VanEck portfolio manager Imaru Casanova forecasts gold could reach $3,250 per ounce by late 2025, extending its 43% rise over the past year.
This bull run is driven by central banks dramatically increasing gold purchases—roughly 1,000 tonnes annually since 2022, double their pre-Ukraine invasion levels—as they seek protection against geopolitical risks and economic uncertainty.
Despite gold’s surge, gold mining stocks have underperformed, creating potential investment opportunities as miners’ profit margins have more than doubled from $591 to $1,204 per ounce despite rising production costs.