Gold appears to be entering its third “golden decade,” with prices potentially climbing to $6,800 by 2030, according to Ronnie Stoeferle, partner at asset management firm Incrementum. In his latest column, Stoeferle argues that since the collapse of the Bretton Woods system in 1971, gold has gone through three major bull markets: the 1970s, the 2000s, and the current cycle.

In the second half of the 1970s, gold prices surged 162%, and during the late 2000s, they rose by 150%. If the current cycle continues to mirror this historical trend, gold could rise from around $2,624 at the end of 2024 to approximately $6,800 by the end of the 2020s. History shows that gold bull markets often conclude with sharp price spikes, typically doubling within about nine months.

Over the past two decades, gold has repeatedly proven its role as a safe haven during inflation, economic turmoil, and confidence crises. The drivers that fueled the 1970s and 2000s rallies—negative real interest rates, excessive money supply growth, and rising geopolitical tensions—are once again present in the 2020s.

Stoeferle also points out that silver, traditionally a laggard in bull cycles, tends to rally explosively toward the end. In the late 1970s, silver delivered annual returns of over 44%, far above the 21% seen earlier in the decade. The 2000s showed a similar pattern. While silver has already shown strong performance this decade, history suggests its most aggressive phase may still be ahead.