Larry Lepard: Gold's Worst Week Since 2011 | I'm Buying.

Mar 23, 2026

Larry Lepard, managing partner focused on macro and precious-metals investing, shares bold calls on gold and silver. He talks about buying through sharp pullbacks. He discusses money printing, rising deficits, miners’ volatility, and why corrections can be rare entry points. Short, assertive takes on market timing and precious-metals positioning.

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INSIGHT

Gold Signals Structural Money Debasement

Gold's surge reflects growing awareness that government money printing and fiscal irresponsibility are structural, not a short-lived bubble.
Larry Lepard argues gold moves ahead of printing and is signaling multi-year debasement driven by unchecked deficits and spending.

INSIGHT

Market Connected Deficits To Reserve Moves

The decisive 2025 move came as investors connected deficits, reserve management programs, and delayed printing into a 'nothing stops this train' narrative.
Lepard credits Lynn Alden's meme and early reserve moves that made gold anticipate later official printing.

ANECDOTE

EMA's Big Year And Volatility Reminder

Larry Lepard's fund, Equity Management Associates, gained 175% in 2025, its best year ever amid the metals rally.
He cautions the sector is extremely volatile, having lost 30–40% in other years like 2011–2015.

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Larry Lepard of Equity Management Associates sat down with Trey Reik last Thursday, during gold's worst week since 2011, with his own fund down 7% that day. His response: he was buying SILJ that morning and picking up gold coins over the weekend. With the war already adding hundreds of billions to an already unsustainable deficit, Larry argues the sell-off changes nothing about the long-term picture: the Fed balance sheet has fallen behind the exponential growth of debt, yield curve control is coming, and gold is headed to $10,000 or way higher. He sees the correction as a rare entry point for investors who missed last year's run, and with gold and silver miners rebounding today on Iran peace talks, his timing may already be starting to prove out.

💡With gold down 20% from its highs and Larry calling this a once-in-a-decade entry point, it's worth checking your allocation. Get a free portfolio review with Wealthion's endorsed financial advisors at https://bit.ly/4rQxW22

💡Larry Lepard sees gold headed to $10,000+ and silver to $250. GBI Direct, The Best Way to Invest in Physical Gold and Silver: https://gbidirect.com/?aff=WTH

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Chapters:

0:56 - Were You Surprised by Gold's Explosive 2025 Performance?

4:40 - How Did Your Fund Perform in a Record-Breaking Year?

6:37 - Did January's Silver Frenzy Cross Into Meme-Stock Territory?

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