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Independent corporate advisory and equity capital markets firm Rawson Lewis has given Australian gold explorer and project developer Brightstar Resources (ASX:BTR) a ‘buy’ recommendation, with a net present valuation of AU$0.033 per share at AU$3,080 per ounce.
“If it delivers on production as expected, the discount rate should fall and share price rise to AU$0.056 in one to two years,” wrote Rawson analyst Mike Harowell in the report.
The report projected gold production and sales from Brightstar’s Selkirk deposit to generate AU$3 million in cash for the company by March 2024. Assuming Brightstar joint ventures the Menzies gold project with a mining contractor, the analyst report also projects the Menzies tolling business to generate between $30 million and $50 million in cash.
Brightstar has partnered with mining contractor BML Ventures to develop the Selkirk deposit. Rawson recommends the company engage BML and other similar mining contractors to help fund and develop the additional Menzies deposits.
“Brightstar is well placed to leverage competitive tension from these providers, so any buy-in to future projects is likely to be competitively priced.”
Selkirk Pit, Menzies (looking north-east)
Rawson Lewis’ report highlighted the following:
- With support from mining contractor BML, Brightstar’s Selkirk deposit’sgold production and sales will likely generate AU$3 million cash for Brightstar by March 2024.
- Assuming it is funded by profit share joint venture or a 50 percent sale to a contractor, the Menzies tolling business could generate between $30 million and- $50 million..
- Laverton plant restart to generate AU$100 million post tax – BTR is assumed to retain 100 percent and fund the $94 million capex with retained Menzies cash and debt.
Click here for the full report
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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
Earthwise Minerals: Advancing the Iron Range Gold Project in BC
Earthwise Minerals (CSE:WISE,FSE:966) is an emerging gold exploration company leveraging a data-driven strategy to unlock significant upside in a tier-one Canadian jurisdiction. The company is advancing its Iron Range project in southeastern British Columbia—a district-scale land package with geological analogues to some of North America’s most prolific polymetallic systems.
Earthwise Minerals is pursuing a measured growth strategy that blends investor outreach with disciplined exploration. By integrating over $8 million of historic data with modern techniques, the company is advancing the Iron Range Gold Project efficiently and cost-effectively. A staged four-year option agreement provides a low-entry framework for exploration and supports a clear path toward drilling.
The Iron Range Gold Project is Earthwise Minerals’ flagship asset, spanning 21,437 hectares in southeastern British Columbia, just northeast of Creston. The property sits along the Iron Mountain Fault Zone (IMFZ), a major regional structure within the Purcell Supergroup that also hosts the world-class Sullivan SEDEX deposit. Earthwise controls over 50 kilometres of strike length along the IMFZ and its associated splays. The project benefits from excellent infrastructure, including Highway 3 crossing the property, Canadian Pacific rail access, and nearby BC Hydro power, natural gas, and water. Exploration is further streamlined by a multi-year area-based (MYAB) permit, enabling trenching, geophysics, road access, and drilling without the need for annual approvals.
Company Highlights
- Tight Capital Structure: Only 37.2 million shares fully diluted, providing strong leverage to exploration success without heavy dilution
- Flagship Iron Range Gold Project: District-scale property covering 21,437 hectares, strategically located along the Iron Mountain Fault Zone, within the same stratigraphy as the legendary Sullivan SEDEX deposit
- Strong Geological Foundation: Over $8 million of historical exploration, including geophysics, geochemistry, and drilling, provides a data-rich base for new high-impact targeting
- Low-cost Option Agreement: Earthwise can earn up to 80 percent of Iron Range from Eagle Plains Resources through staged payments and exploration commitments totaling $4 million over four years
- World-class Infrastructure: The project is road accessible, bisected by Highway 3 and Canadian Pacific rail, with nearby power, natural gas and water resources
- Proven Leadership: CEO Mark Luchinski and VP exploration George Yordanov bring capital markets expertise and technical discovery experience, supported by a well-rounded board with financial and digital strategy capabilities
This Earthwise Minerals profile is part of a paid investor education campaign.*
Click here to connect with Earthwise Minerals (CSE:WISE) to receive an Investor Presentation
Earthwise Minerals
Investor Insight
With a data-driven exploration strategy, Earthwise Minerals is an emerging gold exploration company with significant upside potential in a tier-one Canadian jurisdiction. The company is advancing the Iron Range gold project in southeastern British Columbia, a district-scale land package with geological analogues to some of North America’s most prolific polymetallic systems.
Overview
Earthwise Minerals (CSE:WISE,FSE:966) is a Vancouver-based exploration company advancing the fully permitted Iron Range Gold Project in southeastern British Columbia. The project benefits from a multi-year exploration and drilling permit that provides flexibility for efficient advancement. With a history of significant gold discoveries and more than $8 million in historic exploration work, Iron Range represents the company’s primary focus and a district-scale opportunity in a tier-one jurisdiction.
