Gold to Reach USD 6,000 by Year-End?
Gold and gold stocks are currently suited for contrarian investors. The precious metal and sector stocks have underperformed this year. A consolidation was no surprise following the rally of the century. However, the extent of the slide to USD 4,000 per troy ounce, as well as the ongoing pressure, did come as a surprise.
But recently, JPMorgan provided a boost for investors in the precious metals sector with a gold price forecast. Analysts at the US bank expect the gold price to rise toward USD 6,000 per ounce by the end of 2026. For 2027, they even consider USD 6,300 per ounce a possibility. This forecast is well above current levels and underscores that gold is likely to continue benefiting from structural drivers despite interim consolidations. Demand from central banks remains a key factor. At first glance, it appears that buying interest has weakened in 2026. However, according to the World Gold Council, alternative data from the London OTC market and trade flows from Switzerland suggest that actual purchases in the first quarter of 2026 were higher than in the previous quarter.
China, in particular, plays a key role in the bullish gold narrative. The country’s net imports rose significantly in the first quarter of 2026, while the People’s Bank of China also noticeably increased its officially reported gold purchases in March and April. This appears to be driven by a strategic diversification away from US dollar investments. Additional momentum is coming from Chinese insurers. The ten largest companies are now permitted to invest up to 1% of their assets under management in physical gold. If this quota were to rise to 5% in the future, it could generate significant additional demand. Risks remain from Fed policy and geopolitical uncertainties. However, as long as investors seek protection against loss of purchasing power, currency risks, and political tensions, gold remains promising from JPMorgan’s perspective.
Barrick Mining and Newmont: Price Targets Cut, but Still Rated Buy
This is, of course, good news for gold stocks. The heavyweights Barrick Mining and Newmont have lost about 12% and 6% of their value, respectively, so far this year.
For Newmont, analysts at Bernstein recently lowered their price target from USD 157 to USD 147. Since the stock of the world’s largest gold company is currently trading at USD 95, the “Buy” recommendation remains in place. For Barrick Mining, Bank of America lowered its price target last week from USD 58 to USD 56 and continues to recommend buying. Shares of exploration companies are considered a way to gain exposure to the price of gold. In this sector, DRC Gold is an interesting investment.
Outperformance with DRC Gold?
With the acquisition of the Giro project, DRC Gold aims to establish itself as a leading gold company in the northeastern Democratic Republic of the Congo. CEO Klaus Eckhof sees clear parallels to the nearby Kibali project, which he himself developed into a multi-million-ounce deposit. Kibali is considered a flagship project for major gold discoveries in the Congo. The deposit is now a major producer. “Reuters” describes Kibali as one of Africa’s largest gold mines.
The Giro project is located 35 km east of Kibali and already has a historical JORC resource of several million ounces of gold. Eckhof recently announced the publication of a NI 43-101-compliant resource estimate. Thanks to high metallurgical recoveries, favourable open-pit mining conditions, and further planned acquisitions, Eckhof expects DRC Gold to begin production as early as next year and to become one of the region’s largest gold companies. In addition, production costs are expected to be low, in the range of USD 1,100-1,200 per ounce.
In addition to Giro, DRC Gold is pursuing an aggressive exploration strategy. In particular, the Nizi project, which has been scarcely explored to date but has historically high-grade ore, is to be rapidly advanced through drilling programs. Eckhof considers 2 to 3 million ounces there realistic initially and reaffirms the goal of building a total of 10 million ounces of gold in the project pipeline within two years. Despite the frequently discussed political risks in the Congo, he points to more than 25 years of successful project development in the country and sees the geological opportunities as clearly taking center stage. With experienced mining financier David Wargo on the board of directors, access to substantial financing for exploration and mine development should also be facilitated.
Against this backdrop, the stock’s valuation, with a market capitalization of less than CAD 40 million, appears attractive for adding some DRC shares to the portfolio. The stock is traded in Germany on Tradegate, among other platforms.
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After a weak first half of the year, the gold price is poised for a rally. Gold stocks should benefit from this. Barrick Mining and Newmont remain core investments. DRC Gold appears to be an attractive addition to the portfolio. Positive developments and news could drive the stock higher soon.
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