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Precious metals cycle

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Question asked 07/11/2025

Precious metals cycle

Well, I've been out of internet range for two weeks and what a two weeks to miss! Someone more adept at interpreting TA explained that it's really been just the first pullback in the public participation phase of the precious metals bull cycle (ie) throngs at Martin Place, which is quite predictable. So, we have left the accumulation phase behind and have a considerable amount of growth ahead of us before we enter any extreme territory. Apologies for the simplistic language, but how do you feel about the next 12-24 months in this sector? Thank you.

Answer

Hi David,

We’ve passed this over to Shawn who likes his Technical Analysis (TA), especially on gold which has largely followed the MM roadmap through 2024/5 although the blow off towards $US4,400 was more aggressive than we all expected. We’ve gone out on a limb here and illustrated our preferred path for the precious metal over the coming year (s):

We believe that gold is likely to tread water around $US4,000/oz into 2026, in similar fashion to mid-2025
Then we’re looking for another move to the upside which this time will not become a fresh bull market.
Hence, we can see gold trading between $US3,750 and $US4,650 over the next 1-2 years.

NB Longer time we are bullish towards gold, in line with our bearish $US outlook hence we expect any surprises will be on the upside.

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Gold ($US/oz)

LAST UPDATED 07/11/2025 12:06

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