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

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.

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.

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.

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.

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.

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.

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.

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.

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.