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Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) is focused on discovering significant uranium and gold deposits in Australia and Argentina. The company boasts a portfolio of high-quality, drill-ready assets with world-class discovery potential, presenting a compelling opportunity for investors aiming to capitalize on the bullish markets for uranium and gold.
Piche Resources’ portfolio includes the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project, which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- Drilling at one of the prospects at Sierra Cuadrada has shown visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
Project Highlights
- Location: Pilbara region, Western Australia, approximately 1,150 km north of Perth.
- Project Area: Comprises three exploration licenses covering a 122 sq km land package.
- Historical Exploration: Previous drilling by Pancontinental (62 holes) identified 71 intercepts with grades exceeding 500 ppm U₃O₈, averaging approximately 1.1 lbs of U₃O₈ per tonne. Notable high-grade drilling results include:
- 10.5 m at 4,380 ppm U₃O₈ (Hole AR1004)
- 9 m at 3,490 ppm U₃O₈ (Hole AR1009)
- Recent Development: In 2024, Piche completed a combined reverse circulation and diamond drilling program totaling 3,082.8 meters. The results exceeded expectations, validating previous findings. A follow-up drilling program is planned for mid-2025, targeting both Angelo A & B prospects and other areas within the tenement portfolio.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat-lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.
Project Highlights:
- Location: San Jorge Basin, approximately 200 km north of Comodoro Rivadavia.
- Project Area: Spans 1,300 sq km of flat-lying terrain.
- Mineralization: Visible uranium assays exceeding 3,000 ppm U₃O₈ (6.6 lbs per tonne) have been observed. Mineralization occurs at various stratigraphic layers and remains open at depth, with potential for continuous zones up to 30 km wide and 40 km long.
- Historical Context: The Argentine National Atomic Energy Commission conducted extensive uranium exploration from the mid-1950s, identifying thousands of anomalies and developing eight mining operations. In the Chubut province, radiometric and EM surveys have highlighted two large Cretaceous paleochannels in the San Jorge Basin, extending over 200 km N-S and 30 to 60 km E-W. Notable high-grade deposits in the area include Cerro Condor and Los Adobes, both past-producing operations with grades of 6,000 ppm U₃O₈ and 1,400 ppm U₃O₈ found in outcrop, respectively.
- Recent Developments: Auger drilling in 2024 conducted at Sierra Cuadrada highlights extensive areas of near surface uranium mineralization. Assay results have been received for the shallow reconnaissance holes including 6 samples >1000ppm U₃O₈ (to maximum 2,650 ppm U₃O₈) and 2 samples >500ppm U₃O₈ (to maximum 900 ppm U₃O₈)
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Project Highlights
- Location: Approximately 10 km south of Paso de Indios, Chubut Province.
- Project Area: Encompasses 365 sq km of prospective precious metals occurrences.
- Geological Potential: Structural mapping and geochemical sampling have identified mineralized systems consistent with surface signatures at the Cerro Negro Mine, which has a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
- Recent Developments: Exploration activities at the Cerro Chacon gold project have delineated a substantial mineralized corridor extending over 10 kilometers. Surface sampling and geological mapping have identified multiple high-grade gold occurrences, with assays returning values up to 13 g/t gold. These findings underscore the project’s potential to host significant gold resources. Piche Resources is preparing for a comprehensive drilling program to further evaluate these targets and define the extent of the mineralization.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years of experience in mineral exploration, development, and mining. Previously the executive chairman and founder of Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years of experience in exploration, discovery, and development of mining projects, including 20 years in the uranium sector. Formerly the Australian managing director of Orano, the world’s third-largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in exploration, discovery, and development of mineral deposits. Currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:UWE).
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognized nuclear industry executive with over 35 years of experience. Formerly the managing director of Rio Tinto Uranium Limited and currently principal of Global Fuel Solutions LLC, providing strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognized mining entrepreneur, founding director, and instrumental in the success of numerous ASX-listed companies, such as Giralia Resources, Northern Star, and Redhill Iron. Currently a director of Zenith Minerals.
Targeting globally significant uranium and gold discoveries in Australia and Argentina
Geophysical Data and Field Reconnaissance Greatly Enhance Exploration Potential at Cerro Chacon
HIGHLIGHTS
- Detailed magnetic and IP/resistivity surveys at the Chacon Grid and La Javiela prospects at Piche’s Cerro Chacon project have identified multiple high priority targets in complex fault arrays that typically host high grade Au/Ag mineralisation.
- Interpretation of La Javiela survey data has identified five high priority drill targets.
- Southern Argentina contains numerous large, high-grade Au/Ag deposits located in Jurassic aged volcanics. Mineralisation is typically focused in structurally complex areas, particularly at the intersections of north-south faults and secondary east- west, northeast or northwest striking faults.
