Prins’ $6,000 gold call: macro drivers and project implications for miners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Gold is still on course to hit $6,000/oz around year-end despite the recent selloff, with macroeconomist Nomi Prins attributing the drop to paper trading rather than weaker physical demand, while silver has rebounded above $57/oz after a spike to nearly $122. She notes iShares Silver Trust turnover of 5–10 billion oz a year versus only ~820 million oz mined and a sixth consecutive annual physical deficit, before extra pull from AI data centres and new technologies. Prins also targets $7/lb copper by year-end and expects majors like Barrick and Newmont to deploy strong cash flow into buying junior gold developers and projects.
Technical Brief
- iShares Silver Trust turnover of 5–10 billion oz annually dwarfs ~820 million oz/year mine output.
- Silver is in its sixth consecutive annual physical supply deficit, before new AI and tech demand.
- Silver spot nearly tripled from about $40 to almost $122 over roughly one year.
- Copper touched $6.71/lb in May and is projected to move closer to physical fundamentals.
- Utilities often secure copper supply several years before grid or infrastructure construction commences.
- Prins expects copper at $7/lb by year-end, citing tighter linkage to real-world consumption.
- Barrick and Newmont are described as using strong cash flow to buy junior gold developers and projects.
- Governments, particularly Washington, are increasingly steering commodity pricing via rare earth and critical mineral policies.
Our Take
Our recent coverage of the MINING.COM Top 50 (11 July 2026) shows how gold’s slide from around $5,589/oz to below $4,000/oz has already knocked $228 billion off sector value, so a $6,000/oz gold call would imply a sharp reversal in equity pricing for majors like Newmont and Barrick Mining if it materialises.
The article’s focus on copper alongside gold aligns with May 2026 pieces in our database that tie record copper prices to AI‑driven demand and supply constraints; Prins’ $7/lb copper expectation would keep many existing copper operations in the ‘$1‑billion‑revenue mine’ bracket highlighted in the 21 May analysis.
Silver’s repeated annual supply deficits and the scale of trading in the iShares Silver Trust, as noted here, echo the broader ‘critical minerals’ framing in our Nvidia-related coverage from 14 July 2026, signalling that silver is increasingly being analysed alongside copper and rare earths rather than just as a monetary metal.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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