Trump’s Mining Revival Hits a Wall as Critical Minerals Oversupply Threatens Growth

As gold tumbles over $400 an ounce from record highs, one of mining’s most outspoken strategists says the correction was inevitable. Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep to explain why the selloff was both predictable and healthy, and why the real story lies far beyond the charts.

“What goes up must come down,” Ecclestone says, describing the retreat as a classic market cooling after months of runaway optimism. He ties the pullback to easing geopolitical tensions and the potential for what he calls an “outbreak of peace,” noting that much of gold’s rally had been driven by fear and instability.

But Ecclestone warns that the bigger shift is happening underneath the surface: the erosion of U.S. dollar dominance as nations increasingly trade and settle outside the Western financial system. “The dollar’s primacy is being eroded,” he says, as a multilateral trade order begins to take shape.

On policy, Ecclestone credits Donald Trump’s push to revive U.S. mining as a long-term strategic win but cautions against “scattergun spending” in critical minerals like lithium and rare earths, warning that unchecked investment could trigger a dangerous oversupply cycle.

This is a must-watch interview for investors tracking the intersection of gold, geopolitics, and U.S. resource independence—and the new balance of power emerging in global commodities.

Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.