Back in March 2021, when Gold traded at $1 685/oz (R29 143) and investor attention was elsewhere, The Personal View outlined a simple thesis: gold was entering a new secular bull market.
On 8 March 2021, I published “The Personal View: Buying Gold”, recommending gold as a core portfolio holding and at the time buying AngloGold, Gold Fields, Barrick, Wheaton Precious Metals, and First Majestic Silver.
Gold’s Performance Proves the Bull Thesis: Key Gains and Setbacks Since 2021
Today, with gold at record highs drifting above $3 899/oz, (R67 436) that thesis has been steadily validated.
Performance Since 8 March 2021 (USD terms)
• AngloGold Ashanti: +225%
• Gold Fields: +330%
• Barrick: +81%
• Wheaton Precious Metals: +173%
• First Majestic Silver: -24%
• Spot Gold: +123%
Not every equity delivered, but the structural case for Gold has proven correct and transformative.
Why Gold, Why Then
Since 2021, The Personal View has consistently reiterated Gold as a strategic anchor. The drivers are structural and persistent:
- Crypto regulation
- Fiscal imbalances
- Geopolitical instability
- Monetary Policy & Inflation Risk
- Portfolio diversification
- De-dollarisation & central bank accumulation
- Systemic fiscal fragility
- Global conflicts & economic realignments
- Geopolitics fragmentation
- Chronic supply underinvestment
These forces have only intensified, ensuring gold’s place as the ultimate store of value in fractured times.
Looking Ahead: The $5 000 (R86 477) Target
The original $3 000/oz (R51 882) target has been surpassed. On 26 February 2025, the forecast was raised to $5,000/oz (R86 477) within 12 months, reflecting the same macro dynamics still shaping markets today.
Gold’s surge to $3 899 (R67,434) is not the end, but a milestone in a longer secular trend. In an era of chronic instability, Gold is not speculation – it is strategy.
What began in 2021 as a contrarian thesis is now a defining macro story. The question is not whether gold reaches $5 000, (R86,477), but who will be positioned when it does.
