By GoldFxPro | Published: October 15, 2025
Even as gold trades near a record-breaking $4,200 per ounce, optimism in the market continues to rise. According to BlackRock’s Evy Hambro, this historic rally may be far from over both for gold prices and the mining stocks driving it.
Hambro believes we are witnessing a powerful revaluation of real assets as investors lose faith in paper currencies. For him, gold’s rise isn’t just a short-term surge; it’s part of a deeper shift in how global wealth is being redefined. With miners earning record-breaking profits and still trading at deep value, Hambro says this could mark the beginning of a much larger, long-term move in gold.
Why BlackRock Thinks Gold Miners Are Still Undervalued
According to Hambro, the real opportunity lies not just in gold itself but in the gold mining companies behind it. Even after some mining stocks have doubled in value this year, their profits are growing even faster.
With production costs stable and gold prices soaring, miners are generating enormous returns that still aren’t reflected in their share prices. Hambro calls this a “hidden value play” saying that despite 100% gains, gold miners have “never been cheaper” when compared to their true earning potential.
Record Profits, Record Prices Yet More Room to Run
Hambro highlighted that gold miners are now enjoying the best profit margins in decades, far beyond what Wall Street expected. Many are operating with low debt, strong cash flow, and steadily rising dividends all signs of financial health.
Yet, the broader market still values them as if gold were trading around $2,200–$2,400, not above $4,000. As analysts begin to update their long-term models, Hambro expects sharp upward revisions in valuations, giving gold equities plenty of room to rise further — even after this incredible run.
Technical Picture Bulls Still in Control, But Caution Rising
From a technical perspective, gold bulls remain firmly in charge. The next key resistance is at $4,300, while strong support sits around $3,900. With a Wyckoff Market Rating of 9.0, gold remains in a powerful uptrend though signs of short-term exhaustion are emerging.
After touching new highs above $4,190, traders are bracing for potential pullbacks. But as long as gold holds above key support zones, the broader bullish trend remains intact, and any dips could become buying opportunities for long-term investors.
Market Pressure Fed Cuts, Oil Surplus, and Global Trade Tensions
Global markets are facing fresh turbulence as the Federal Reserve continues cutting interest rates, China intensifies sanctions, and oil prices collapse below $58 per barrel. These events are creating a perfect storm of uncertainty the kind of environment where gold traditionally shines brightest.
Stock markets are struggling, inflation risks are rising, and safe-haven demand is growing stronger by the day. Each new geopolitical shock reminds investors why gold and silver remain the ultimate assets of trust when everything else looks shaky.
What’s Next for Investors Stay the Course, But Expect Volatility
For investors, Hambro’s message is simple but powerful — “stay patient and trust the trend.”
Short-term corrections may come, but the long-term gold story is still unfolding. With mounting global debt, currency debasement, and persistent inflation fears, BlackRock believes gold’s strength is built on solid fundamentals.
For long-term believers, these swings are not setbacks — they’re part of the climb toward a new era of real asset valuation. Gold’s rally isn’t just about price — it’s about the world rediscovering trust in tangible value.
FAQs About BlackRock’s Gold Outlook
1. Why does BlackRock believe gold could go even higher?
Because investors are revaluing real assets as global confidence in paper money weakens. BlackRock sees gold as the ultimate hedge in this environment.
2. Why are gold mining stocks considered undervalued even after big gains?
Despite doubling in price, miners’ profits have grown faster than their share prices — creating a strong value gap, according to Evy Hambro.
3. What is gold’s current technical outlook?
Gold remains bullish with resistance near $4,300 and support around $3,900. Analysts see momentum favoring the bulls, though short-term pullbacks are possible.
4. How are global events influencing gold’s demand?
Fed rate cuts, oil oversupply, and rising trade tensions have pushed investors toward safe-haven assets like gold and silver.
5. What should investors expect next?
BlackRock advises staying invested but prepared for volatility. The long-term trend remains positive as gold continues to outperform paper assets.
