Thomas Kaplan, chairman and CIO of The Electrum Group, told Kitco News he sees gold rising tenfold to as much as $50,000, and also cited a range of $30,000 to $40,000. He did not attach a timeline, but described a long wave in gold and silver with further highs ahead, while declining to call whether the latest correction has bottomed. The Electrum Group, a natural resources-focused advisory and asset manager, has about $2.5 billion in assets under management, and Kaplan is also the largest private collector of Rembrandt’s art.
Kaplan said he moved into gold and silver in 2007 after selling his family’s energy company, when gold was around $550 to $600 per ounce. He referenced an earlier expectation for gold to rise from the $500 range to $3,000–$5,000, with a possible pullback to $3,000 before returning to $5,000 and advancing again. In discussing market drawdowns, he compared the recent correction to 1987’s “Black Friday”, citing a 36% crash that later became barely visible on long-term charts, and drew a parallel with conditions ahead of the 2008 crash.
Structural Bull Market Dynamics For Gold
We believe gold is entering a historic, multi-decade bull run that could eventually push prices up tenfold from current levels. While trying to time the exact bottom of recent market corrections is a fool’s errand, the long-term upward trajectory is clear. As derivative traders, we must look past daily market noise and position ourselves for this massive structural shift.
Recent data from the World Gold Council shows that global central banks bought over 1,000 tonnes of gold annually over the past few years, a trend that continues to support the asset’s floor. Additionally, following the shifting global interest rate environment of 2024 and 2025, gold exchange-traded funds (ETFs) have seen sustained positive inflows. This strong institutional backing makes any short-term dip a highly attractive entry point for bullish bets.
Options Strategies To Capture The Long Wave
Over the coming weeks, we recommend derivative traders utilize long-term call options, or LEAPs, to capture this long wave without getting shaken out by short-term volatility. Using bull call spreads can also help manage the cost of these trades while protecting against sudden, temporary pullbacks. By focusing on expirations that are months or even years out, we can ride this macro wave to its full potential.
If we look back at the 2007 pre-crash environment, gold surged from around $600 to peak near $1,900 in 2011, proving how explosive these defensive shifts can be. Much like the minor market blips of 1987, today’s price consolidations will likely look like tiny, barely visible dots on a long-term chart years from now. We should treat current price dips not as a sign of weakness, but as a rare second chance to load up on long exposure.
