Gold Soars Past $3,300 to New Record High: What the Pros Say Comes Next

Gold’s record-breaking rally is continuing at breakneck speed as the tariff war with China escalates. The precious metal has surged roughly $700+ an ounce this year, driven higher by the tariff war, concerns over the potential for global recession, and expectations that the Federal Reserve will cut rates.

As many investors seek safety amid a stock market crash and reshuffling of the geopolitical and economic world order, gold investors may ask: What comes next?

In a matter of weeks, gold has breached the $3,400 an ounce target set by many Wall Street firms for 2025. However, many economic experts warn that the global order is undergoing a regime change, with outcomes and results that aren’t known yet. That has dramatically increased interest in the safety and security of gold as a store of value, a hedge against inflation, and a vehicle to protect wealth.

Here’s what some of the Wall Street pros are saying now.

“In the short to medium term, a combination of heightened global economic tensions, the risk of stagflation, and a weaker dollar may continue to support bullion. We raise our 2025 forecast for gold to USD 3,500 per ounce.” Saxo Bank – April 16, 2025

Forty-two percent of fund managers expect gold will be the best-performing asset of 2025, according to Bank of America.” – Yahoo Finance, April 16, 2025

“We’re putting in a pretty good base now around $3,000,” Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence. “It’s going to head into $4,000.” Kitco News – April 14, 2025

“A bunch of factors could push gold still higher,” said Michael Cuggino, president and portfolio manager of Permanent Portfolio Family of Funds. “They include U.S. political uncertainty, buying of gold by foreign central banks, the risk of U.S. inflation, lower interest rates, and a weakening dollar. All of these things add up to a pretty strong case for gold.” – Barron’s, April 14, 2025

Gold $6,000?

“Gold could double over the next five years. It is always a ballast in a portfolio, and it is inversely correlated to other assets, so it is an effective hedge,” said David Rosenberg, founder, Rosenberg Research & Associates, who was one of the few who predicted the global financial crisis of 2008-2009.

“If you reset global trade and want to talk about the laws of unintended consequences, for the first time in my life, the U.S. could relinquish its reserve currency status. That is on the table,” Rosenberg said.

“What would replace the dollar is an open question, but this is the road we are being led down. And if we start to have this reset of global trade, a $6,000 view on gold within the next five years could end up being a conservative estimate. So, I still like gold.” – Barron’s April 15, 2025

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