Gold Bull Market Has Years Left, Miners Set To Lead, Thorson Says

Miners look strong after forming a major bottom mid-year, Thorson said. During the first half of the bull market, miners lagged. He believes that is now changing. He expects miners to make new all-time highs well ahead of gold and will be monitoring the GDX-to-gold ratio for confirmation of this shift in leadership.

Gold juniors surged more than 30% after forming a major bottom, almost exactly as forecasted, Thorson said. Prices are overbought in the near term, so a period of consolidation would not be surprising. Medium term, he expects prices to make new all-time highs well ahead of gold as miners finally begin to outperform.

Silver juniors have closed decisively above the cycle downtrend line, confirming a major bottom at $23.06, Thorson said. If miners are set to outperform, prices should make new highs well ahead of silver.

Bitcoin, Thorson said, still needs to complete its bear cycle. He expects a final washout below $57,000, with mid-October as his best estimate for a 4-year low. The breakdown below $57,000 could take about a month, so he would like to see it begin sometime between now and mid-September. He believes Bitcoin needs to fall below $50,000 to truly flush out sentiment and complete the cycle, with a likely target around $40,000, give or take 5%.

Thorson noted that while many well-known analysts called for new all-time highs in precious metals back in April, he cautioned subscribers to expect a deeper correction into a mid-year low. Prices bottomed almost exactly as he laid out, and the next major uptrend has now begun. He expects much higher prices into 2030/2031, with the strongest gains likely during the final 12 months of the bull market.