Gold’s Cash Pile Problem, Barrick’s Crossroads and a Cycle Warning | Nicole Adshead-Bell

Kitco MINING · Mar 3, 2026 · 25m

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down what a packed conference floor may be signaling for the mining cycle, and why rising commodity prices can blur the line between skill and momentum.

Adshead-Bell argues that “we always mistake alpha for beta,” warning that a rising tape can hide weaker execution. She highlights a growing capital allocation debate among gold producers, noting that at least 10 companies now hold $1 billion or more in cash even after increasing shareholder returns. The key…