Florian Grummes of Midas Touch Consulting joins Peter Gadsdon and Mining Network following his technical update at the Precious Metals Summit to discuss gold’s sharp run from roughly USD 1,615 to $5,600 and its correction since late January. While he remains bullish on the long-term secular trend, with a technical target of USD 10,000 or potentially higher, Grummes urges investors to lower near-term expectations: he sees gold in a broad sideways consolidation that could last another year before sustainably reaching new all-time highs, much like the one- to two-year pauses during the 2001–2011 bull market. Near term, he sees gold trading around its 50-day moving averages, with a possible gradual move toward USD 4,700 to 5,000 by spring 2027.
He argues the latest rate hike adds tightening amid an energy shock but cannot resolve supply-side pressures in shipping and oil, drawing parallels to the 1970s gold and oil cycle. Grummes says miners have outperformed bullion since summer because USD 4,000–4,500 gold prices generate substantial cash flow and support M&A, while midterm uncertainty and China’s Golden Week could create a paper-market selloff that he would view as a potential year-end buying opportunity. He also sees USD 150 oil within the next six months as his most likely scenario, does not believe that outcome must be negative for gold, and highlights Barton Gold and CEO Alex Scanlon.