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Gold has a clear path to maintain $3,350 by the end of the year under Deutsche Bank’s revised outlook. This increased forecast is even more optimistic for 2026, with an average of $3,700 expected. Germany’s flagship bank believes elevated central bank consumption and dollar weakness provide the strongest support for gold’s ongoing rally.
How much higher could gold go?
After the yellow metal cleared the $3,000/oz hurdle with ease and barreled to a record-high of $3,500/oz, a number of financial institutions have upped their price expectations. Recently, Deutsche Bank joined the bullish bandwagon, hoisting its average gold price targets for this year and next.
Here’s where analysts see gold landing:
- 2025: $3,139 (up from $2,725)
- 2026: $3,700 (up from $2,900)
The bank’s projected average for 2025 is a 15% leap from its prior estimate, underscoring gold’s momentum. Under the right conditions, the yellow metal could sustain $3,350/oz, according to analysts. This would represent a gain of more than 27% since the beginning of the year.
Prices have already exceeded some of Deutsche Bank’s forecasts, and while the bank acknowledges some headwinds, it still expects gold to remain resilient and hover near record highs.
“Bull case for gold remains strong despite this week’s correction and further upgrade our year-end (fourth quarter 2025) forecast to $3,350 per ounce,” the bank said in a note.
Central Banks Splurge on Gold
Gold’s exponential rise isn’t slowing down the rate of central bank consumption. Governments have splurged on physical bullion to the tune of over 1,000 tons annually for the previous three years straight.
Deutsche Bank highlights how central bank purchases have exploded from 10% of the global gold market to 24% since 2022, more than doubling within a few years. This massive, sustained influx of demand has helped propel gold into uncharted territory, with new all-time highs being reached consistently.
Emerging economies are making up an increasingly significant portion of this national appetite. In April, the People’s Bank of China topped up its reserves for the sixth month in a row. According to the World Gold Council, China, Turkey, Jordan, and the Czech Republic were among the most active gold buyers in Q1.
The Dollar Gets Tossed
At the same time nations dive into gold, they’re tossing off the shackles of a debt-burdened and heavily weaponized dollar. In its note, Deutsche Bank highlights how international demand for US Treasuries is between 7% and 10% of net issuance—a sign of waning trust in the dollar and growing faith in gold.
A rising resistance to the US dollar mirrors the growing appetite of emerging economies for gold. China, Russia, and other heavily sanctioned nations have been offloading USD and loading up on gold to skirt dollar weaponization. This de-dollarization push is extending across the world, further benefiting gold’s rise.
Gold to Hit $3,700?!
Perhaps the most eye-catching projection in Deutsche Bank’s report is the group’s 2026 target average of $3,700. That means prices could easily trade above this mark throughout the year, providing plenty of gains from current levels. Some experts even think gold prices could extend to $4,000/oz in 2025.
👉 Suggested Read: Gold Price Predictions & Forecasts for 2025
Silver is biting at the heels of a record-setting gold rally, snapping upward with renewed momentum. This strength could elevate prices to $43.50 by the end of the year, according to Debajit Saha of the London Stock Exchange Group (LSEG).
The firm’s Lead Metals Analyst maintains an upbeat outlook due to the shiny metal’s dual-source demand and the green energy boom. At a lower price point and far from all-time highs, silver is emerging as a shinier option for investors as gold soars to fresh records.
A Bullish Breakdown
The top precious metals analyst at LSEG believes silver will top out at $43.50 in 2025, representing more than a 53% rise from the 2024 average of $28.27. Even this year’s projected average of $35.10 is bullish, with a nearly 24% gap from 2024 levels. This base case scenario falls in line with the average 2025 silver price forecast among experts.
Although silver has posted gains similar to gold so far this year, it’s still considered “undervalued” due to its lower price and how far it remains from its all-time high. The gold-to-silver ratio, which shows how many ounces of silver are needed to buy one ounce of gold, has stayed elevated between 90:1 and 100:1. This elevated ratio suggests that silver is relatively “cheap” compared to gold.
Dual Demand Power
Silver’s dual role as an investment and industrial metal is the primary catalyst for LSEG’s optimistic forecast.
While gold is mainly used for portfolio hedging, silver is highly sought after for its inherent value and unique physical properties.
As Saha describes, “In 2024, global investors demonstrated significant confidence in silver for asset diversification and…as an industrial metal.”
This dual demand is likely to power similar growth in 2025, with both streams expected to see significant increases.
The Silver Institute projects manufacturing consumption to reach a record of 700 million ounces (Moz) next year.
Purchases of physical bullion are on track to grow by 3% year-over-year. These combined segments are on pace to strain stagnant resources, resulting in a massive supply deficit in 2025. This would mark the fifth year in a row that consumption has eclipsed resources.
