China's Gold Reserves Doubled While the US Stopped Mining It | Bob Quartermain

Bob Quartermain says the world's great gold deposits are getting harder to find, and the price will have to rise to make up for it.Speaking with Kitco News at the Rule Symposium 2026, the Dakota Gold CEO and newly named Order of Canada member said the remaining deposits are deeper, lower-grade, and far costlier to find. "Those elephants at depth are rare, and they cost hundreds of millions of dollars to find," he said. "We're just gonna have to see a higher gold price to achieve the amount of production that we're currently seeing now."Quartermain called the recent pullback "a breather in the bull market," pointing to central bank demand as the structural break from the speculative 2011 run. He noted gold has now passed US Treasuries as a reserve asset and China's holdings have grown from 33 million ounces to over 75 million, and explained why US gold output has fallen from over 10 million ounces a year to four or five since the Homestake mine closed.Recorded July 08, 2026.Special thanks to our sponsor, Aris Mining, for making this coverage possible. To learn more, visit: https://www.aris-mining.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)00:00 - Welcome and Intro01:37 - Gold Cycle: 1980, 2011 and Now03:02 - Central Banks and Gold vs Treasuries04:52 - Hemlo: Full Circle 40 Years Later08:09 - Why Majors Miss the Big Finds09:56 - Building Brucejack, Selling to Newcrest12:24 - Why the Gold M&A Wave Is Just Starting13:56 - Silver's AI and Data Center Demand17:20 - Gold Supply Crunch and Jurisdiction Risk20:44 - Reviving the Historic Homestake Mine25:40 - How to Spot a World-Class Deposit28:30 - Advice to Young Geologists#Gold #Mining #DakotaGold #KitcoNews__________________________________________________________________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/kitconewsListen 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.comVisit: 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/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn 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.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.