Gold Price Forecast: July Marked a Major Bottom — Miners Set to Outperform

Gold Big Picture

Another quick reminder of where I believe we are in the larger bull trend: the 2026 pullback is only the halfway point of a 10-year rally that should take gold well above $10,000 by the end of the decade. Just like in 2006, I expect the recent lows to hold throughout the remainder of the bull market. In other words, I believe we just saw a major bottom.

Gold

Gold bottomed mid-year, almost exactly as forecasted, and the uptrend is now resuming. As I noted in mid-July, expect the uptrend to begin gradually, with periods of sideways churn along the way. Medium term, we see prices trading above $7,000 in the second half of next year, which should be very good for miners.

Silver

Silver likely bottomed in mid-July, as forecasted, but I’ll feel more confident once we see price break decisively above the cycle downtrend line, which could take another week or two. We expect silver to make new all-time highs alongside gold next year, but the real fireworks likely won’t arrive until the final stage of the bull market, which we expect around 2030–2031.

Platinum

Platinum turned higher after reaching our mid-year target and is now very close to confirming a major bottom. It too should reach new all-time highs next year, but its greatest gains may not arrive until the final 12 months of the bull market. That’s when we expect platinum to return to parity with gold.

GDX

Miners look strong after forming a major bottom mid-year, as forecasted. During the first half of the bull market, miners lagged, but we believe that is now changing. We expect miners to make new all-time highs well ahead of gold. I’ll be monitoring the GDX-to-gold ratio for confirmation of this shift in leadership.

GDXJ

Gold juniors surged more than 30% after forming a major bottom, almost exactly as forecasted. Prices are overbought in the near term, so a period of consolidation wouldn’t be surprising. Medium term, we expect prices to make new all-time highs well ahead of gold as miners finally begin to outperform.

SILJ

Silver juniors have closed decisively above the cycle downtrend line, confirming a major bottom at $23.06. If I’m correct that miners are set to outperform going forward, prices should make new highs well ahead of silver.

GDX:GOLD Ratio

If I’m right about miners outperforming, I’d expect to see the GDX-to-gold ratio decisively break above 0.022 in the coming months.

Bitcoin

We have a little over two months remaining in the bear cycle before I expect a 4-year low, with mid-October as my best estimate. The final washout below $57,000 could take about a month, so I’d like to see the breakdown begin sometime between now and mid-September.

I believe Bitcoin needs to fall below $50,000 to truly flush out sentiment and complete the cycle, with a likely target around $40,000, give or take 5%.

In Closing

While many well-known analysts were calling for new all-time highs in precious metals back in April, we cautioned members to expect a deeper correction into a mid-year low. Prices bottomed almost exactly as we laid out to subscribers, and the next major uptrend has now begun.

We expect much higher prices into 2030/2031, with the strongest gains likely to occur during the final 12 months of the bull market. Miners should outperform from here, and pullbacks should be considered opportunities. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.