Gold's Historic Rally Takes Center Stage at PDAC with $10,000 Predictions
After years of being dismissed by mainstream investors, gold enthusiasts are experiencing sweet vindication as bullion prices surge to unprecedented heights. The precious metal's remarkable performance has become the dominant topic at the Prospectors & Developers Association of Canada (PDAC) conference in Toronto, where mining professionals from across Canada and around the world have gathered to discuss the industry's future.
Unprecedented Price Surge
Gold delivered its strongest annual performance since 1979 in 2025, skyrocketing 65 percent to reach US$4,547 per ounce by year-end. The momentum continued into 2026, with prices briefly touching nearly US$5,600 per ounce before stabilizing around the US$5,000 mark. This dramatic increase represents a historic achievement for the precious metal and has fundamentally shifted market sentiment toward gold investments.
John Ing, chief executive of investment adviser Maison Placements Canada Inc. in Toronto, has maintained a bullish outlook on gold for more than five decades. "I keep on telling everyone the best is yet to come," Ing stated. "Yeah, it looks like a bubble, but when you look at the supply and demand, my sense is we haven't seen anything yet."
PDAC Conference Atmosphere
The mood at this year's PDAC conference is markedly different from previous gatherings, according to longtime attendees. Ing noted that gold's sudden surge will likely be a recurring theme throughout the event, with celebrations replacing the more cautious optimism of past years. The conference, which now draws at least 25,000 participants to Toronto's Metro Toronto Convention Centre, has evolved significantly from its smaller beginnings at the Royal York Hotel.
Ing recalled attending PDAC in 1987 when the event was still relatively small and occasionally volatile. "It was really rough and tumble," he said of those early years. Despite the challenges gold investors have faced during quieter periods, Ing emphasized that those who maintain long-term positions in gold consistently generate profits over extended timeframes.
Historical Context of Gold Booms
Despite the current excitement surrounding gold's performance, Ing characterizes the present rally as only the third most significant gold boom he has witnessed during his extensive career. The first major surge occurred during the 1970s when gold prices climbed from approximately US$35 to US$850 per ounce. This was followed by nearly two decades of declining prices that saw gold drop to US$250 per ounce.
The 2000s brought another period of growth, with gold peaking at US$1,900 per ounce in 2011 before entering an extended phase of moderate pricing. The current rally, which began gaining momentum in early 2024, represents the latest chapter in gold's cyclical history. "For a while, I and others were in the wilderness," Ing acknowledged. "We've always said gold is a hedge against uncertainty, against inflation. It's a barometer of investor uncertainty. For a while, I've been writing that and now others have adopted it."
Future Price Projections
Looking ahead to 2026, Ing predicts gold prices could rise an additional 20 percent to reach US$6,000 per ounce by year-end. Several factors are driving this optimistic forecast:
- Geopolitical tensions creating global uncertainty
- Rising United States debt levels undermining currency stability
- Central banks diversifying reserves through increased gold purchases
- Stock market volatility driving investors toward safe-haven assets
These combined factors have led some analysts to speculate that gold could eventually reach the remarkable milestone of US$10,000 per ounce, though such predictions remain speculative. What remains clear is that gold has reestablished itself as a critical component of investment portfolios and economic stability measures worldwide.
The PDAC conference serves as both a celebration of gold's recent achievements and a platform for discussing the metal's future trajectory. As mining professionals exchange insights and strategies, the consensus suggests that gold's resurgence represents more than a temporary trend—it signifies a fundamental shift in how investors perceive value and security in an increasingly uncertain global economy.
