Investors ain’t seen nothing yet when it comes to the value of gold, a top mining executive said after the precious metal reached a record-breaking price this week.
Gold could climb to $5,000 an ounce within a year – and double that by the end of the decade — Randy Smallwood, chief executive of Wheaton Precious Metals Corp., told Bloomberg Television on Friday.
“I’m confident that we will see gold over $5,000 within the next year,” he said. “It’s a trajectory that could easily put it up to $10,000 an ounce before the end of the decade. It wouldn’t surprise me at all.”
The prediction came as spot gold has been soaring upward this year, surpassing $4,000 an ounce on Wednesday for a new record price. After a dip, gold futures jumped 1.3% to $4,022 on Friday.
Wheaton, which provides upfront financing to miners in exchange for discounted metals, has benefitted from a surge in prices this year as geopolitical uncertainty and a limited physical supply push investors toward gold.
The value of gold has spiked about 50% so far in 2025, marking its best year since 1979.
It all comes down to the value of the dollar, according to Smallwood.
“It’s the measuring stick that we’re using. It’s the US dollar that we’re all seeing — that we’re all concerned about in terms of long-term strength,” he said.
“As long as we’re measuring it in US dollars, I don’t have a problem seeing gold over $5,000 an ounce and in fact,” Smallwood continued, “it’s a trajectory that could easily put it up to $10,000 an ounce within — before the end of the decade.”
The rapid pace of gold’s upward trajectory may yet slow down, said Mahoney Asset Management CEO Ken Mahoney.
“Gold may need a breather after moving about 16% in five weeks,” he told The Post.
But, he added, “There is a saying out there about ‘when you think the trend is over, bet that it’s not,’ and that is a possibility here, that it trickles higher.”
Major stock indexes have also notched record high after record high this year, Mahoney said.
The Nasdaq hit a new all-time intraday high on Friday, though it later dropped after President Trump threatened a “massive increase” of tariffs on China.
Investors often buy gold as a hedge against inflation and economic uncertainty, thanks to its capacity to hold its value even as other assets fall.
Anxiety around Trump’s tariffs and their potential to cause inflation, stubbornly high interest rates, a weaker US dollar, the government shutdown and a slow labor market have all contributed to gold’s explosive rise this year.
Goldman Sachs on Monday hiked its December 2026 gold price forecast to $4,900, up from $4,300.
It cited likely central bank buying, which it expects to average 80 metric tons in 2025 and 70 tons in 2026 as banks diversify their reserves.
Some 85% of central bankers said gold’s performance during tumultuous times was either highly or somewhat relevant to their gold portfolio, with 71% citing it as a hedge against geopolitical risks, according to a World Gold Council survey this year.
Some 95% of central bankers expect global gold reserves to increase this year, according to the survey.
Deutsche Bank analysts have also projected that gold prices could rise above $4,000 by the end of the year – notching a massive full-year return of more than 50% that would make gold the best-performing asset of the year.
The Federal Reserve, meanwhile, cut interest rates last month for the first time since December 2024 by a quarter point. It’s widely expected to issue another cut at its meeting later this month, according to CME FedWatch, which tracks 30-Day Fed Funds futures prices.
A lower interest rate typically leads to lower Treasury yields. That makes gold, which doesn’t pay interest, an even more attractive asset – building the case for the precious metal to continue its climb.
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