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Jefferies Analyst Predicts $6,600 Gold

Investment bank Jefferies has set an ambitious $6,600 per ounce target for gold — a potential 76% increase from current levels, based on analysis comparing today’s prices to historical income ratios from the metal’s 1980 peak.

Chris Wood, Jefferies’ global head of equity strategy, updated the firm’s long-term gold forecast this week as prices hit new record highs near $3,750 per ounce. The target stems from Wood’s methodology of measuring gold prices against US disposable income per capita.

“At the peak of the last secular bull market in gold in January 1980, the gold price was then equivalent to 9.9 percent of US disposable income per capita,” Wood wrote in his weekly research note. Currently, gold represents only 5.6% of per capita disposable income.

You can read more on the matter here.

What’s going on?

• Ontario MPP Removed From Caucus After Assault Charges (theDeepDive)

• Trump Says Migration and Climate-Change Policies Are Destroying the West (WSJ)

• South Korea Says US Investment Demands ‘Impossible’ to Meet (theDeepDive)

• Owners of home in Ontario where Nazi symbol mowed into lawn face criminal charges (CBC)

• US Signals Supporting Argentina Amid Market And Peso Crash (theDeepDive)

• Trump berates countries for recognizing Palestine in UN speech (Globe)

• Mali Approves Six Mining Agreements, Cements State Royalty At 10% (theDeepDive)

• Federal Reserve’s Jay Powell signals further US interest rate cuts are not guaranteed (FT)

• Canada Recognizes Palestine: What Does It Mean For Trade? (theDeepDive)

• Sinclair, Nexstar Won’t Air Jimmy Kimmel’s Late-Night Return (WSJ)

• US Officials Give Conflicting Details on New $100K H-1B Visa Fee (theDeepDive)

What’s the latest?

• AI: Nvidia will invest up to $100B in OpenAI and supply data center chips, adding to a wave of mega AI deals. Oracle signed a $300B, 5-year cloud deal with OpenAI, while CoreWeave secured $11.9B from OpenAI and a $6.3B order from Nvidia. Other major agreements include Meta–Scale AI ($14.3B), Tesla–Samsung ($16.5B), Nebius–Microsoft ($17.4B), and the $500B Stargate AI data center project led by SoftBank, Oracle, and OpenAI.

• Markets: U.S. stocks hovered near record highs Tuesday, with the S&P 500 flat, the Dow up 146 points (+0.3%), and the Nasdaq down 0.1%. Nvidia slipped 1.3%, while Boeing rose 1.8% on a Dreamliner order, and Kenvue rebounded 5.6% after Tylenol-related concerns. Gold hit a new record above $3,800/oz, up 45% YTD, on Fed rate-cut expectations and inflation fears. Treasury yields eased, with the 10-year at 4.13%, while France’s CAC gained 0.9% and Hong Kong’s Hang Seng fell 0.7%.

• Dollar: The U.S. dollar index held at 97.34 on Tuesday as traders awaited Fed Chair Jerome Powell’s remarks after hawkish signals from officials. Markets are pricing a ~90% chance of an October rate cut, while congressional budget talks add to uncertainty. The dollar was flat against the yen at 147.73 but fell 0.4% vs. Sweden’s crown after the Riksbank’s hawkish 25 bps cut. Elsewhere, Argentina’s peso surged nearly 4.5%, and India’s rupee hit a record low of 88.80/USD. Gold briefly reached $3,790.82/oz, a new record.

• Economy : Canada’s GDP growth is projected at 1.1% in 2025 and 1.2% in 2026, down from 1.6% in 2024, with inflation steady near 2%. Global growth is expected to slow from 3.3% (2024) to 3.2% (2025) and 2.9% (2026), led by tariff hikes and weaker trade. U.S. GDP is set to fall from 2.8% in 2024 to 1.8% in 2025 and 1.5% in 2026, while China slows to 4.4% in 2026. Inflation across G20 economies should ease, with headline inflation dropping to 2.9% in 2026.

• Politics: Canada has dropped two legal appeals against U.S. anti-dumping duties on softwood lumber, even as Washington moves to nearly triple tariffs to over 20%. Ottawa still pursues six other challenges but says the decision reflects a strategy to seek a negotiated settlement. The sector remains a key target of U.S. tariffs despite CUSMA exemptions shielding most Canadian goods. PM Mark Carney has pledged a $1.2B aid package to support the lumber industry.

America Uses More Copper Than It Makes?

The stock market and stuff

• Moderna Delivers First Canadian-Made mRNA COVID-19 Vaccines (theDeepDive)

• Oracle Eyes US-Only TikTok Algorithm In Trump-Backed Sale (theDeepDive)

• Nvidia and OpenAI’s $100 billion deal sparks global chip stock rally (CNBC)

• TC Energy Pours $8.5B Into US Energy, Not Worried About Tariffs (theDeepDive)

In the juniors

• Antimony Resources Commences 6,000 Metre Phase Two Drill Program At Bald Hill Antimony Project (theDeepDive)

• It’s a Great Time to Be Building a Gold Project | Martino De Ciccio – Montage Gold (theDeepDive)

• Goliath Resources Completes 64,000 Metre Drill Program at Surebet Discovery (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.