Precious metals analyst Jordan Roy-Byrne recently stated that gold is entering the early phase of a new long-term bull market. Citing the alignment of technical patterns and macroeconomic conditions, Roy-Byrne—author of Gold & Silver: The Greatest Bull Market Has Begun and a certified CMT and MFTA analyst—pointed to gold’s breakout in March 2024 from a 13-year “cup-and-handle” pattern as a crucial technical signal.
Roy-Byrne explained that current macroeconomic factors, including rising U.S. Treasury yields, a persistent bear market in bonds, and a worsening credit environment, are creating favorable conditions for precious metals. This view is reinforced by recent institutional warnings, such as Moody’s downgrade of the U.S.’s last AAA credit rating and JPMorgan CEO Jamie Dimon’s caution about inflation, stagflation, and geopolitical risks.
Historical parallels to prior major gold bull markets—seen in 1930, 1972, and 2002—support Roy-Byrne’s outlook. Gold has already broken out against the S&P 500 and traditional 60/40 portfolios. Adjusted for inflation, the metal has surpassed a 45-year base. He predicts gold could reach $3,700 by the end of 2025, with potential highs of $4,400 to $4,500 within 12 months based on past breakout patterns.
Silver, while slower to respond, shows key breakout levels at $35 and $37. Roy-Byrne forecasts that once silver breaks decisively above $50, it could soar to triple digits within 12 to 15 months, supported by a similar 45-year base analysis.
For investors, Roy-Byrne recommends focusing on gold mining stocks, highlighting a rare valuation gap relative to profitability that offers potential for significant gains. He advises maintaining discipline by concentrating on company fundamentals, having a clear exit strategy, and securing profits during upward price moves.
