Under-owned and undervalued: Why gold stocks still have room to run

Gold’s surge toward record territory has sparked a fresh wave of aggressive price forecasts from major banks, even as short-term profit-taking tests the strength of the rally.

JPMorgan this week lifted its long-term outlook to $4,500 an ounce and projected prices could approach $6,300 by the end of 2026, citing central bank demand and geopolitical uncertainty. Yet bullion has pulled back despite renewed tensions in the Middle East and Ukraine, firm Treasury yields and a stronger dollar, leaving investors questioning whether this is consolidation or the start of a deeper shift.

John Ing, president of Maison Placements, shares his view on gold’s next phase, silver’s volatility and why he believes mining equities remain under-owned.