The “Go Green” Boom
Saha highlights the green energy movement as a significant driver of industrial demand and, as a result, silver prices.
Demand for the shiny metal has surged due to its key role in solar panels, electric vehicles, and other renewable energy projects, sparking renewed interest around the globe. This demand isn’t limited to large economies; smaller nations are also investing in their energy infrastructure, further boosting global consumption.
As the Lead Metals Analyst explains, “The transition to solar and other renewable energy sources will continue to benefit silver.”
This positive forecast is shared by Michael DiRienzo, Chief Executive of the Silver Institute: “The electrification of the world is really providing a boon to silver.”
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Categories
Decoupling From Gold
Source: Stewart Thomson 05/14/2025
Newsletter writer Stewart Thomson addresses the questions: Are junior miners decoupling from gold and the stock market, and are they set to soar?
I’ve noted the arrival of the dollar at par (100) on the USDX index. Here’s a look at the chart:
This arrival at par has been accompanied by a pause/dip for gold, silver, and the miners. I suggested that gold would be in the $3200-$3500 range when the dollar hit par, and that projection has played out perfectly.
Now I’m suggesting that 103 for the dollar could correlate with $2950 for gold.
The “Sell America and buy gold” theme is still in play, but in the short term, it’s been overshadowed by the U.S./China tariff tax cuts.
Because the fear trade dominates gold price discovery in London and New York, gold is sold rather than bought, as a bizarre fear trade-oriented celebration of good news like the tariff chops.
Here’s a look at the current gold price action:
Gold bullion (and silver for silver bugs) can be bought at a gold price of $3150 and $3050, but for the type of miners that are in the GDXJ & SGDJ ETFs (junior intermediates, mostly), more patience is required.
For most investors, the $2950 zone seems ideal for buying those miners . . . with expectation of a fast 20%-30% price pop soon after making the buys.
Here’s a look at the GDXJ chart:
The Stochastics buy signal has failed, and support at $58.60-$57.65 is being severely tested. Gamblers can buy here with a tight stop (as I suggested in my swing trade newsletter), but for more conservative players, the $2950 zone seems more reliable.
The CDNX index recently broke out from a big broadening formation and moved above the key 680 marker. It’s pulling back now (as is normal after a breakout).
Here’s the chart:
There are an enormous number of CDNX component stocks breaking up from the type of “bottom feeder” pattern you see on this chart.
Here’s a look at one of them — Rua Gold Inc. (RUA:TSXV; NZAUF:OTC; A40QYC:WKN):
I’ve urged investors to keep an eye on RUA (and many others).
I don’t think it matters whether gold dips to $2950 or not; a lot of these raw junior miners are set to stage vertical price surges regardless of what gold or the US stock market does.
Harfang Exploration Inc. (HAR:TSX.V) is another one that is breaking out to the upside.
Note this news out today:
The adage “Sell when the drill results are announced” applies less when there’s a solid base pattern breakout in play . . . as there is now for Harfang.
Here’s the chart:
A lot of the CDNX stocks in Harfang-style breakout mode also trade on the US OTC market. It’s clearly an exciting time for junior mine stock investors, regardless of what happens next for gold and the stock market!
Special Offer for Streetwise Readers: Please send me an Email to freereports@galacticupdates.com and I’ll send you my free “CDNX: A Ten Year Base Pattern!” report. I highlight six stunning CDNX component stocks that also trade US OTC. They are all showcasing bullish breakouts with the potential for long-term performance. Solid tactics for investors are included in this report!
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- Stewart Thomson: I determined which companies would be included in this article based on my research and understanding of the sector.
- Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
Stewart Thomson Disclosures
Stewart Thomson is no longer an investment advisor. The information provided by Stewart and Graceland Updates is for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple properly licensed, experienced and qualified investment advisors and get numerous opinions before taking any action. Your minimum risk on any investment in the world is: 100% loss of all your money. You may be taking or preparing to take leveraged positions in investments and not know it, exposing yourself to unlimited risks. This is highly concerning if you are an investor in any derivatives products. There is an approx $700 trillion OTC Derivatives Iceberg with a tiny portion written off officially. The bottom line:
Are You Prepared?
Categories
Gold Stocks Heading Lower?
Source: Barry Dawes 05/14/2025
Barry Dawes of Martin Place Securities shares his thoughts on the gold market.
Gold is holding on but it should have a big fall in the expected C wave that should take it down to or below US$3,000.
It has been a great run, so profit taking has been appropriate amongst those stocks with large built-in gains.
Note that volumes at the highs are large and now represent overhangs.
