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Gold Price Forecast – Prices Approach $2,800 as Miners Stand Ready for a Surge

By:
AG Thorson
Published: Oct 18, 2024, 16:45 GMT+00:00

Key Points:

  • Gold is climbing steadily and could hit $2,800 before the elections.
  • Silver is on the verge of a significant breakout that may drive prices toward $38.00.
  • Trump is ahead in key swing states, specifically Pennsylvania, which Elon Musk has greatly assisted.
Gold bullion, FX Empire

In this article:

Election Update

With only 18 days until the election, Trump is solidly favored in six of the seven swing states. The Harris campaign now needs a Hail Mary to have any chance on November 5th. If Republicans achieve the success predicted by Polymarket, they could sweep both the House and Senate.

https://polymarket.com/elections

Gold

Gold is breaking higher after two weeks of consolidation, with prices expected to hit $2,800 before the November 5th election. Historically, the yellow metal has increased around 40% during the last two Fed rate-cutting cycles. This trend could pave the way toward $3,500 in 2025, creating massive opportunities for miners.

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Silver

Silver appears to be on the cusp of a major breakout, which could quickly propel prices towards $38.00. Progressive daily closes above $33.00 would confirm a breakout.

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Platinum Monthly

Since 2008, platinum has been consolidating within a significant falling wedge pattern. A monthly close above $1,200 would signal a breakout, potentially pushing prices back toward parity with gold. Since over 70% of the annual mine supply originates from South Africa, this metal is primed for a shortage. Less than 7 million ounces are mined each year, contrasting to 96 million ounces of gold.

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GDX

Gold miners are approaching the upper limit of a crucial trend channel, and a breakout could trigger a rapid price increase. Newmont will report earnings next week, and these results will likely influence the market for the rest of the year.

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GDXJ

Junior miners reached a new closing high ahead of GDX and may be stepping into a leadership role. With gold making new all-time highs, there’s every reason to believe prices could quickly challenge the $62.90 peak set in 2020 when gold was still below $2,100.

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SILJ

Silver juniors appear to be in a phase II breakout, which could launch prices quickly towards $18.00. Prices remain deeply undervalued, in my view.

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NEM

Newmont will report its Q3 earnings next week, and with gold prices averaging over $2,500 during the quarter, I suspect we could see outstanding numbers.

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Conclusion

The bull market in precious metals is just beginning and is expected to continue into the early 2030s. Gold could reach between $8,000 and $10,000, while I foresee silver exceeding $200. I believe miners will likely deliver the strongest performance.

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.

About the Author

AG Thorsoncontributor

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle that will begin to unravel in 2020.

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