The David Lin Report Investor Called 2022 Crash, Brace For His 2026 Warning | Michael Gentile
Feb 18, 2026
Michael Gentile, strategic investor and Bastion Asset Management co-founder, focuses on metals and resource investing. He discusses central banks buying gold, de‑dollarization, rising sovereign debt, and why miners may be undervalued. He also contrasts AI-driven tech froth with durable cash flows in commodities and flags the potential for a major rotation into metals.
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Miners' Margins Have Outpaced Their Valuations
- Gold producers' margins have surged far more than their stock multiples have reflected.
- Juniors trade at pennies per ounce in ground, creating fertile M&A and multiple-expansion opportunities.
Seek Low-Cost Producers With Strong Free Cash Flow
- Favor miners that deliver durable free cash flow and can generate high FCF yields.
- Expect multiple expansion as investors seek stable cash-generating hard-asset businesses.
Healthy Consolidation, Not Necessarily A Top
- Price consolidation after a rapid rally is healthy and not proof of a top.
- Central bank buying is sticky and underpins a more stable long-term gold market.