Stephen Leeb: Gold Price to US$18,000? Here's How it Can Happen

Stephen Leeb argues gold is not near a cyclical top and says the metal could ultimately reprice as high as US$18,000/oz if the global monetary regime shifts in its favor. His core thesis is that treating gold as just another bull/bear cycle is the wrong framework; instead, he expects gold to become central to the world’s monetary system by the end of the current period he is describing. The only concrete line in the source is his view that gold’s “high point might not ever really be defined,” which implies a structural rather than tactical bull case. The interview teaser does not provide supporting valuation work, timing, or market data, so the main takeaway is the long-duration bullish narrative rather than a near-term trading call. For the desk, this is sentiment-supportive but not immediately actionable. It reinforces the longer-term bull case for gold held by strategic allocators, but without specific flow, positioning, or macro triggers it offers little for near-term price discovery. Watch for any follow-up on reserve diversification, monetary debasement, or central-bank buying as the more tradeable catalysts.