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 [Music] The gold price has had a record- setting year, hitting an impressive 26 new all-time highs in the first half of 2025. It touched 3,500 per ounce in April. And this month, it broke through. While experts agree the yellow metal has a strong long-term outlook, the summer months brought a period of consolidation, leaving investors wondering what will drive its next leg up. I've been asking market watchers that question and we're going to get into the factors they've identified as

potential triggers for further gains in gold. But first, let's take a look at what brought the price to its current level. By far the main element mentioned in the conversations I've been having is buying from central banks, which have amped up their purchases in recent years, accumulating over 1,000 metric tons of gold annually for the last 3 years. Here's Brian London of Gold Newsletter summing up why central banks want gold. Um but the thing is we have to recognize the trend and the trend of

ever easier money over decades and decades really going back to uh even the 1960s um and ever greater debts created both sovereign debts US federal debt and individual and corporate debt. Uh those debts can't be serviced at current interest rates. The the interest rates have to be below the rate of inflation. So that's you know a negative real rate environment going forward as long as this monetary regime is in place. So that's the big driver and that has been driving central bank buying both the the

debt situation and the uh dollar weaponization that we saw in beginning in 2022 has driven central banks to diversify into gold um really at the sake of the dollar and at the sake of the euro. uh uh gold has replaced surpassed the euro in central bank holdings and is now taking aim on the dollar. Uh so that's the trend and that's going to continue. >> Also putting wind in gold sales are global conflicts, tariff tensions and widespread uncertainty. All points that boost the precious metals safe haven

appeal for investors. With all these positive influences already in play, it's tough to know what will take gold to the next level. But right now, interest rate cuts from the US Federal Reserve are in focus. The Fed is widely anticipated to make a reduction when it meets later this month, and those expectations are already providing fuel for gold. Here's what Tabby Costa of Crescuit Capital said about interest rates. But if you take a longer term view of which I think is what you asking

me um then clearly Trump is in his process to get majority of the governors and of the fed as as supporters of his agenda and he's got no option but to lower rates despite where inflation is and so I think that is where will likely catalyst the next movement. Tavy went on to say that he sees a major decline in the US dollar and a corresponding rise in the gold price. >> I think we're going to see a beginning of a long-term decline in the US dollar versus other currencies. Uh i.e. The DXY index to be very

specific in my view is on the verge of a major collapse from a resistance or um or I should say a support line that goes back all the way to the global financial crisis. If we break that of which I think we will um it will in my view really uh unleash uh what it could be the beginning of a long-term decline for the dollar that will unleash a movement in the gold price most likely but also um other things that have been sort of waiting to see the you know how this is going to be um working out and you know

investors you can act ahead of that or you can wait to see the confirmation. You know, the real money is made prior to the move, not after. >> What else could spark a fresh rise in the gold price? The return of Western investors is one possibility. With the stock market still delivering and Bitcoin attracting attention, involvement from this demographic is minimal. Here's how Adrien Day of Adrien Day Asset Management explained it. But the next move, it seems to me, is with North American investors.

Um, not the Ray Dalios and and and um Bill Draulers and so on, but but ordinary um not just retail investors, but investors, family offices, small institutions, investment advisors telling their clients, um money managers, etc. All of that. So I think the next leg is going to be the North American investors who've really been out of this market as you know. >> Rich Czechen of Asset Strategies International also mentioned the importance of Western investors saying that their entrance will have a huge

impact on the gold price. >> So um for about 3 four years now I've been saying that that gold at all-time highs is dirt cheap. Um silver is even cheaper well below all-time highs for silver. Um and the reason I said that three years ago, two years ago, last year and now is the western investor still not in this marketplace and uh when when they get in, you know, so European investors, North Americans, when we get in this market and start buying, not selling like we are right now, um we start buying, it's going to

make a huge impact on the price. Uh and they're not in it. I've got a couple indicators that dictate to me that we are not seeing investment buying right now. The two indicators Rich was referring to were the gold silver ratio and premiums. He said that when the gold silver ratio gets under 80 and continues falling and when metal premiums start increasing, that's when he'll know that Western investors are getting involved. Coming at the question from a different angle, Jeff Clark of the Gold Adviser

said for him it's less important to predict the next gold driver. Instead, he wants to be prepared for when it happens. >> There's so many different factors. What I'm focused on, to be honest with you, Charlotte, is I'm focused on making sure I'm ready for whatever that may be. And what that means for me is that making sure I own enough of physical gold to make a material difference or have a material impact and and a significant hedge in place for myself. Not just, you

know, the business and my portfolio, but me personally and the family. you know, just having that in place so that you're protected whatever it may be and whenever it may come. >> I'd also be remiss if I didn't share comments from Rick Rule of Rule Investment Media, who often reminds investors that gold has actually been rising for decades. >> When people ask me when the gold price is going to move, as you know, I say the year 2000. It's up 9% compounded annually for 25 years. Pretty good

record. And they like more dramatic moves, which they've begun to enjoy. My thesis is very simple. My thesis is that the gold price moves relative to people's faith or lack of faith in the maintenance of their purchasing power in fiat currencies, primarily the US dollar. I believe that as a consequence of our debt, our deficits, and the unsustainability of our entitlement program, arithmetic unsustainability, that the US dollar will lose 75% of its purchasing power over 10 years, just like the decad7s,

I suspect uh that the gold price will more or less mirror the deterioration in the purchasing power of the US Arithmetically, if you believe that there's a causal relationship, uh, if the dollar declined by 75%, it suggests that the gold price could move up four-fold. Will it be three-fold? Maybe. Will it be five-fold? Maybe. What isn't in dispute to me is that absent a real sovereign default, the US dollar has to lose 75% of its purchasing power to make the on and off balance sheet obligations the US government

serviceable. I'd love to know what factors you think will be behind the next leg higher in gold. So, leave a comment below with your thoughts. You can also check out the video description for links to the full interviews with all the experts mentioned. We'll see you next time. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]