Precious metals analyst Jordan Roy-Byrne recently stated that the gold market is currently in the early stages of a new long-term bull market. He highlighted that the synergy between technical patterns and macroeconomic conditions signals a significant breakout ahead for gold and silver prices. As the author of Gold & Silver: The Greatest Bull Market Has Begun and a certified CMT and MFTA analyst, Roy-Byrne emphasized that the breakout of gold in March 2024 from a 13-year “cup-and-handle” pattern serves as a key technical confirmation.
The current macro environment and the bull market in precious metals are perfectly aligned, Roy-Byrne explained. Rising U.S. Treasury yields, a prolonged bear market in bonds, and a deteriorating credit environment are creating favorable conditions for a rally in precious metals. This analysis has recently been reinforced by institutional developments—Moody’s downgraded the U.S.’s last remaining AAA rating last week, and JPMorgan CEO Jamie Dimon warned of significant risks in today’s credit market, highlighting that investors are grossly underestimating the pressures of inflation, stagflation, and geopolitical shocks.
Historical data reveals notable similarities between current market conditions and the periods preceding major gold bull markets such as 1930, 1972, and 2002. Technically, gold has already broken out against the S&P 500 index and the traditional 60/40 investment portfolio. After being adjusted for inflation, the gold price has successfully moved beyond a 45-year base. Roy-Byrne predicts that gold could reach $3,700 by the end of this year and notes, historical data from major breakouts point to gold prices rising to $4,400–$4,500 within the next 12 months.
While the silver market has been relatively slower to respond, Roy-Byrne identified $35 and $37 as key breakout levels. Once silver decisively breaks above $50, it could surge to triple digits within 12 to 15 months, he forecasted, basing this prediction on the metal’s 45-year price base analysis.
