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

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.

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.

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.

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