A forever Gold bull market?

How long will the gold bull market last?

Forever.

That’s the view of Ned Davis Research Chief Alternative Strategist John LaForge.

Granted, he didn’t say “forever,” but that’s the implication of his comments on Kitco News.

“I think prices peak when we learn how to deal with the debt situation. The longer we let it go, and we don’t pay this stuff back, and we keep piling all these debts up, the higher gold prices can go.”

Given that nobody is willing to do what it takes to “deal with the debt situation,” gold prices will ostensibly go up forever, or until the fiat system finally implodes.

“All I know is the trend is up until we deal with government debt,” LaForge said. “I think we can still see multiple years of higher prices because I don’t get the sense at all that, globally, politicians and leaders want to deal with it.”

He’s right. 

Here in the U.S., the government continues to spend over half a billion every single month despite $40 trillion in outstanding debt. So far in fiscal 2026, Uncle Sam has spent $6.28 trillion. That’s a 3.3 percent increase compared to the same period last year.

A 3.3 percent increase in spending might not sound significant. But weren't we told there would be spending cuts?

DOGE seemed promising, but once the headlines faded, spending continued unabated. The “Big Beautiful Bill” cut some spending but added more.

So, despite some non-specific talk about “spending cuts,” there seems to be little to no commitment to tackle runaway spending in Congress or the White House. In fact, the powers-that-be constantly find new reasons to spend money, whether it is a crisis at home or a war overseas.

LaForge said he doesn’t see any off-ramp in the future.

“There’s no way to pay this thing beyond just debasing everything. This is the biggest tailwind gold has had.”

In fact, analysts call the pivot from dollar-denominated assets to gold and silver the “debasement trade.”

Even after gold’s meteoric rise of the last couple of years, LaForge said there is still plenty of room to run higher. In fact, he said he thinks we are in the early stages of a broader commodity “super-cycle.”

“We have plenty of room for this thing.”

Central banks apparently see the writing on the wall. They are piling up gold.

LaForge characterized the yellow metal as one of the few “bearer assets” that can be owned outside the credit system. A bearer asset is defined as a financial or digital item that belongs entirely to whoever physically holds or controls it, with no registration or official record of ownership.

That means gold carries no counterparty risk.

“There just aren’t many bearer assets that you as a central bank can hold where everyone in the world pretty much agrees, if you sent them a bar of gold, they’d say, ‘All right, I’ll take payment for that,’” LaForge said.

Could this be a historical moment for gold?

LaForge said he thinks so, saying, “Gold has such a unique time in history.”

“This is the time it’s all coming together.”