New Silver highs in the next 12 months
Gold’s rally is accelerating as central banks reshape global reserves. Speaking with Kitco Mining at the 2025 Precious Metals Summit in Beaver Creek, Crescat Capital partner and macro strategist Otavio (Tavi) Costa says foreign central banks holding more #gold than U.S. Treasuries for the first time since 1996 marks the start of a major bull cycle.
“I do think this is the beginning of a bull market,” Costa explains. “We’re probably going to see a lower dollar in the near future.” He cites reaccelerating inflation, record debt, and political pressure on the Federal Reserve as forces that will keep real rates low and drive capital into hard assets.
Costa sees miners and juniors at the start of a multi-year run, with the GDX and GDXJ indices at decade highs and M&A activity picking up at Beaver Creek as a sign of fresh momentum. “It’s about time for the capital to start flowing into the mining space,” he says. He highlights silver’s breakout potential, forecasting that investors are likely to “ see new highs in the next 12 months in #silver”, along with the need to hedge costs with energy exposure and growing interest from non-traditional investors, including the crypto sector.
Costa also warns that the Fed may hold off on rate cuts despite market expectations, with silver prices at highs, and views energy as a key hedge, given that oil prices are showing a long-term upside. On the corporate side, he expects today’s wave of M&A among majors to eventually filter down to high-quality juniors.
Watch the interview with @TaviCosta at Kitco:
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