Interesting things are happening with gold lately. When you look at global currencies, they are all simultaneously reaching new all-time highs in gold prices. This is no coincidence — it’s the final confirmation that we are in the midst of a true bull market in gold.

Our observations of the expected gold price development indicate that gold will gradually move upward. Specifically, we see that this year the price could reach around $3,100, in 2026 it could be around $3,900, and by 2030 it should approach the $5,000 mark. This is a soft bull market — no wild jumps, rather steady growth.

Why do I think so? Look at the 50-year gold chart. There you see two massive secular reversal patterns. The second one, from 2013 to 2023, is a classic cup with handle formation. When such a pattern completes, a very strong bull market typically follows. And we are just at the beginning.

Monetary dynamics confirm this. M2 and inflation expectations (are still rising, as I monitor through TIP ETF). Historically, we see that gold and these factors move in the same direction. This year, the divergence seen in previous years has finally closed. That’s a very bullish sign.

Interestingly, I believe inflation expectations are the most important factor. Gold simply shines in an inflationary environment. While many analysts talk about supply and demand or economic outlook, I believe inflation is key. And it’s not gone.

Looking at the euro and government bonds, both appear constructive. The euro is in a bullish setup, bond yields have peaked and are now tending to decline. This is a perfect environment for gold.

The only warning is the futures market. Speculators’ net short positions are still very stretched. This means that growth will continue, but it won’t be a jump — it will be a gradual move.

How many institutions now predict that gold will reach somewhere between $2,700 and $2,800 in 2025? Goldman Sachs, UBS, BofA, JP Morgan, Citi Research — all agree roughly within this range. I am a bit more optimistic and see it closer to $3,100, but it’s no more unusual than their estimates.

The projected gold price development over the next few years looks like this: 2025 will be the year when gold moves between $2,300 and $3,100, then in 2026 between $2,800 and $3,800. The peak should come around 2030, when gold should approach $5,000.

As for silver — it will be even more interesting. Silver tends to accelerate its rise later in the gold bull market phase. Looking at the 50-year gold-to-silver ratio, I see a wild cup with handle formation. This suggests that silver will be explosive later.

My previous predictions have been quite accurate — I’ve tracked them for five consecutive years. So when I say that the expected gold price development through 2030 will head toward $5,000, it’s not just some number.

It’s important to remember — this thesis is invalid if gold drops and stays below $1,770. But I don’t think that will happen. Conditions are too bullish.

So keep an eye on gold. The next few years will be interesting.