A Forever Gold Bull Market? - LinkedIn

AI desk brief

Ned Davis Research strategist John LaForge argues the gold bull market can extend for multiple years as long as governments keep running large deficits and failing to address debt accumulation. His core thesis is that the “trend is up” until policymakers tackle sovereign debt, with continued debasement of fiat currencies acting as the main tailwind for gold and silver.

LaForge frames gold as a scarce bearer asset with no counterparty risk, highlighting why central banks continue to accumulate bullion. The piece leans heavily on the “debasement trade” narrative: investors shifting out of dollar-denominated assets and into gold and silver as fiscal deficits, war spending, and persistent government outlays remain entrenched.

Near term, the article is directionally bullish for precious metals on a macro basis, but it offers no fresh price levels, flow data, or tactical catalyst. It is more a structural long-gold thesis than a trading update, with the main risk being any credible policy shift that improves debt sustainability or strengthens real yields and the dollar.