Gold Price Prediction: Why the Bull Run Isn't Over w/ Jeffrey Christian

Summary

• Jeffrey Christian asserts the gold bull run is not over, expecting another leg higher due to persistent economic and political uncertainties.
• Gold and the U.S. dollar are both rising as premier risk aversion assets, reflecting high global anxiety; their correlation is not consistently inverse.
• Central bank gold buying is occurring but is overstated in popular narratives; dollar holdings by central banks are at record highs, dispelling myths of dollar dumping.
• Investment demand for gold reached a record 50 million ounces in 2025, driven by broad-based buying from retail investors, institutions, family offices, and sovereign wealth funds.
• Supply disruption from Dubai due to closed airspace has rerouted gold flows, but underlying demand remains strong and will likely rebound once conflicts ease.
• Gold price forecast for 2026: main scenario is stabilization between $3,800 and $5,400-$5,500, with a rise in the final quarter; a secondary scenario involves earlier increases if global conditions deteriorate.
• Increased volatility is expected in gold markets.
• No standard historical relationship exists between recessions and gold prices; gold reacts to a mix of geopolitical events, economic shifts, and market sentiment.
• Central bank gold activities have become more transparent since the 1990s, reducing the likelihood of secret purchases and rumor-driven market distortions.