Video News/Mining Forum Americas 2025

Midas Touch Consulting Managing Director Florian Grummes says the gold bull market is now being shaped by physical demand, led by China, central banks, and even Tether. Speaking with Kitco Mining at Mining Forum Americas 2025, he said, “The price is not really being made at the COMEX anymore and at the LBMA in England, but it is in Dubai, in Shanghai, and in Mumbai.” He argued that five decades of paper-based price discovery are unraveling, after years in which up to 200 paper ounces traded against one physical ounce. Grummes sees money printing and a global bear market in bonds driving institutions into gold, declaring, “We are in a nicely established new uptrend in gold since the third week of August,” with near-term targets of US$3,750 to US$4,400 and the potential for US$5,000 or even five-digit gold if monetary expansion accelerates. Silver has surged past US$40 per ounce, moving toward US$42–43, which Grummes calls undervalued given Asian demand, solar growth, and central bank buying. He noted that the gold-silver ratio remains far above historic bull market levels, leaving room for silver to catch up. Mining equities have also rallied, with majors up more than 100% and developers climbing 200–400%, though ETF outflows persist despite higher prices. Grummes expects pullbacks into Q4, with Golden Week in China and seasonal weakness offering entry points before the bull market accelerates in 2026. His advice to investors is straightforward: hold physical gold and silver, trim positions into strength, and “buy the dips” in what he sees as a secular uptrend.