Kevin Smith: Gold Run Still Early, Two Paths to US$20,000 Price Target

Gold remains in the early stages of a secular bull market driven by global fiscal imbalances, persistent inflation, and severe supply constraints within the mining sector. Major mining companies have underinvested in exploration for over a decade, creating a production cliff that positions junior explorers as high-growth opportunities. Market indicators, including narrowing breadth and widening credit spreads, suggest the S&P 500 may be nearing a peak, further enhancing gold’s role as a hedge. Kevin Smith, CEO of Crescat Capital, projects a long-term price target of $20,000 for gold and $500 for silver, anchored by global money supply expansion and historical devaluation cycles. Investors should focus on companies with significant discovery potential, such as Sitka Gold, El Oro Resources, and BCM Resources, to capitalize on the inevitable rotation of capital from over-owned tech stocks into undervalued precious and critical metals.