Gary Wagner: Gold’s Next Price Target is US$2,700, Can Silver Catch Up?

Gary Wagner, executive producer TheGoldForecast.com, shared his outlook for gold, using technical analysis to explain how the yellow metal could rise to the US$2,700 per ounce level by the first quarter of 2025.

He also discussed the US Federal Reserve’s upcoming interest rate turnaround and what it means for gold.

‘To me what is most important is not that they’re signaling a rate cut in September — it’s much more than that,’ said Wagner, who is also a frequent Kitco News contributor. ‘They are signaling a major pivot from a highly restrictive to a highly accommodative monetary policy that’s end goal is interest rate normalization.’

When it comes to silver, Wagner said its previously high correlation with gold has dissipated. While he’s perplexed about why this has happened, he believes US$33 per ounce has essentially become the new US$50 for silver.

‘My sense is a breakout would have to occur after we have a solid base in silver above US$30. If that’s the case, we would have to see if it continues to climb — how it reacts to US$33 and US$32,’ he explained.

‘I think that the first area of resistance comes in around US$30, and then US$33. I would need to see silver break above US$33 on a closing basis for a period of time — a week, 10 days — before I would feel bullish enough about silver to say the next price level is now going to be where silver moves to. And that would be US$40,’ Wagner added.

Watch the interview above for more from Wagner on gold, silver and the US economy.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.