Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
Gold’s exponential spike to $3,500 an ounce has spurred higher price forecasts, with some optimistic experts eyeing $5,000 an ounce.
Investors who think the gold rally is overheated need to understand why this high target price is more achievable than it seems.
The Significance of $3,500/oz Gold
The yellow metal’s spot price and futures market hit $3,500 an ounce on April 22, 2025, notching yet another record on the metal’s enduring rally. Unlike previous all-time highs, this peak held unique significance for the gold market.
This figure surpasses gold’s inflation-adjusted high, which has remained unchanged for over 45 years. In February 1980, gold prices reached over $3,400/oz in 2025 dollars. Now, gold is truly entering uncharted territory with no historical roadblocks to slow its growth.
The Shrinking $500 Gap
Although perfectly round numbers are arbitrary markers, it’s still helpful to pinpoint milestones along gold’s rally. One widely used benchmark, including by the World Gold Council, is the $500 increment.
Since the end of the gold standard, when gold was untethered from the U.S. dollar, the metal has made this leap seven times. Since crossing $1,500/oz, the time between each jump has shrunk significantly, reflecting an exponential rise in gold prices.
Most recently, gold soared from $3,000/oz to a new all-time high of $3,500/oz in just 39 days, a move more than ten times faster than the previous $500 climb, which took 407 days. Before that, investors waited three times longer for prices to extend the same amount.
Here’s the breakdown:
| Gold Price (oz) From → To | Days Elapsed |
|---|---|
| $35 → $500 | 4,127 days |
| $500 → $1,000 | 9,251 days |
| $1,000 → $1,500 | 1,131 days |
| $1,500 → $2,000 | 3,397 days |
| $2,000 → $2,500 | 1,276 days |
| $2,500 → $3,000 | 407 days |
| $3,000 → $3,500 | 39 days |
The Expanding $5,000 Consensus
A boldly optimistic consensus is growing rapidly as more and more experts voice their support for $5,000/oz gold. Here are the analysts, economists, investors, and advisors predicting this significant jump:
VanEck
“Gold was built for the shifting trends currently unfolding in the global economy: inflation, war, uncertainty and growing financial instability. As these trends continue to play out and reshape the global economic order in the coming years, we believe gold has the potential to ascend toward $5,000 per ounce.”
Robert Kiyosaki, Investor, Entrepreneur & Author of Rich Dad Poor Dad
“Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care..”
John Paulson, Paulson & Co. Founder & Manager
“Central bank gold buying and global trade tensions are likely to push bullion prices to near $5,000 an ounce by 2028, billionaire investor John Paulson said in an interview.”
Nigel Green, CEO of deVere Group
“Gold prices could surge to $5,000 an ounce if tensions between the United States and China continue to escalate.”
James Luke, Schroder’s Metals Fund Manager
“Gold at $5,000/oz by the end of the decade did not feel an outlandish scenario twelve months ago. It feels frankly conservative now.”
Peter Schiff, Chief Market Strategist at Euro Pacific Asset Management
“$5,000 is nothing at this point. That’s just a pit stop on the road to much, much higher prices.”
Rob McEwen, McEwen Mining CEO
“I have some friends that are suggesting it’s going much higher than $5,000, but right now I’m happy with $5,000.”
Jim Thorne, Wellington-Altus’ Chief Market Strategist
“I think…gold will be $5,000…by the end of the Trump term.”
Why $5,000 Gold is Closer Than You Think
At first glance, the jump from $3,500 to $5,000 may seem challenging. After all, it’s a full $1,500 gain. However, that knee-jerk reaction is more psychological than rational. Big numbers can feel like major barriers, but only because our minds treat them that way.
It wasn’t long ago when $3,000 seemed unlikely, and prices have already reached $3,500! That $500 jump happened in less than six weeks, more than ten times faster than the previous leap of the same amount. That’s not just growth; that’s acceleration.
It’s headed to $5,000 or beyond. This is an excellent time to be buying gold.–
On top of gold’s sheer momentum, the rally’s core drivers are only intensifying. With stagflation fears looming, geopolitical tension surging, and trust in fiat currencies falling, the next boom could come even faster. While nobody can predict the precise timeline, the move from $3,500 to $5,000 could be one major shock away.