Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
Tim Murphy
Precious Metals Advisor
Tim Murphy is a Precious Metals Advisor with over 15 years of experience. He started on the New York Commodity Exchange floor before founding his own brokerage firm. Tim joined Scottsdale Bullion & Coin to leverage the small-company feel with national exposure, focusing on personalized, client-first service and fostering long-term relationships.
The gold train keeps chugging along, blasting through all-time highs. Even at record levels, the yellow metal is still experiencing heightened demand from central banks and institutional investors. However, retail investors remain on the sidelines.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Precious Metals Advisor Joe Elkjer and Tim Murphy discuss gold’s recent passing of the $3,000 an ounce barrier, why the general public isn’t buying (yet), and where experts expect gold prices to go from here.
Gold Rally Plows Through $3,000/oz
On March 14, the gold spot price officially broke the $3,000 barrier, shattering a psychological ceiling hovering over investors for years. The yellow precious metal has climbed confidently since this milestone, adding nearly $50 within less than a week. As of March 20, gold spot prices boast a 16% gain since the beginning of 2025 and nearly 40% year-over-year (YoY).
Governments Keep Buying
Despite gold hitting all-time highs, governments continue adding to their physical reserves. Over the past three years, central bank demand has closely tracked the price surge of the yellow metal. Between 2022 and 2024, national-level investors consumed more than 1,000 metric tons of gold with 900 tons predicted in 2025.
This unprecedented appetite isn’t squelched by elevated prices as widespread economic uncertainty and geopolitical tensions boost safe-haven demand among governments.
Where are retail investors?
While demand for gold from central banks and institutions has skyrocketed, everyday Americans have been relatively absent from the gold-buying frenzy. For instance, gold consumption in the US fell by 20% between 2023 and 2024. Similarly, European gold investments slipped to a 17-year low in 2024.
This might seem peculiar at first, but it’s common for the general public to follow in the footsteps of these larger, wealthier, and better-connected investors. Believe it or not, this delay is actually positive. It means a decent amount of capital is sitting on the sidelines, waiting to enter the gold market. When retail investors decide to join the rally, the massive influx of investments has the potential to push prices even higher.
“We’re going to have a point….probably this year…where gold is going to hit a point where the public is going to get very excited. That’s when things go really ballistic.”
Tim Murphy
Precious Metals Advisor
👉 Suggested Reading: $4,000 Gold?! These Experts Say It’s Within Reach
Silver is a “No Brainer”
Gold’s record-breaking rally is creating momentum for other precious metals, especially silver. While the silver spot price hasn’t recently set all-time highs of its own, it’s still up nearly 18% since the start of the year and more than 32% YoY. Interestingly, silver’s relatively muted performance compared to gold puts it in a position to potentially outperform.
The gold-to-silver ratio, which measures how many ounces of silver are needed to buy one ounce of gold, sits near historic highs, suggesting silver is “undervalued.” With bullish indicators and gold paving the way, many experts say it might be silver’s time to shine.
Silver hasn’t really moved like gold has over the last 5 to 10 years. If you want something that’s low risk, high reward. It’s a no-brainer. All you have to do is buy it and be patient.–
Experts Elevate Gold Price Predictions for 2025
As gold continues setting new records, many gold market analysts are quickly revising their gold price predictions for 2025. Many financial institutions had set $3,000 an ounce as the benchmark for the year, but the yellow metal already has this milestone in the rearview. Recently, many big banks have upped their price targets for gold:
- UBS, Citi, and ANZ have raised their forecast to $3,200 an ounce.
- Goldman Sachs set a new target of $3,300 an ounce.
- Bank of America and Macquarie Bank suggested gold could reach $3,500 an ounce.
Instead of driving down interest, these higher gold prices will likely invigorate retail demand as everyday investors get excited about the prospects.
If you’re not in gold now, it’s going to be very difficult to get in later on. This is all happening whether you’re in it or not.–
Fort Knox Audit Incoming
Fort Knox has remained a focal point in gold market news as investors eagerly anticipate DOGE’s visit to the legendary vault. Given the secrecy and conspiracy surrounding this iconic reserve, even the slightest discrepancy between official amounts and the uncovered reality could rattle the market.
Combined with uncertain macroeconomic conditions, this may be the perfect storm for gold. In 2015, we put together an infographic on this topic to help investors better understand what’s at stake: Does Fort Knox Really Have Gold, Or Is It Just Another Conspiracy?
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