Gold over $3,000: Why the bull run is just beginning [Video]

In a recent episode of the Money Metals Podcast, analyst Mike Maharrey sat down with Brien Lundin, editor of Gold Newsletter and CEO of the New Orleans Investment Conference, to unpack the forces driving precious metals higher—and why the rally may be far from over.

With gold solidly above $3,000 and silver building support at $35+, Brien Lundin argues this is no fluke. Instead, it marks the beginning of a powerful and sustained bull market.

Why Wall Street still doesn’t get it

Some institutional voices, like Citigroup, have begun turning bearish—predicting sub-$3,000 gold in 2025. But Lundin sees this as a knee-jerk reaction from a sector historically uncomfortable with gold.

“Their default mode is skepticism,” Lundin said. “Even when gold hit $3,500 earlier this year, they were late to the party.”

He believes many analysts are missing the bigger picture by fixating on short-term headlines like tariffs or Fed policy signals, rather than the deeper structural forces at play.

The Fed is trapped—and that’s bullish

Lundin and Maharrey agree: the Federal Reserve is boxed in.

On one hand, inflation persists—exacerbated by tariffs and supply chain distortions. On the other hand, the U.S. national debt demands lower interest rates to remain serviceable.

“They’re in a trick bag,” said Lundin. “The market’s addicted to easy money. Every new rescue package has to be bigger than the last.”

Normalized interest rates, historically around 6%, are off the table in today’s debt-soaked environment. That contradiction fuels uncertainty—and central banks are responding by accumulating gold at historic levels.

A new kind of Gold bull market

What makes this rally different?

“This is the first bull market in modern history driven by central bank demand,” Lundin explained. “They’re not emotional. They buy for strategic reasons and they don’t stop on corrections.”

That’s why recent pullbacks in gold have been shallower and shorter than expected—and why retail investors chasing this market may find themselves looking to silver and mining stocks for exposure.

Silver: Building toward breakout

Silver has climbed rapidly in recent weeks, briefly hitting $37 per ounce and holding strong above $35, a level last seen over a decade ago.

“There’s basically blue sky from here to $50 silver,” said Lundin. “We’re knocking on the door of the next leg up.”

Industrial demand, especially from the green tech sector, is now beginning to outpace new mine supply, creating additional tailwinds. Silver has run four consecutive annual supply deficits, and many analysts believe demand will only accelerate.

Meanwhile, the gold-to-silver ratio remains near 90:1, far above the historical average—another sign silver is still undervalued.

Why Wall Street fears Gold

Maharrey and Lundin also addressed the persistent anti-gold bias among mainstream investment firms. Part of it, they argue, is structural: brokerages and banks simply don’t profit much from selling physical metal, which offers thin margins and limited trading volume.

But there’s also a deeper political discomfort: gold limits central bank power, acts as a barometer of fiscal mismanagement, and reminds governments they can’t print their way out of problems.

“They’ve spent decades making gold investors look like kooks,” Lundin said. “But the fundamentals keep proving us right.”

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