Gold Price Forecast – After Gold Hits New Highs, $3000 Could Be Easy

Debt Maturity Wall

During the COVID-19 pandemic, governments across the globe issued massive amounts of debt, much of which is now set to mature in 2025.The U.S. Treasury will need to refinance about $10 trillion in maturing debt, plus an additional $2 to $3 trillion to cover the deficit, making up roughly 33% of the total outstanding debt.

Meanwhile, other G10 nations face approximately $4.5 trillion in maturing debt and will likely need around $2 trillion more to finance their own deficits. In total, around $18 to $20 trillion in bonds will need to be purchased this year, which raises concerns about how the market will handle this without significant volatility.

Conclusion: The massive surge in global debt issuance could push interest rates above 6.00%, possibly forcing the Federal Reserve to step in and start buying bonds later in the year, which could send gold far higher.

Market Rotation

The S&P 500 ended 2023 with a 24.23% gain and was up another 23.31% in 2024. Another year of 20%+ gains seems unlikely. The leading sectors from the past couple of years, especially tech and AI, may not perform as well, and market leadership could shift to other industries. If capital starts flowing into undervalued sectors, like miners, 2025 could turn into a historic year.

 Copper

Trump announced a $500 billion joint venture called Stargate with SoftBank, Oracle, OpenAI, and others. The venture is focused on accelerating the permitting process for new energy infrastructure to power data centers and the AI revolution

Essentially, natural gas (directly sourced) will fuel the operations, while data will be the output. This large-scale buildout will demand significant energy and materials, especially copper. If copper surpasses $4.50, it could signal a bullish breakout, with silver expected to follow closely behind.

 Gold

Last week, I pointed out that bull markets tend to deliver upside surprises. Gold has surged past the upper triangle boundary, and we could be looking at new all-time highs any moment now. If it breaks through $2,825, we might see a push toward $3,000 and beyond.

Silver

With gold making new all-time highs in 2024, it stands to reason that 2025 could be the year silver runs. Near-term, prices need to get comfortably above $32.00 to signal an upside breakout. Follow-through above $35.00 in February or March would open the door to $40.00+.

Platinum

If Trump implements tariffs on BRICS nations, as he’s indicated, I see the potential for a supply crunch for physical platinum. Only 6.4 million ounces are produced yearly, of which 90% come from South Africa and Russia (both BRICS).

GDX

Miners bottomed in late December in line with our cycle work, and I’ve noted the potential for a slingshot move higher. A breakout above $38.75 would promote a return to the October highs as soon as February.

GDXJ

Junior gold miners are above the cycle trendline, supporting a renewed uptrend that could take prices to fresh highs in Q1.

SILJ

Silver juniors are climbing a wall of worry and must get comfortably above $11.20 to signal a breakout. If 2025 turns out to be the year silver hits $40.00+, the price of SILJ could soar.

In Summary

Gold signaled the start of a new multi-year bull trend when it broke above $2,100 last year – downside moves may be brief as the new uptrend develops. The white metals and miners have significantly underperformed, but 2025 could be the year we see a dramatic shift.

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.