“They Will Take It From You” | A Billionaire’s Warning To Gold Investors

Gold has pulled back from its highs and silver has given up a large piece of a record run. Dr. Thomas Kaplan has seen this before, and he called it in advance. In this exclusive interview with Jeremy Szafron, the chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining says the drawdown is a “1987 moment” for precious metals, and that another tenfold move in gold is “not just likely, but inevitable.” He also explains why he sold his energy company in 2007 and moved into gold, why jurisdiction became his first worry instead of his tenth, what he means when he calls an asset a Rembrandt, and what he would say to somebody who bought silver during the surge and is underwater now. Kaplan has been an investor in precious metals for more than three decades. He pointed at the Sunshine Mine in Idaho in 1993 and told his fiancée he would own it one day. His company bought it in 2010, and it began trading on the New York Stock Exchange on June 4, 2026.