In Is the Bull Market in Gold Over Already? (Oct 2025), Schroders’ James Luke argues that the recent sharp correction in bullion and miners is a natural breather within a multi-year uptrend.
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Gold’s 5.5% one-day drop and 9% slide in miners came after a record rally of over 30% since August — a move Luke sees as over-extended but not signaling a peak.
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The firm believes fiscal and geopolitical forces—rising deficits, de-globalization, and multipolar tensions—continue to underpin structural demand from central banks, investors, and households, especially in China and India.
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Gold miners still boast record cash-flow margins of around $2,000/oz and are poised for another round of record earnings if prices remain above $3,200/oz.
Is this correction a reset before the next leg higher—or the first crack in gold’s ascent? The full Schroders analysis explains why the long climb may be far from over.
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