Iron range property looking from Talon Zone area towards Arrow Creek
Earthwise Minerals is pursuing a measured growth strategy that blends investor outreach with disciplined exploration. By integrating over $8 million of historic data with modern techniques, the company is advancing the Iron Range Gold Project efficiently and cost-effectively. A staged four-year option agreement provides a low-entry framework for exploration and supports a clear path toward drilling.
Company Highlights
- Tight Capital Structure: Only 37.2 million shares fully diluted, providing strong leverage to exploration success without heavy dilution
- Flagship Iron Range Gold Project: District-scale property covering 21,437 hectares, strategically located along the Iron Mountain Fault Zone, within the same stratigraphy as the legendary Sullivan SEDEX deposit
- Strong Geological Foundation: Over $8 million of historical exploration, including geophysics, geochemistry, and drilling, provides a data-rich base for new high-impact targeting
- Low-cost Option Agreement: Earthwise can earn up to 80 percent of Iron Range from Eagle Plains Resources through staged payments and exploration commitments totaling $4 million over four years
- World-class Infrastructure: The project is road accessible, bisected by Highway 3 and Canadian Pacific rail, with nearby power, natural gas and water resources
- Proven Leadership: CEO Mark Luchinski and VP exploration George Yordanov bring capital markets expertise and technical discovery experience, supported by a well-rounded board with financial and digital strategy capabilities
Key Project
Iron Range Gold Project
The Iron Range Gold Project is Earthwise Minerals’ flagship asset, covering 21,437 hectares in southeastern British Columbia, just northeast of Creston. The property is underlain by the Iron Mountain Fault Zone (IMFZ), a major regional structure within the Purcell Supergroup that also hosts the world-class Sullivan SEDEX deposit. Earthwise controls more than 50 kilometres of strike length along the IMFZ and associated splays. The project benefits from excellent infrastructure, with Highway 3 crossing the property, Canadian Pacific rail access, and nearby BC Hydro power, natural gas, and water. Exploration is further supported by a multi-year area-based (MYAB) permit, allowing trenching, geophysics, road access, and drilling without the need for annual approvals.
A robust exploration dataset underpins the project. A 2004 VTEM survey outlined conductivity trends coincident with the IMFZ, while systematic soil geochemistry defined multi-element anomalies (arsenic, lead, zinc, and gold), including “Sullivan-style” lead-zinc responses within the Lower–Middle Aldridge Contact — a stratigraphic horizon strongly associated with SEDEX mineralization. Induced polarization (IP) surveys completed in 2017 identified a down-plunge chargeability anomaly at the Talon/Canyon Zone. Follow-up drilling in 2018 confirmed this target, returning mineralized intercepts consistent with the geophysical model and demonstrating continuity beneath surface anomalies.
Mineralization styles at Iron Range are polymetallic and diverse, including intermediate-sulphidation epithermal systems with alteration assemblages of silica, K-feldspar, sericite, and carbonate. Mineralization occurs within brittle shear and breccia zones ranging from one metre to several tens of metres wide, spatially associated with the IMFZ and concentrated within approximately 150 metres of the LMC.
Historic drilling at the Talon/Canyon Zone has returned broad and high-grade intercepts, including:
- 56.5 m grading 1.9 g/t gold, 0.44 percent lead, 0.59 percent zinc, and 19.7 g/t silver
- 14.0 m grading 5.1 g/t gold, 1.86 percent lead, 2.1percent zinc, and 75.3 g/t silver
- 2.0 m grading 12.8 g/t gold, 4.18 percent lead, 5.06 percent zinc, and 122.5 g/t silver (drill hole IR10-010)
Mineralization remains open along strike and at depth, with overlapping geophysical and geochemical vectors indicating potential for parallel or offset mineralized shoots. Earthwise’s 2025 exploration program is focused on detailed structural mapping, systematic geochemical sampling, and expanded IP surveys to refine 3D chargeability and resistivity models, helping to de-risk future drill targeting. A Phase 1 drill campaign (~2,500 metres) is scheduled for 2026 to test down-plunge extensions of the Talon/Canyon Zone and evaluate additional parallel structures.
Under the option agreement with Eagle Plains Resources, Earthwise can earn a 70 percent interest over four years through staged cash, share and exploration commitments. An additional 10 percent interest (to 80 percent) can be acquired for a $1-million cash payment within 120 days of vesting at 70 percent. Eagle Plains retains a 1 percent NSR on part of the property. This represents a low-cost entry relative to the more than $8 million of historical work already completed, allowing Earthwise to direct capital toward geophysics and drilling rather than re-establishing baseline exploration.
The emphasis on geophysics is strategic. In structurally complex belts where mineralization occurs in breccia, veins and disseminated sulphides, IP surveys are a proven, cost-effective discriminator. They can identify disseminated to semi-massive sulphides, distinguish mineralized from barren host rocks, and provide depth slices for 3D geological modelling. When integrated with legacy VTEM, geochemical surveys and drill data, modern IP provides the most efficient pathway to precise, high-value drilling designed to answer key questions of geometry, grade distribution and vectoring within the system.
Management Team
Mark Luchinski – Chief Executive Officer
Mark Luchinski is a seasoned entrepreneur and capital markets specialist with two decades of experience managing public companies and advancing exploration projects. He has guided multiple firms through financing, acquisitions, exploration and public listings. In addition to Earthwise, he serves as a director of Aeonian Resources.
