OPINION — Past is Prologue: Why the Next Decade Could Belong to Gold and
This opinion piece was submitted to the Investing News Network (INN) by Darren Brady Nelson, who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or thoroughness of the information reported by external contributors. The opinions expressed by external contributors do not reflect the opinions of INN and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
By John Newell
It’s fascinating how investor psychology changes depending on where we are in the cycle. Gold and silver are trading near record highs, major producers are generating more free cash flow than at any time in history, and yet the dominant question I hear is: “When should we sell?”
That’s a fair question, if you believe we’re late in the game. But what if the game has just begun?
When Amazon broke out to new all-time highs in ~2015, no one was asking when to sell or that the RSI was extended. Investors were trying to understand how high it could go. Now, with gold and silver quietly building momentum and mining shares starting to outperform, it’s worth asking whether we’re entering a similar long-duration growth phase.
When you step back and look at the long-term charts, the picture changes completely. The patterns, the ratios and the fundamentals all point to the same conclusion: we are likely in the early innings of a new metals bull market, one that could last the better part of a decade. As Mr. Ross Beatty, chairman of Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX), said in a recent interview, “the real danger that investors are facing is selling to soon.”
The fundamentals: Why gold and silver are rising
The macro backdrop has rarely been this supportive for precious metals and the companies that mine them.
1. Monetary policy and global debt
Governments are trapped in a cycle of deficit spending. Even as central banks talk about “tightening,” real rates remain well below long-term averages. Debt levels are so high that sustained high interest rates would risk destabilizing entire economies. That reality ensures a policy bias toward easy money, and that’s historically bullish for gold.
2. Currency debasement
Since 2020, the global money supply has exploded. The purchasing power of fiat currencies continues to erode as governments print to cover deficits. Investors and central banks alike are turning to tangible stores of value and buying gold. Gold remains the anchor asset in a world of floating currencies.
3. Geopolitical instability
Conflict, sanctions, trade fragmentation and the weaponization of financial systems have made global markets far less predictable. Gold thrives in such environments because it exists outside the control of any single government or central bank.
4. Industrial demand for silver
Silver’s…
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