Broken parabola — likely to break channel line:
Testing 179 but heading to 165:
ASX Gold Index
- Peaked at 13,132 on 22 April
- Now 11276
- Heading back to test the previous highs at ~10,000.
- Still 10% downside in this C wave.
XGD 2018-2025:
US Bonds
Yields are still lower than a month ago.
And lower than 18 months ago.
Another island reversal?
Yields have been falling for >18 months.
US Boom in 2026.
Larry Kudlow and Newt Gingrich are talking here.
It’s worth watching!
Nice move higher, but gap needs to be filled at some stage:
Uptrends are strong:
Head the markets!
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Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Source: Streetwise Reports 05/14/2025
Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced that it has hit a “broad zone of gold mineralization with strong quartz-carbonate veining showing visible gold in three occurrences” at its Quesnelle Gold-Quartz Mine. This is not the first time the company has hit visible gold at the site.
Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced that its current drill hole at its Quesnelle Gold-Quartz Mine in British Columbia has hit a “broad zone of gold mineralization with strong quartz-carbonate veining showing visible gold in three occurrences.”
It’s not the first time they’ve seen visible gold there. During its exploration at Quesnelle, Golden Cariboo has found multiple occurrences in its core results from the project. According to the company, that includes at least 10 holes with visible gold in a row.
Drill hole QGQ25-23 was completed in the north-northwest-extension of the Halo zone.
“The mineralization is highly similar to a zone intersected in QGQ24-20, which returned 1.45 grams per tonne gold (g/t Au) and 16.05 g/t silver (Ag) over 137.17 meters within a broader intercept, and to the mineralization intercepted in QGQ24-21, which is currently ALS Canada for assaying,” the company said in a release.
QGQ25-23 was collared into graphitic argillites, Golden Cariboo said. At a depth of 193 meters, it intersected the lithologic contact towards to underlying andesitic volcaniclastics, which comprise the uppermost portion of a greenstone package.
“An intense stockwork of several centimeters to over 1-meter-wide quartz-iron-carbonate veins occurs on both sides of the contact starting at a depth of 118 meters,” the company said. “The veins contain VG (visible gold) in three occurrences between 202.4 meters and 281.2 meters . . . At a depth of 288.04 meters, QGQ25-23 was abandoned within the mineralized zone due to technical difficulties, resulting in a drilled length of the vein stockwork of 170 meters.”
In April, the company announced that drill hole QGQ24-21 at Halo intersected a “zone of persistent gold mineralization,” which included “multiple occurrences of visible gold, starting from 257 meters downhole.” This would mark the ninth continuous drill hole showing visible gold since the Halo zone was discovered.
“Visible gold in current drilling indicates potential for high-grade assays from mineralized targets,” Couloir Capital Senior Mining Analyst Ron Wortel wrote of the project in a recent research report as he assigned a Buy recommendation for the company’s stock, citing Golden Cariboo’s exploration initiatives as a unique opportunity for exposure to a gold resource discovery in a Tier 1 jurisdiction.
Study Hopes to Address ‘Nugget Effect’
After the repeated visible gold discoveries, Golden Cariboo announced last month that it planned an orientation study using Chrysos PhotonAssay technology to analyze the gold in drill core and rock samples at the site.
The non-destructive photon assay procedure is designed to evaluate the potential for better addressing the “nugget effect,” one of the most persistent challenges in precious metals exploration, while potentially improving assay turnaround times, the company said.
“This innovative technology not only optimizes resource evaluation but also strengthens the transparency and reliability of assay data, which is vital for informed decision making in our exploration program and possible future resource development,” said Golden Cariboo President and Chief Executive Officer Frank Callaghan at the time.
The process uses high-energy photons (X-rays) to interact with the atomic structure of samples, resulting in characteristic gamma emissions from gold atoms.
“This process allows for the quick analysis of larger volumes (up to 500 grams) of sample material per assay, compared to traditional fire assay methods (30-to 50-gram sample material),” the company’s release said. “It therefore boasts a huge advantage in addressing the nuggety nature typical for gold mineralization. The nugget effect is usually found to be particularly strong when coarse, visible gold is present, as encountered in almost all of the recent drill holes at the company’s Halo zone target.”
By analyzing a bigger and therefore more representative sample, the photon assay “assures that both finely dispersed gold and coarse gold particles are accurately quantified. Photon assay is an established method widely used in multiple gold exploration and mining projects around the world with excellent results.”
The procedure will be used initially on core samples, which have already been analyzed by traditional fire assay for a comparison of both methods.