- Piche’s Cerro Chacon project area hosts several occurrences of gold/silver and pathfinder geochemistry with coincident structural and geophysical anomalies which typically reflect deposition of significant mineralisation in southern Argentina.
- The extent of the surface expression, the corresponding geophysical signatures, geochemistry and structural regime has led Piche to believe that the two prospects may be part of a mineralised structural corridor up to 10km in length.
- The Cerro Chacon project represents one of Argentina’s unexplored gold-rich mineralised systems, offering tremendous untapped potential and synergies with several of the large precious metal mines in the region.
Figure 1: Geophysical interpretation has identified five high priority targets.
This survey complements the previous magnetic and IP/resistivity surveys completed over the Chacon grid, some 5km to the north-west. Both surveys highlight the strong structural controls, the intense alteration, and the coincident geophysical signatures.
Previously the Chacon Grid had been mapped and sampled over a strike length of two kilometres, but recent reconnaissance has indicated the structure may extend for a strike length of up to six kilometres. It is expected that further mapping, geochemistry, geophysics and drilling along strike and between both the Chacon Grid and the La Javiela vein systems will highlight a mineralised structural corridor up to 10km in length.
Click here for the full ASX Release
This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High-grade Gold Intercept Confirmed at Darlington
HIGHLIGHTS
- Diamond Drilling has returned an impressive intercept at the Darlington Project, 6km north of Stawell, Victoria, Australia.
- A brecciated, quartz-sulphide vein with multiple occurrences of visible gold (VG) 1 returned:
2.3m at 29.2 g/t Au from 108.2m (NSD057), including 0.8m at 82.3 g/t Au from 108.2m (NSD057). - The intercept in NSD057 has strong similarities to the historic Mariners Lodes at Stawell - including geology, mineralisation style, structure and gold grades - presenting an exciting deposit-style to explore against. High grade gold intercepts and significant visible gold in the Stawell Corridor are not typical.
- The intercept in NSD057 occurs 70m to the west of the Darlington Mine trend, and, if parallel to Darlington, is open for 850m along strike to the south and 200m to the north, and at depth. If the Mariners-type model2,4 applies, mineralisation may link to the basalt at depth.
- Four additional anomalous (<1g/t Au) zones occur down-hole, including a 6m anomalous zone at the projected, plunging Darlington mineralisation trend and a 16m anomalous zone at the targeted basalt contact3.
- NSD057 intersected the targeted basalt at 276m (120m south of the previous intercept in NSD053(3) and remains open to the south and at depth). The sediments-basalt contact is moderately altered but is cut by a late fault on the contact, potentially faulting out the planned target horizon3.
Figure 1 NDS057 – approx. 108.20m – gold (circled). A multiple-phase hydrothermal siliceous breccia includes multiple blebs of visible gold. scale bar in cm’s. See also ASX:NSM 19 Mar 25).
Executive Director Campbell Olsen advised:
“The results from NSD057 have not disappointed, returning an exceptional, high-grade gold intercept at very shallow depth - 84m vertical – where visible gold was identified in the drill core (ASX:NSM 19 Mar 25). We now interpret strong parallels – geology, mineralisation, grade and structure – to the historic Mariners Lodes at Stawell, 6km to the south and are focused on how this exciting result fits into our existing understanding of the Stawell Corridor mineralisation. We’ve explored against a Mariners structural model for some time, anticipating structurally-controlled mineralised splays from the deeper basalts into the overlying sediments – but had not anticipated a possible repeat of Mariners high-grade gold tenor.
Importantly, the Stawell Corridor is not characterised by high-grade gold, with all published resources in the corridor having grades <5 g/t Au. The intercept in NSD057, if proven to be part of a larger, coherent mineralised zone, has potential to focus some of the strong interest in high-grade Victorian gold systems to western Victoria. There is precedent – the “original” Mariners Mines above the Stawell Mine include historic production of up to 0.95Moz Au at 30g/t Au (ASX:NSM 15 Apr 25).
We are excited to follow up on this result – the target is open in all directions. Also, the very shallow depth gives the exploration team a range of geophysical, geochemical and drilling techniques to quickly expand understanding and refine the target in a cost effective manner.”
Click here for the full ASX Release
This article includes content from North Stawell Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Gold Price Hits New Record, Touching US$3,500 for First Time
As gold soared, the US dollar sank to its lowest point in three years, falling as low as 97.95 points.
Gold price chart, April 15 to 22, 2025.
Chart via the Investing News Network.
Gold has soared in recent weeks amid the chaos caused by Trump's tariff announcements on April 2.
Those measures included a 10 percent tariff on all but a handful of countries, including Canada and Mexico, with more severe reciprocal tariffs to come into effect later on. However, on April 9, Trump announced he would pause the additional tariffs for 90 days, saying more than 70 countries had contacted him to make deals.
