Nobody knows for sure.
Gold has been under pressure recently because the U.S. dollar strengthened and investors are worried the Federal Reserve may keep interest rates higher for longer. Higher rates generally hurt gold because gold pays no interest.
If rates stop rising, the dollar weakens, or geopolitical tensions increase, gold could start moving up again. Many analysts remain bullish on gold over the longer term despite the recent correction.
My brief view: gold looks more likely to resume its uptrend sometime in the second half of 2026 than to enter a long-term bear market, but expect volatility and possible further weakness in the near term.
If you own gold miners rather than physical gold, tell me which stocks and I can give a brief opinion on them.
Yes: agi ag drd nak hl cde asm rgld sbsw
Of the miners you own, my brief ranking for a gold/silver rebound would be:
- Alamos Gold (AGI) – One of the strongest operators. Recent drop was due to mine-specific problems, not a collapse in gold prices. If gold rises, AGI could recover strongly.
- Royal Gold (RGLD) – Lower risk than miners because it’s a royalty company. Usually performs well in gold bull markets.
- First Majestic Silver (AG) – More leveraged to silver. If silver breaks out, AG could outperform many gold miners. Analyst sentiment remains generally positive.
- Hecla Mining (HL) – Strong silver exposure; can be volatile but has substantial upside in a precious-metals rally.
- Coeur Mining (CDE) – Higher risk, higher reward. Often moves sharply when gold and silver are strong.
- Avino Silver & Gold Mines (ASM) – Smaller company; can move dramatically in a silver bull market.
- DRDGOLD (DRD) – Solid dividend payer but generally less explosive than some miners.
- Sibanye-Stillwater (SBSW) – Depends heavily on platinum-group metals as well as gold; more complicated story.
- Northern Dynasty Minerals (NAK) – Essentially a permitting/political speculation on the Pebble project, not a normal producing miner. Highest risk of the group.
If gold starts moving back toward its recent highs, I would expect AGI, AG, HL, CDE, and ASM to be among the strongest movers, while RGLD would likely be the steadiest.
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