Brien Lundin, Peter Grosskopf and Joseph Cavatoni said gold’s retreat from record highs looks like a normal correction in a healthy bull market, not the start of a lasting downturn.
Central bank demand remains the main support: Cavatoni cited a World Gold Council survey of 77 central banks showing most expect to keep raising gold reserves.
Lundin said this is only the fourth gold bull market since 1971 and that the current cycle broadened after Jerome Powell’s Jackson Hole easing signal drew Western investors into bullion.
Panelists said this year’s sharp rally was fueled by geopolitical risk, tariff and Fed speculation, and Middle East tensions; the pullback followed as uncertainty eased and inflation concerns from higher oil prices were priced in.
Mining shares still lag bullion, they said, leaving some quality developers trading at roughly half their valuations from a few months ago and creating selective entry opportunities.