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Investors / stance tracking

What Larry Lepard is saying

Managing Partner, EMA2

14 dated public stances tracked since 2025-02-12, most recently 2025-09-09. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.

The stances below are c8alpha's editorial distillation of Larry Lepard's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Larry Lepard is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.

Think we got something wrong? Report a misattribution — we correct it or take it down.

14

tracked stances

7

themes

0

side flips

2025-09-09

last heard

Returns 90d +14.2% (n=15) · 180d +34.1% (n=15) · 1y +39.7% (n=11)

Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.

Most-argued themes

Theme	Stances	Lean	Mix	Last
GOLD	4		4 bullish	2025-09-09
BITCOIN	3		3 bullish	2025-09-09
Long Dur Treasuries	2		2 bearish	2025-09-09
DPM	1		1 bullish	2025-09-09
FRES	1		1 bullish	2025-09-09
Gold Miners	1		1 bullish	2025-04-14

Tracked stances

bullish / bearish is a view they argued; owns / short is a position they said they hold.

2025-09-09 SILVER owns Wealthion · video

Silver has broken out of a decade-long cup-and-handle pattern, faces chronic supply deficits, surging industrial demand from Chinese solar (30%→50-60% of world production) and solid-state EV batteries, and institutional investment demand is newly flowing into…

“I am way bowled up on silver. I think we're going to 50, 60, 70 this year”

90d +41.8% · 180d +110.5%

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 BITCOIN bullish Wealthion · video

Bitcoin remains in the upswing of its four-year cycle, has formed a bull flag around $108-110K, and monetary debasement plus M2 acceleration support a $150-250K cycle top expected December 2025 through June 2026

“I feel like there's a pretty good chance we'll be 150 to 250 on this cycle”

90d -18.7% · 180d -40.8% · 1y -29.1%

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 Long Dur Treasuries bearish Wealthion · video

Long-duration bonds offer yields well below true inflation rates, and if the bond market sells off materially the Fed will be forced into yield curve control — printing money to buy all tenors — guaranteeing purchasing power destruction for holders

“the worst investment in the world today are long duration bonds in my opinion”

90d +0.5% · 180d -2.2%

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 GOLD bullish Wealthion · video

Gold formed a textbook bull flag at $3,500 implying a $4,000 target; the fundamental driver is the sovereign debt trap forcing Fed monetization, Trump pushing 300bp rate cuts, M2 running at 4.8% and rising, all pointing to an inflationary decade that is only…

“I'm pretty comfortable we'll get to $4,000”

90d +15.4% · 180d +41.5%

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 FRES owns Wealthion · video

Fresnillo is the world's largest silver producer — the 'Newmont of silver' — providing a dominant blue-chip position in silver at the moment institutional money is beginning to allocate to the metal

“I didn't mention Fresnillo when I was going through the silver. It's one of our largest positions. I love that company.”

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 DPM bullish Wealthion · video

Dundee Precious Metals is a disciplined capital allocator that compounds value through smart acquisitions (e.g., Adriatic) and developing its mine pipeline, giving it a clearer production growth runway than mega-caps at attractive EBITDA multiples

“Dundee is one of my favorite names. I just love that company. Love the stock.”

Larry Lepard: “$4,000 Gold Is in Sight”

2025-09-09 long ARIS / long BTG / long EQX / long DPM (+4 legs) basket Wealthion · video

Mid-tier gold producers trade at 4-6x EBITDA versus 12x+ for majors, yet are small enough to grow production meaningfully — offering three compounding drivers (gold price, production growth, multiple expansion) that the mega-caps cannot deliver

90d +21.7% · 180d +55.1%

Larry Lepard: “$4,000 Gold Is in Sight”

2025-04-14 GOLD bullish Wealthion · video

US federal interest expense has grown 4.7x to a $1.4T run rate, the Fed was forced to print 2x more money in half the time in 2020 vs 2008, and the bond market is now 'waking up' to a sovereign debt crisis—compounding math makes a dollar debasement event and…

“gold's not stopping at 3,000. Gold's going to 10,000”

90d +4.0% · 180d +27.6% · 1y +50.3%

Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup

2025-04-14 BITCOIN bullish Wealthion · video

Bitcoin as digital sound money will benefit from the same sovereign debt crisis and dollar-credibility collapse driving gold, with global adoption still in early stages and a math-driven monetary reset supporting a blowoff to $150K before the next correction.

“Bitcoin is digital sound money, much newer, riskier, harder to understand. A lot of people aren't in it yet”

90d +40.8% · 180d +31.0% · 1y -12.3%

Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup

2025-04-14 Gold Miners bullish Wealthion · video

Gold equities are priced on a false consensus that gold would revert from $2,500 to $2,070; with gold repricing sustainably higher to $3,500-4,000 and miners earning 50-60% gross margins per ounce, a consensus reset should drive 100%+ gains in gold stocks…

“everything in there could double or triple and it still wouldn't be expensive”

90d +4.9% · 180d +58.7% · 1y +102.9%

Jim Grant, Larry Lepard, John Hathaway & More on Gold’s Historic Bullish Setup

2025-04-07 GOLD bullish Wealthion · video

Sovereign debt trap and unsustainable US deficits force the Fed to print, debasing fiat; gold at all-time highs is the alarm bell signaling systemic stress; historical 9x cycle analogy supports a path to $5,000–$10,000.

“The last 3%'s on the way”

90d +12.3% · 180d +33.1% · 1y +57.8%

Larry Lepard: The Fiat System Is Failing - Gold Exploding Is the Alarm Bell | Part I

2025-02-12 GOLD bullish Wealthion · video

Gold is the analog sound money hedge to US sovereign debt crisis; the bond market is already signaling system stress (10-year yields rose 120bps after the Fed's first cut, steepest on record), and gold's 27% 2024 gain despite dollar strength shows it is…

“Gold's not stopping at 3,000, gold going to 10,000”

90d +11.9% · 180d +15.3% · 1y +68.6%

Larry Lepard: The Big Print To $7 Million Bitcoin & $10k Gold

2025-02-12 Long Dur Treasuries bearish Wealthion · video

With the US in a compounding sovereign debt crisis and the bond market already pricing risk (10-year yield up 120bps in three months after the Fed cut — historically the steepest such move), holders of 10- and 30-year Treasuries at ~4% will see substantial…

“10 year at 4% no, 30 year at 4% no”

90d +0.5% · 180d -2.4% · 1y -6.9%

Larry Lepard: The Big Print To $7 Million Bitcoin & $10k Gold

2025-02-12 BITCOIN bullish Wealthion · video

Bitcoin's fixed 21M supply makes it the first monetary network in history with zero dilution, and it accretes value via network effects the same way Amazon/Google did, while the US debt doom loop guarantees further monetary debasement that drives demand for…

“Bitcoin is digital sound money...they're coming”

90d +6.5% · 180d +21.3% · 1y -32.3%

Larry Lepard: The Big Print To $7 Million Bitcoin & $10k Gold

Newest stances reach Brief subscribers first; these pages update on a one-week lag.