Source: Palisade Radio | Date: January 26, 2026

Chris Rutherglen: Why Gold Has 'More Room To Run Higher'

Key Takeaways

Gold is currently in the "rate cut period" of its cycle, with more upside potential remaining before reaching the cycle high
We're approaching the 5th intermediate cycle high (targeting $4,900-5,200), with a potential 6th cycle reaching $6,700
The current bull market has two phases: rate cut period (now) followed by QE period where the largest gains typically occur
Multiple indicators suggest gold isn't at its cycle high yet: silver outperformance is early stage, stock market hasn't declined to 3-year moving average, and options activity shows continued bullish momentum
This cycle is unusually extended compared to historical patterns, contributing to gold's persistent strength

Near-term target: $4,900-5,200 for 5th intermediate cycle high (1-2 months away)
6th cycle target: $6,700 (August-October 2025 timeframe)
Long-term QE period target: $24,000 gold by 2030s based on debt-to-money supply normalization
Silver targets: $175 for rate cut period, $840 for QE period
Expects a washout period between rate cut and QE phases where holding cash becomes preferable

Gold: Primary focus with detailed cycle analysis and multiple price targets
Silver: Currently at $84-101, equivalent to 2011's $50 when adjusted for midcycle level. Trading at 5.5% of gold's midcycle level
10-year Treasury: Expected to peak around 3.5% yield before gold reaches cycle high
S&P 500: Must decline to 3-year moving average before gold cycle completes
Central bank purchases: Contributing to magnitude but not timing of gold's rise

"One could make a case that the gold price could get up to $24,000" - referring to potential QE period targets in the 2030s
"There's still fuel left in the market to push the price higher" - based on options volume analysis showing continued bullish positioning

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