Gold is still shining, and its price recently broke through the key level of $2500 per ounce. Industry leaders have expressed strong confidence in its ongoing bull market.

Among them, Alamos Gold CEO John McCluskey believes that this precious metal is still in a "very strong bull market phase," emphasizing the strategic opportunities that future investors face.

In recent weeks, the price of gold has reached a historic high, which is the result of a combination of various economic factors and investor sentiment. One of the main factors driving this upward momentum is the market's increasing expectations of a rate cut by the Federal Reserve. Last week, Federal Reserve Chairman Powell said at the Jackson Hole Global Central Bankers' Meeting, "The time for policy adjustment has arrived."

Expectations of a rate cut have stimulated demand and pushed up the price of gold. In addition, a weaker US dollar (usually associated with rate cut expectations) has further supported the rise in gold prices, while concerns about global economic slowdown have increased the appeal of gold.

UBS analysts pointed out in a recent report that "expectations of a dovish Federal Reserve (UBS economists currently expect the Federal Reserve to cut interest rates by 25 basis points three times this year), declining real interest rates, and a weak US dollar have all had a positive impact on the price of gold."

They also added that they do not believe gold is currently overvalued, and quoted macroeconomic factors, investor positioning, and market dynamics to indicate that there is still room for gold prices to rise.

Meanwhile, Citigroup analysts indicated as early as July that the price of gold could soar to $3000 per ounce due to the potential for significant growth in fund flows. The bank at the time stated that the Federal Reserve's shift to a dovish stance "should be favorable for the gold and silver markets until the end of the year," and also anticipated that base metals such as copper would benefit.

McCluskey also holds this bullish sentiment and states that when evaluating the long-term outlook for the price of gold, he is quite optimistic about "setting some price targets."

"I have publicly predicted that the price of gold will reach $2650 per ounce by the end of this year," said McCluskey, who has more than 35 years of experience in the gold mining industry.

"For most of the time, we have been in a bear market," he added. "However, it is obvious that we are currently in a very strong bull market phase, with many factors driving the gold price to new historical highs, in addition to central bank buying and de-dollarization."

McCluskey identifies international political turmoil and instability, as well as America's debt issues and economic strength, as long-term factors driving the gold price to new highs.

"In the past few months, US debt has grown exponentially, now exceeding $35 trillion," he added. "Coupled with the Fed's expected interest rate cuts, the upcoming US elections, and increasing concerns about the US economy, these factors could further increase the potential upside for gold."

Editor/Emily