:56 Building Instead of Selling
19:44 High-Grade Drilling at Maitland
21:45 Financing a Mine While Limiting Dilution
23:23 What Separates Mines That Get Built
25:15 The Hemlo Turnaround
28:13 Diesel Costs and Mining Margins
29:41 Handing Over the CEO Role
31:25 From Air Cadet to Honorary Colonel
32:42 Gold’s Long-Term Thesis
34:45 Closing Thoughts
#Gold #Mining #CriticalMinerals
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X: https://x.com/kitconewsnow
Instagram: https://www.instagram.com/kitconews
Facebook: https://www.facebook.com/KitcoNews
LinkedIn: https://www.linkedin.com/company/kitconews
Listen to the PODCAST on
🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof
🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233
🎧 All podcast episodes available here → https://kitconews.buzzsprout.com
Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart: https://www.kitco.com/charts/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto
Learn more about Kitco News: https://www.kitco.com/news/about/
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
