The race for a $5,000 gold price by Christmas has begun

The race for a gold price of $5,000 by Christmas 2025 is in full swing. While our target will not be reached before Hanukkah on December 14, $5,500 should easily be within sight by Chinese New Year on February 17.

Five weeks ago, almost all gold chartists turned pessimistic, forecasting a price of $3,700. Once again, they were wrong.

Thirteen years of a bear market (2011 to early 2024) have conditioned chartists (and most investors) to flee at the first signs of weakness. But instead of a correction to $3,700, I believe we are facing the most explosive two months since the bull market began in February 2024.

Bull markets grow stronger with maturity, and this structure eerily resembles that of copper in 2005 – when it surprised almost everyone.

The timing could not be better for our four gold mines – Gold Road in Arizona, Laiva in Finland, as well as Pilar Gold and Tucano Gold in Brazil – as production ramps up in the coming months.

We owe a great debt of gratitude to the over 1,400 investors who have supported us since the beginning of this journey in May 2019 and accompanied us through the difficult period from 2022 to 2024.

We are equally grateful to John Williamson and his team at Laiva Gold, Svein Harald Oygard, our Chairman at Gold Road, and our PE partners at Tucano Gold. They have done most of the work this year, allowing us to focus on the revival of Pilar Gold with our new CEO Kjetil Solbraekke and his great team at PGDM.

Things are also looking good for Pure Tungsten. The planned recommissioning of Ssangjon in South Korea by the end of Q1 2026 seems perfectly timed. Prices reached $750 per 10 kg APT last Friday, and I wouldn’t be surprised if they rose to $1,000 by mid-2026. After 42 years of a bear market, new tungsten mines worldwide can be counted on one hand. Our CEO, Tiger Kim, has the bold vision of becoming the largest tungsten producer in the Western world – and as we expand into Tajikistan and pursue further acquisitions, I am firmly convinced that he will get us there.

Gold and Tungsten Prices Rose Sharply in 2025 — *Tungsten Prices Soar in 2025*

In the meantime, hold on tight – the GDX and GDXJ could double by the men’s tennis final in Melbourne on February 1, 2026.

Best regards,

Jeremy Gray | Chairman
Jeremy.Gray@PilarGold.com

Max Beck | Head of IR
Max.Beck@PilarGold.com

Edward Balme | IR Manager
Edward.Balme@PilarGold.com

Eric Robinson | IR
Eric.Robinson@PilarGold.com

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