McEwen Mining Chairman Rob McEwen believes gold will reach $5,000 an ounce by 2027, and silver will reach $250 an ounce.

McEwan has almost forty years of experience in the mining industry. In 2019, he sold his GoldCorp company to Newmont for $10 billion, saying that as governments pursue soft fiscal and monetary policies, the weakening of fiat currencies will benefit hard assets such as precious metals.

"Hard assets will increase in value as the dollar drops in relative value to other currencies, because governments are irresponsible," he said. "They steal from their citizens by printing excess money and borrowing in ways they shouldn't. Look at the amount of the debt most of the Western world has right now, it's enormous."

McEwan said he is positioning his portfolio to capitalize on the expected rise in gold prices through his investments in mining companies, including juniors.

Pierre Lassonde, Chairman Emeritus of Franco-Nevada and CEO of Fireside Investments, also believes that gold will rise. As geopolitical tensions mount, central banks are buying more bullion, and countries like Russia are looking to get rid of the U.S. dollar after the dollar has become a weapon, so the price of gold will hit $2,400 by 2028.

A dual currency system may also appear.

As geopolitical tensions rise around the world, central banks are buying more gold. Gold purchases in 2022 by central banks has been the highest since 1950, with central banks purchasing 1,136 tons.

And central banks, especially in the BRICS countries (Brazil, Russia, India, China and South Africa), are buying gold as a prelude to creating an alternative to the U.S. dollar as a reserve currency.

The BRICS countries are concerned about U .S. influence in their affairs, and moving away from the U.S. dollar will help them gain more autonomy.

The forecast of a bifurcation of the global monetary system was supported by a number of voices, including Canadian mining tycoon Frank Giustra.

Lassonde also suggested that some young miners might do well as gold reaches new heights. In his opinion, there will be a recession and a stock market crash in 2023. And the resulting economic chaos will benefit gold.

He also believes that the U.S. Federal Reserve will respond to the recession by cutting rates, but "not fast enough." In turn, this will hurt the U.S. dollar and make investors flock to gold.

Gold stocks have performed very well under pressure. They are also worth paying attention to.