John Rubino: Gold, Silver Run Not Over, Currency Carnage to Come

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John Rubino argues the gold and silver bull market is still in its early-to-mid stages, saying this year’s run and pullback do not mark the end of the move. He sees dramatic upside ahead if currency stress intensifies, with a long-term target of $15,000/oz gold and $200/oz silver as the ‘currency carnage’ theme plays out. The interview frames the next leg higher as a macro/currency story rather than a simple momentum trade: Rubino says the bull market should continue for years and expects the Fed ultimately to ease into a weakening US policy backdrop. He also points to broader crisis dynamics in the US and Japan, implying that precious metals should remain a hedge against monetary instability and fiat debasement. For traders, the key takeaway is that long-duration bullish positioning in gold and silver remains defensible if real stress builds in FX and rate markets. Near-term catalysts are Fed policy shifts, USD weakness, and any renewed volatility in sovereign currencies; the main risk to the view is a stronger-for-longer rates backdrop that delays the macro trigger for the next leg up.