The GoldNotes framing

Gold bullion and gold-mining shares are different investments. Adrian Day’s argument is that strong bullion prices can coexist with inexpensive mining equities when investors remain sceptical. The useful question is whether those apparent discounts survive realistic gold-price, operating-cost and capital-spending assumptions—not whether a chart guarantees a re-rating.

Watch Adrian Day’s presentation

Watch the original on YouTube · Metals Investor Forum · Uploaded September 23, 2026 · Runtime approximately 19:37. The publisher identifies the presentation as Vancouver, September 19, 2026.

The published title is What Comes After Gold? and the description calls the planned presentation Apart From Gold, What Else? Day says in the opening that he changed his focus to gold after the preceding copper presentation. The embedded video remains hosted by its original publisher.

What Day is arguing

  • Gold’s longer-term thesis: he argues that a pullback need not end a bull market and that reserve diversification and institutional buying remain important.
  • Mining economics: he connects higher bullion prices with cash generation and balance-sheet strength, while arguing that share valuations have not fully reflected that improvement.
  • Investor participation: he sees limited generalist enthusiasm as a possible source of future demand. That is a market thesis, not a timetable or a guaranteed return.

GoldNotes is presenting Day’s views, not independently certifying every price, central-bank purchase, Tether figure or company comparison in the talk. Figures and forecasts should be read in their original date and context.

The Scotiabank report: what is actually visible

At approximately 16:40, Day attributes his valuation comparison to a 40-page Scotiabank report. He describes a long historical comparison of major gold miners using several valuation measures.

The displayed slide is titled “Cheapest in 50 Years” and credits “Scotia Bank”. The chart itself plots free-cash-flow yield against price/net asset value (P/NAV). Its reference averages are labelled 4.1% and 1.44x. Crucially, the black observations are labelled 2026E, 2027E and 2028E: estimates, not three years of completed results. A footnote says “NAV data is limited to 1985 onwards.”

Those details matter. Higher estimated cash-flow yield and lower P/NAV can support a valuation argument, but depend on the earnings, commodity-price, discount-rate and asset assumptions behind the model. The slide alone does not supply the full company universe, methodology or original report date.

Original report access

Strongest report lead: Attractive Gold Valuations: Time to Buy?, reportedly issued June 10, 2026. Nick Hodge’s June commentary names the report and date; The Globe and Mail attributes the same four-metric analysis to Scotiabank analyst Tanya Jakusconek.

This is a strong candidate, not an authenticated match to Day’s exact chart. A public original PDF was not obtained, so its page count, full author list and chart contents remain unverified. No summary, screenshot packet or unrelated Scotiabank publication is being offered as the 40-page report.

For authorized access, consult Scotiabank’s research service or request the exact citation from the speaker. Obtain permission before redistributing client research.

U.S. Global Investors’ June 15 Gold SWOT on Kitco independently documents Scotia research comparing free-cash-flow yield, EV/EBITDA, price/cash flow and P/NAV with historical gold-equity valuations back to the 1970s. This corroborates the broad research topic, but does not identify the exact report edition shown in September.

Viewing guide

  • 00:24 — why Day focuses on gold and the pullback.
  • 02:24 — his case for continuing gold demand.
  • 15:00 — mining margins and cash generation.
  • 16:40 — the Scotiabank report and valuation chart.
  • 17:38 — Agnico Eagle and Franco-Nevada comparisons.

Markers are approximate, based on automatic captions; the valuation-slide segment was also visually inspected.

Investment cautions

A miner is not simply stored bullion. Production, costs, taxes, royalties, financing, dilution, reserves and jurisdiction can alter outcomes. Forecast free cash flow can fall when gold prices fall or investment spending rises. A historically low multiple is not proof of mispricing and does not eliminate downside risk.

Disclosure: Adrian Day publishes an investment advisory and manages money; this is investment-industry commentary. GoldNotes is not issuing an issuer announcement, stock recommendation or personalized investment advice. No endorsement of a particular security or guaranteed return is implied.

Source trail

Capture notes and limitations · Evidence checklist · Video metadata · Metals Investor Forum