Analysts at The Annual LBMA Global Metals Conference Predict $5,000 Gold and $95 Silver

To date, the press keeps citing its mistaken belief that “gold offers no interest income, therefore gold’s value will decline as interest rates rise.” That consensus was challenged at this week’s meeting of the London Bullion Market Association’s Global Precious Metals Conference, held in Italy, October 4-6.

These experts are finally recognizing the clear record of history, since our federal budget deficits and interest rates are rising sharply together, while gold holds firm over $4,000 per ounce. Gold remains strong, even though interest rates are approaching 5.3% – a 25-year high last set in April 2002 – when gold traded for barely $300 per ounce and seemed to be in long-term hibernation after peaking in 1980.

Very soon, we will see the Treasury report on the fiscal 2026 deficit: FY26 ended this week (on September 30) and the red ink likely exceeded $2 trillion, despite a strong economy. It’s a sign of far too much spending, a condition likely to continue with campaign promises this election year. 

In the long run, these deficits will lead to a weaker dollar and stronger gold prices in the future.

Saxo Bank’s Ole Hansen Explains the Gold Market Better than Most

Ole Hansen, Head of Commodity Strategy at Denmark’s Saxo Bank, has been a clear-headed gold analyst for decades. He sees it potentially reaching $6,000 per ounce in 2027, if “structural drivers” remain intact. In his latest posts, he said, “US 10-year real yields hit their highest level in more than 20 years,” at 2.63%, a 0.76-point increase since the start of the year, “while total gold-backed ETF holdings continued to recover following a drop in H1 [the first half of] 2026.”

Gold Falls Slightly But Rebounds After the Fed’s Interest Rate Decision

At 2:00 pm (EDT) on Wednesday, the Fed’s Open Market Committee (FOMC) meeting results were announced. Going into the meeting, the betting markets predicted a 90% chance of a 0.25% Fed Funds rate increase. True to expectations, Federal Reserve Chair Kevin Warsh held a press conference to announce the unanimous vote of the entire 12-person board to raise rates by 0.25%, but Chairman Warsh spoke mostly about the strong economy – thereby pleasing President Donald Trump, who nominated him earlier this year.

August Month-End Market Summary (and 2026 to Date)

Precious Metals enjoyed a strong Renaissance in August, although they tailed off toward the end of the month. Still, we saw 15% August gains in silver and about +9% in gold and platinum.  The stock market also rose, but at a slower pace, between 1% (Dow and Russell) to +4% (Nasdaq).  Year-to-date, the major stock indexes are all above 10% annual gains, while only gold has managed a slim 2026 gain...

HIDDEN PITFALL: “PAY-TO-PLAY” MARKETING PRACTICES

One of the biggest problems in the precious metals IRA sector is “Pay-to-Play” websites, where companies pay to be boosted in online search results that recommend “the best” companies. The people behind the online lists aren’t truly recommending the “best” company for a precious metals IRA; they are recommending the companies that pay them money for advertising. Even the disclaimers state words to that effect.

Gold, Silver Up Double-Digit Percentages For August

Gold is up 10% so far in August and silver is up 13.5%. It appears silver finally set a firm new floor above $60 and is trading up to $65 this week, while the S&P 500 is up only 3.2%, NASDAQ is up 4.2% and the Dow is up 2.5%. It also appears that GOLD has set a new floor of $4,000 per ounce and it began moving off that base over the past week.

Treasury Rates are Relentlessly Climbing – Causing Higher Budget Deficits Each Year

The consensus from UBS, Commerzbank, Bank of America and Citibank is that gold will reach $5,000 again by the end of the year. You’ve seen me write about buying on the dips, when gold and silver have declined; this is that time. 

Today’s New “Stealth” Gold Standard Should Keep Pushing Gold Prices Up

The reason gold has more than doubled since 2022 is simply supply and demand: The world’s gold mines produce about 3,600 tons of gold per year, almost entirely consumed privately, namely in demand for gold jewelry (about 2,000 tons), investment demand (1,180 tons a year) and industrial demand (325 tons). Gold buying by central banks since 2011 has pushed gold into a supply deficit, driving gold prices up.

Central Bank Gold Buying Picks Up in May – Especially in China and Poland 

After a hot first quarter of 244 metric tons of central bank gold buying, that pace tapered off sharply in April, then resumed in May, according to the World Gold Council (WGC) and the London Gold Exchange. The full second-quarter accounting (including June) is not yet available but gold buying dipped to 19 metric tons in April and then jumped to 41 tons in May, making 304 tons in the first five months of 2026. The WGC now projects 700 to 900 tons for the full year, roughly equivalent to 2025 purchases.