George Yordanov – VP Exploration and Director
A professional geologist and NI 43-101 qualified person with over 15 years of exploration experience, George Yordanov has contributed to grassroots discoveries with Osisko Mining, Sumitomo Metal and Dundee Precious Metals, bringing expertise across gold, base metals and lithium exploration.
Solomon Kasirye – Director
Solomon Kasirye is a registered geoscientist with over a decade of experience across resource estimation, exploration, mine geology and commodity research. He is the managing director of SoloCore Solutions and holds advanced degrees in Metal & Energy Finance (Imperial College London) and Mineral Resource Management (University of Free State)
Mateo Arcila – Director
An engineer with 10+ years of business development and digital strategy experience, Mateo Arcila leads Earthwise’s corporate outreach, digital presence and capital markets engagement. His background spans marketing, big data analytics and international business
Ikavinder Deol – Chief Financial Officer
Ikavinder Deol is CPA with over six years of experience in financial reporting and regulatory compliance for junior mining companies. She is also with Cross Davis & Company, specializing in IFRS reporting for resource companies
What Was the Highest Price for Gold?
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached new all-time highs dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has impacted its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong.
London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered or stored in a secure facility. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market. Investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from depending on your preference. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
Gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
There are a variety of options for investing in gold stocks, including gold-mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
What was the highest gold price ever?
The gold price peaked at US$3,702.45, its all-time high, during trading on September 16, 2025.
What drove it to this new ATH? Gold reached its new highest price the first day of the September US Federal Reserve meeting of the Federal Open Market Committee, at which an interest rate cut is widely expected.
On September 12, the prior trading day, the release of US consumer price index (CPI) data for August showed the overall inflation rose to 2.9 percent on an annual basis and 0.4 percent over July. Weak jobs data the week before further fueled expectations of a rate cut at the upcoming US Fed meeting.
Additionally, the US dollar index continued its largely downward trend that started in mid-January, falling to a year-to-date low 96.56 on September 16. Traditionally, gold often trades higher when the US dollar is weak, making gold a popular hedge investment.
While gold's fresh ATH came on September 15, on September 7 gold's record breaking run officially surpassed its inflation adjusted all-time high of US$850 per ounce set in January 1980 the week before.
It has set multiple news highs in the preceding weeks amid significant uncertainty in the US and global economies and surging gold ETF purchases.
One key driver came on August 29, when a US federal appeals court ruled that US President Donald Trump's "Liberation Day" tariffs, announced in April, are illegal, stating that only Congress has the power to enact widespread tariffs. The Trump administration is expected to appeal the ruling, which will go into effect on October 14.
Bond market turmoil in the US and abroad on September 2 also provided tailwinds for the gold price.
2025 gold price performance
Gold price chart, December 31, 2024, to September 16, 2025.
Chart via the Investing News Network.
Why is the gold price setting new highs in 2025?
Gold's record-setting activity extends beyond the last two weeks as well.
Increased economic and geopolitical turmoil caused by the Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe-haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the EU.
Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China had raised its tariffs on US products to 125 percent. Trump has reiterated that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity.
Falling markets and a declining US dollar have supported gold too, as well as increased buying from China. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, September 14, 2020, to September 15, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the Fed's 0.25 percent rate hike on February 1 sparked a retreat as the dollar and treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price had jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024, when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold leading up to the US election. Following the failed assassination attempt on Trump and a statement about coming rate cuts by Fed Chair Jerome Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock market and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less-than-stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at its September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led the gold price on a rally that carried through into the next day, bringing the metal near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it had moved above US$2,600 and was holding above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upward in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” the expert said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching escalating tensions in the Middle East, a weakening US dollar, declining bond yields and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” said Eric Coffin of Hard Rock Analyst.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Angkor Resources: Unlocking Cambodia’s Resource Potential through Energy and Minerals Assets
Founded in 2009 and listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has developed a dual focus on energy and minerals across Asia and North America.
Angkor Resources is advancing a dual-track strategy across energy and minerals. In Canada, its subsidiary EnerCam Exploration generates revenue from oil production, water disposal, and gas processing, while also pioneering carbon capture and conversion solutions.
In Cambodia, subsidiary EnerCam Resources is driving the nation’s first-ever onshore oil and gas exploration on Block VIII, positioning the company for transformational growth. On the mineral side, Angkor is a first-mover in Cambodia’s underexplored belts, with licenses at Andong Meas and Andong Bor targeting both precious and base metals, where exploration has already confirmed copper porphyry systems and high-grade gold mineralization.
Angkor mitigates risk by diversifying revenue, combining recurring Canadian cash flow with high-impact exploration in Cambodia, where management prioritizes hydrocarbons and copper, highlighting 25 million recoverable barrels and significant copper-gold potential.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
This Angkor Resources profile is part of a paid investor education campaign.*
Click here to connect with Angkor Resources (TSXV:ANK) to receive an Investor Presentation
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