Trump may have been feeling pressure from economic advisors as a surge in treasury yields signaled a potential economic crisis brewing in the US bond market. Normally a safe haven during market volatility, the bond market saw a significant selloff as US tariffs and worries about the US economy's stability spooked traders.
Although the pause gave most countries some breathing room, tariffs against China were left on the table. After much back and forth, US tariffs levied against China have now increased to 145 percent.
The net effect of Trump's actions has been political and financial turmoil, sparking selloffs in major stock markets and pushing prices for safe-haven assets like gold to fresh records.
Additionally, China, Japan and South Korea agreed on March 30 to seek deeper free trade ties in response to the threat of tariffs from the US government. The deal marks a significant move by the three countries following decades of US diplomacy to maintain close relationships with Japan and South Korea.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
What Was the Highest Price for Gold?
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 for the metal. 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. 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.
Interestingly, 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. 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.
With regards to the performance of gold versus trading stocks, 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. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
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.
What was the highest gold price ever?
Gold price chart, December 31, 2024, to April 14, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,500.05 per ounce, its all-time high, during trading on April 22, 2025.
What drove it to set this new ATH? Gold reached its highest price amid concern that US President Donald Trump would remove Jerome Powell as chair of the US Federal Reserve. Falling markets and a declining US dollar continued to support gold, as did increased gold purchasing in China in response to US tariffs on the country. Gold pulled back below US$3,400 later in the day as Trump stated he didn't plan to fire Powell and that he may lower tariffs on China.
The gold price has set a string of new highs this month alone amid high market volatility as markets react to the latest tariff decisions from US President Trump and the escalating trade war between the US and China. As of April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
Two days earlier, Trump paused his higher "Liberation Day" tariffs on any countries that did not reciprocate in response. However, the blanket 10 percent tariffs still stand, as do the 25 percent tariffs on the automotive sector.
Why is the gold price setting new highs in 2025?
This string of record-breaking highs this year are caused by several factors.
Increased economic and geopolitical turmoil caused by the new 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 currently paused blanket tariffs on longtime US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these wide-spread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. 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?
Five year gold price chart, April 13, 2020, to April 14, 2025.
Chart via the Investing News Network.
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.
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, 2022. 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 US Federal Reserve’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 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 Israel-Hamas fighting intensified, gold reached a then new high of US$2,152.30 during intraday trading on December 3.
That robust momentum in the spot gold price has 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 have just kept on coming.
The global macro environment is highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Powell, the gold spot price hit a 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 markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22.
However, the bullish factors supporting gold over the past year remain in play, and the spot price for gold went on to breach US$2,500 on August 2 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 their September meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices 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 Friday, September 20, it moved above US$2,600 and held above US$2,620.
In October, gold breached the US$2,700 level and continued to set new highs 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 upwards in 2025 to the new all-time high discussed earlier in the article.
Gold has seen upward momentum in the last year on a variety of factors.
In 2025, the gold price was on the rise early in the new year as Trump and his team began to talk seriously about a wide-ranging set of tariffs on several countries in the run up and following his inauguration on January 20.
On January 29, the Bank of Canada shaved 25 basis points off its policy interest rate, marking its sixth consecutive decrease, and announced plans to end quantitative tightening.
On the same day, the Fed opted to leave interest rates unchanged. The following day, Trump said he would very likely be placing 25 percent tariffs on Mexico and Canada as of February 1, alongside tariffs on the EU and China.
Gold price set new highs in all currencies alongside a weakening US dollar, the Fed leaving interest rates unchanged, a rush to safe haven assets and the looming threat of Trump's tariffs on February 1.
Additionally, new US economic data showed inflation-adjusted gross domestic product in the country increased an annualized 2.3 percent in the fourth quarter of 2024 after rising 3.1 percent in the third quarter.
Some other factors supporting gold to new highs include Trump threatening to annex Greenland, Canada and the Panama Canal, Trump's proposed resettlement of Palestinians out of the Gaza Strip to develop it into "the Riviera of the Middle East," a suggestion that has been condemned globally, and him appearing to side with Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
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 that affect the gold price, 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 each year between 2018 and 2020 to around 3,000 to 3,100 metric tons 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 metric tons in 2022.
The World Gold Council has reported that central bank gold purchases in 2023 came to 1,037 metric tons, marking the second year in a row above 1,000 MT. In the first half of 2024, the organization says gold purchases from central banks reached a record 483 metric tons.
“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, said in an email to the Investing News Network (INN) at the beginning of Q4.
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,” he 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 for 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,” Coffin said.
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. According to Smallwood, he is seeing an influx of fund managers wanting to learn about precious metals.
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?
As a final note on the price of gold and buying gold bullion, 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 (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 (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.
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