While gold has pulled back from recent highs, he believes the correction is temporary and does not change the broader bull market.
“I think that $6,000 is entirely possible,” MacPherson said, adding that traditional precious metals bull markets “would point to something closer to $8,000 for the gold price peaking out.” While he declined to put a timeline on the forecast, he said the medium- to long-term outlook remains positive.
According to MacPherson, the factors that pushed gold higher in 2025 continue to support prices today. Central banks are still buying gold and diversifying away from the US dollar, while governments continue to spend aggressively, increasing liquidity across the financial system.
The recent decline, he believes, is a pause rather than a reversal of the trend.
He believes higher gold prices should eventually translate into stronger valuations for gold mining companies as well. Although miners have reported expanding cash flows and share prices have risen, valuation multiples have not increased significantly. In his view, precious metals stocks are still early in the cycle and could benefit if broader investor interest returns to the sector.
MacPherson also expects consolidation in the gold mining industry to gather pace. He says major producers are sitting on strong cash balances and merger and acquisition (M&A) activity has only just begun to pick up. Companies that continue to advance quality projects could become attractive acquisition targets as the cycle develops.
For West Point Gold, the immediate priority is to define its maiden mineral resource. The company is targeting 20–30 million tonne grading two to three grams of gold per tonne, equivalent to roughly 1–3 million ounces of gold. MacPherson said publishing the maiden resource will give investors a better basis for valuing the company and help advance the project toward future economic studies.
The company also believes it is well positioned financially to execute its exploration plans. Having raised capital earlier this year, West Point Gold is funded for the next 12 to 18 months, allowing it to focus on drilling and resource development instead of raising fresh funds. MacPherson said this means the company can continue creating value through operational milestones rather than relying solely on higher gold prices.
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He added that while gold prices above $4,000 an ounce are supportive for miners, successful exploration and project development remain the key drivers of long-term value. As the gold cycle matures and industry consolidation accelerates, companies with strong assets and solid funding are likely to be in the best position to benefit.
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