What does the gold market rally mean for miners?

Gold is shining, as the yellow metal has repeatedly broken fresh all-time highs in 2025.

Rising geopolitical risk, rapid central bank buying, and emerging investor interest are all helping to push the price ever upward.

But does this rally have legs?

What could spur a further price increase, and what might turn the market bearish?

Mining Journal speaks to market experts about what is driving the gold rally, and what it means for investors and the mining industry.

Presenters:

	William Clarke, Deputy Editor, Mining Journal William has been working in the mining and commodities sector for over ten years and has been with Mining Journal since 2020. Will covers news out of Europe and Africa for Mining Journal.
	Philip Newman, Managing Director, Metals Focus Philip is a founding partner of Metals Focus, with over 30 years’ experience. Prior to this Philip was Research Director at GFMS, where he was a key contributor and project manager of the silver, gold and PGM surveys, research reports and consultancy projects.
	Segun Lawson, Chief Executive Officer, President and Director, Thor Explorations Segun Lawson has served as the CEO of Thor Explorations since 2011. He has identified and led all of Thor’s acquisitions and financings, in particular the acquisition of the Segilola Gold Project in Nigeria. As a British Nigerian citizen with a strong network of contacts both in the UK and in West Africa, Segun has overseen the company's transition from a grassroots explorer to Nigeria’s first large scale commercial gold producer. He continues to lead Thor as it grows in West Africa and as a first mover in Nigeria. Segun has extensive corporate finance transaction experience at Noble & Company, and at Premier Oil where he identified and negotiated new West African opportunities. He is also a Co-founder of African Star Resources Incorporated, where he served as an officer assisting with financing, corporate and business development activities.
	Robert Crayfourd, Portfolio Manager, CQS / Golden Prospect Precious Metals Robert is joint Portfolio Manager for Golden Prospect Precious Metals Limited, CQS Natural Resources Growth & Income plc, and Geiger Counter Limited. Robert joined Golden Prospect Precious Metals as an Analyst for the New City managed natural resources funds in 2011 and has previously held analyst roles at the Universities Superannuation Scheme and HSBC Global Asset Management where he focused on the resource sector. Robert is a CFA Charterholder and holds a BSc in Geological Sciences from the University of Leeds.