Kitco News, Released on 6/3/26

Is the “Build Phase” of the AI revolution creating a structural inflation shock the market is ignoring? Tavi Costa, Founder and CEO of Azuria Capital, joins Senior Anchor Jeremy Szafron to map out the collision between massive global debt, shrinking physical metal supplies, and the scramble for strategic resources. They break down why the math behind central bank reserves is shifting, with gold surpassing U.S. Treasuries as a primary reserve asset. Tavi argues this isn’t just a political statement, but a calculated response to a Treasury market increasingly behaving like an emerging market. The discussion moves into the mechanics of the supply crunch, explaining why record-high copper and silver prices are failing to incentivize new production due to the “byproduct trap.” Finally, Tavi addresses the “Build Phase” paradox: while AI may be deflationary in its mature stage, the current, capital-intensive race to construct the global electrical grid is consuming raw materials at an unsustainable rate.

00:00 Gold Tops Treasuries
00:57 Debt Trap And Rate Suppression
03:58 What Breaks If Fed Hikes
05:48 Main Street Inflation Squeeze
08:50 Populism And Mining Risk
09:17 Emerging Markets Rotation
11:11 Copper Price Discovery
14:13 Where New Supply Comes From
17:39 Silver Deficit And Repricing
20:54 Mining M&A And Orla Risks
23:43 Pricing Jurisdictional Risk
29:39 Argentina As Reform Roadmap
34:28 Government Metal Intervention
39:01 Managing Mining Volatility
45:56 What Would Break The Thesis
49:19 Closing Thoughts

Tavi Costa is Co-Founder & CEO of Azuria Capital LLC. He was formerly a partner and portfolio manager at Crescat Capital. Before joining Crescat, he worked with the underwriting of financial products and in international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

  AI, copper, gold, inflation, investing, mining stocks