1911 Gold Corporation (TSXV: AUMB; OTCQX: AUMBF)
1911 Gold is Manitoba’s Gold Standard - Ready, Permitted and High-Grade 1911 Gold is an Emerging Gold Producer, with Significant Cash Flow Generation and District-Scale Growth Potential
Although the gold market has continued to experience volatility, closing below $4,000 per ounce again on Thursday (November 6, 2025), Ewa Manthey, Commodity Strategist at ING, stated clearly in her latest monthly gold outlook report that gold prices are expected to regain momentum and set a new record in the first quarter of next year.
COMEX gold futures contract was recently quoted at $3,988 per ounce, showing a noticeable pullback compared to the all-time high set last month. However, Manthey emphasized that the current gold price is still up more than 50% since the start of the year. She views this adjustment as a “healthy correction rather than a trend reversal,” suggesting that any further weakness is likely to attract renewed buying from both retail and institutional investors.
Policy Expectations Support Investment Demand
In her report, Manthey maintained her forecast for an average gold price of around $4,000 per ounce in the fourth quarter of 2025 and expects the average price to climb further to $4,100 per ounce in the first quarter of 2026. Key supporting factors include solid central bank gold purchases and safe-haven demand. As the Federal Reserve is likely to continue cutting interest rates, buying in gold-backed ETFs is also expected to resume.
Although recent comments from Fed Chair Jerome Powell have cast doubt on December rate cut, the CME FedWatch Tool indicates that markets still see a 71% probability of a cut in December. Manthey specifically pointed out that investment demand in the third quarter was a key driver behind gold’s historic rally – global gold-backed ETF holdings surged by 222 tonnes during this period, marking the fastest growth rate in recent years.
Structural Buying Trend Remains Intact
The report also revealed that central bank gold buying accelerated in the third quarter. Estimated global central bank gold purchases for the quarter reached 220 tonnes, up 28% compared to the second quarter and 6% above the five-year quarterly average. “Central bank gold buying behavior has shown a structural shift,” Manthey analyzed, adding that “as foreign reserve strategies adjust, central banks will continue to increase their gold reserves.”
It is noteworthy that the Bank of Korea is reportedly considering adding to its gold reserves for the first time since 2013, and the President of Serbia also announced plans to nearly double the country’s gold reserves to 100 tonnes by 2030. These developments confirm the sustained demand for gold from central banks.
Multiple Factors Form a Price Floor
In addition to investment demand and central bank purchases, the physical gold market has also demonstrated strong resilience. Data shows that global demand for gold bars and coins remained robust in the third quarter, providing additional support to the market.
Manthey concluded that, although short-term price fluctuations are inevitable, the Fed’s interest rate cutting cycle, ongoing geopolitical risks, and central banks’ foreign reserve diversification strategies will continue to build a solid foundation for the gold market. She expects the current phase of price consolidation to accumulate energy for a subsequent breakthrough, anticipating that the first quarter of 2026 is likely to witness gold achieving a new all-time high.