Two ‘Significantly Sized’ Soil Anomalies
In March, Golden Cariboo said it had identified two “significantly sized” gold in Mobile Metal Ion (MMI) soil anomalies north of the currently known extent of Halo. Detailed analysis of the MMI soil data between Hixon Creek and Buckley Creek “revealed gold anomalies that have been shown to correlate with known gold mineralization of the trenching and diamond drilling program,” geologist David Mark said. “This, therefore, shows that MMI is invaluable in outlining gold targets within the Quesnelle Gold Quartz Mine property. As such, it has revealed numerous gold anomalies throughout the MMI survey area that are new targets for future exploration.”
Earlier drilling results this year also significantly extended the Halo zone.
Technical Analyst Clive Maund, commenting on earlier drill results from the project, said that while “the grades found are good, the big news here is the extent of it.”
Throughout the year, Golden Cariboo plans to continue its 12-month continuous drilling and exploration program. The expectation is that the company will be drilling 7,500 meters and around 25 holes.
The Catalyst: Gold Could Still Rise Despite Inflation Numbers
According to Angelica Leicht writing for CBS Money Watch, the latest inflation report brought the good news that inflation was improving and prices only went up by 0.2% from March to April.
“But what’s surprising is that while inflation has been cooling down, gold prices have remained hot since the start of the year — breaking numerous records over the last five months and recently surpassing the US$3,400 per ounce mark for the first time ever,” she wrote. “That, in turn, has been great for gold investors, who have been raking in the returns as gold prices have climbed. With inflation continuing to cool, though, there could be ripple effects that have a widespread impact on the economy, including the gold market.”
Gold is typically seen as a hedge against inflation, she wrote, so “a decrease in inflationary pressures would generally lead to a dip in gold prices.” [OWNERSHIP_CHART-11131]
“However, that relationship isn’t always straightforward, especially when other economic factors come into play,” Leicht wrote.
Others are predicting that gold could still go higher. Garth Friesen wrote for Forbes on March 15 that DoubleLine Chief Executive Officer Jeffrey Gundlach said, “I think gold will make it to US$4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around US$1,800 on gold.”
And according to an April 10 post on Goldfix, Goldman Sachs has revised raised the upper boundary of its forecast range for the end of the year to US$3,520 an ounce and even introduced a “tall-risk scenario” as high as US$4,500 an ounce.
Ownership and Share Structure
According to Golden Cariboo, management and insiders own 10.5% of the company, and President and Chief Executive Officer Frank Callaghan owns nearly 9%.
Retail investors hold the remaining. There are no institutional investors.
The company said it has 70.2 million shares outstanding, and its market cap is CA$6.3 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.09 and CA$0.30 per share.
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Important Disclosures:
- Golden Cariboo Resources Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Ltd.
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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( Companies Mentioned: GCC:CSE; GCCFF:OTC; A0RLEP:WKN;3TZ:FSE,
)
Source: Joe Reagor 05/14/2025
MAG Silver Corp. (MAG:TSX; MAG:NYSE American) is being sought by Pan American Silver Corp., but Fresnillo Plc, joint venture partner of MAG, still could make a bid for it, noted a ROTH Capital Partners report.
MAG Silver Corp. (MAG:TSX; MAG:NYSE American) agreed to be acquired by Pan American Silver Corp. (PAAS:TSX; PAAS:NASDAQ) for a combination of cash and stock, reported Joe Reagor, ROTH Capital Partners managing director and senior research analyst, in a May 12 research note.
On the news, ROTH raised its target price on MAG to US$18 per share from US$16 and maintained its Neutral rating.
ROTH based its new target on the current value of the acquisition, about US$18.30 per MAG share, prorated, as estimated by the investment bank, based on Pan American’s current US$23.33 share price, Reagor wrote.
According to the deal terms, MAG shareholders are to receive a prorated share of US$500 million in cash and about 60 million (60M) shares of Pan American Silver.
JV Partner Could Jump In
ROTH believes the transaction likely will receive all of the requisite approvals and close later this year, Reagor wrote.
However, he pointed out, MAG’s joint venture (JV) partner Fresnillo Plc (FNLPF:OTCMKTS; FRES:LSE) could make a competitive offer for MAG though so far it has not shown signs it will. Rather, Fresnillo has expressed its approval of the sale to Pan American and hosted the acquirer for a site visit in Mexico at Juanicipio, Fresnillo and MAG’s JV project.
More Stock Details
Reagor reported that currently MAG Silver has 103.45M outstanding shares, a market cap of US$1.6 billion and a 52-week range of US$11.58–17.99 per share.
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- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan American Silver Corp.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for ROTH Capital Partners, MAG Silver Corp., May 12, 2025
Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.
( Companies Mentioned: MAG:TSX; MAG:NYSE American,
)