Gold Price Could Reach $10,000/oz as Fiat Currencies and Stock Markets Break | Andrew Sleigh
Sprott Money Jul 23, 2026
Summary
Andrew Sleigh reads silver's six-month pullback as a washout forming a base, so long-term holders are in an accumulation phase, not a broken uptrend.
Gold's bull market remains intact in his view; pullbacks are normal, and $10,000 targets imply the advance is only partway done.
Rate cuts toward zero, which Sleigh expects once stock markets roll over, would be the catalyst that drives gold and silver much higher.
The gold-silver ratio (silver ounces per gold ounce) still looks high, so swapping some gold for silver can grow total ounces.
On selling physical metal, Sleigh holds for the long term: profit-taking is easy only in hindsight, and paper positions suit traders better.
Andrew Sleigh's takeaways
- Top takeaway Maintains gold's multi-year bull market is intact despite the Iran-war pullback: even if it takes three years to reach $10,000/oz US, that is still a 2.5x move, and he calls a recently cited case for $8,000 by end-2026 credible.
- Expects the Fed to hold rates until it times a market rollover in late September or early October 2026, then cut aggressively toward zero, which he says will send gold and silver sharply higher.
- Rejects profit-taking in physical metal because selling means rotating back into a currency he expects to be worthless; the only trade he would consider is swapping some gold into silver at the roughly 70-to-1 gold-silver ratio and reversing it later, and he urges recent buyers to average down.
- Reads silver's six-month slide as a washout forming an accumulation base near C$90 an ounce, with the next leg up expected once the washout completes.
- Frames the rally as an end-of-currency-cycle transition: the US dollar is 'in real trouble', currencies that cannot back themselves with gold 'will go to nothing', and a years-long Iran ground war funded by new debt leaves metals no choice but to rise.
Kellen Ainey's takeaways
- Top takeaway As host, drives the episode through viewer questions on silver's 2026 drawdown for January buyers, gold's path through the Iran conflict, Fed rate expectations, and when to sell physical metals.
- Signals agreement with the hard-money case, telling Sleigh his debt-driven argument for gold and silver is 'a difficult argument to argue against.'