Gold Price Forecast: The Next Half of the Bull Market Begins

Gold Big Picture

Here’s a quick reminder of where I believe we are in the overall precious metals bull market. I continue to expect gold to exceed $10,000 and silver to trade above $300 sometime in the early 2030s. The mini-parabolic advance we saw into 2026 is similar to the spike we witnessed in 2006, which marked the halfway point of the previous secular trend. If that analogy holds, it suggests we still have another four to six years of upside remaining.

My price targets may ultimately prove conservative given the U.S. fiscal situation. If the Social Security Trust Fund is depleted before 2030, it’s possible that gold and silver could reach levels well above my current projections—potentially double those targets. Mining stocks could/should outperform the underlying metals during the second half of this bull market. Position your portfolio accordingly.

Gold

In May, we outlined the ideal target zone for a mid-year low to subscribers, which prices almost perfectly fulfilled. The new uptrend is beginning to develop gradually, much like the early stages of the 2006 advance. We expect prices to reach new all-time highs next year, with the potential to exceed $7,000.

In the near term, progressive closes above $4,200 would add confidence that the mid-year low is firmly in place and that the next leg of the bull market is underway.

Silver

 Silver prices are beginning to turn higher after testing the extreme lower end of our target zone. Progressive closes above $60.00 would increase our confidence that the mid-year low is firmly in place and that the next advance has begun. We continue to expect silver to reach new all-time highs next year, with significantly higher prices likely as the secular bull market unfolds.

Platinum

Platinum also tested the extreme lower boundary of our mid-year target zone but largely held on a closing basis. Our long-term outlook remains unchanged, with prices ultimately returning to parity with gold. However, that milestone may not be reached until the final blow-off phase of the precious metals bull market in the early 2030s.

GDX

Mining stocks briefly dipped below the lower end of our target zone but likely established their mid-year low in July. A decisive break above the current cyclical downtrend line would provide additional confirmation that the uptrend has resumed.

We continue to expect mining stocks to outperform the underlying metals during the second half of this secular bull market, offering investors significant leverage as gold and silver continue their long-term advance.

GDXJ

Junior gold miners need to break decisively above the current cyclical downtrend line to confirm that a mid-year low is in place. It appears prices bottomed in the lower-right corner of our target zone, closely aligning with the ideal setup we outlined.

SILJ

Silver junior miners may have established their low just above $23.00 within our previously identified target zone. In the near term, we would like to see progressive closes above $26.00, followed by a sustained breakout above the cyclical downtrend line later in the third quarter.

Bitcoin

Bitcoin has one of the most predictable four-year cycles of any major asset. From a timing perspective, we expect prices to reach the next four-year cycle low sometime in October. Identifying a precise price target is more challenging, but we believe a test of the $40,000 level is likely between now and then.

If our outlook is correct, we should see an aggressive breakdown begin in August or September, culminating in a final capitulation washout marked by maximum fear and pessimism. Such a move would likely signal the end of the bear phase and create an attractive longer-term buying opportunity.

Conclusion

It’s halftime in the precious metals bull market, with substantially higher prices expected into the early 2030s. The path higher is unlikely to be a straight line, and history suggests that the strongest gains will likely occur during the final six months.

While mining stocks lagged during the first half, we expect them to become market leaders in the back half. Platinum could prove to be the sleeper of the group, offering exceptional long-term value. As for silver, if the market experiences genuine physical shortages, there is no telling how high prices could ultimately climb.

AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.