Mittelstandspresse
18.08.2026
Gold at $6,000? J.P. Morgan Sees Room to Rise!
Gold is trading above $4,400 again. J.P. Morgan still believes $6,000 is possible by year-end. Meanwhile, Axo Metals and GoGold are driving forward key operational and financial milestones.
Herisau, 18.08.2026 (PresseBox) - Advertisement – This article is published on behalf of Axo Metals Corp. and GoGold Resources Inc., with which SRC swiss resource capital AG has paid IR consulting agreements. · Author: SRC swiss resource capital AG · First published: August 18, 2026, 5:33 a.m. Zurich/Berlin ·
The gold market regained significant momentum in August. On August 17, Reuters reported a spot price of approximately $4,402 per troy ounce, supported by a weaker U.S. dollar and declining expectations of a Federal Reserve interest rate hike in September. The probability of such a rate hike, as implied by the futures market, had most recently fallen to around 31%. As a result, the Fed minutes and further U.S. economic data are once again taking center stage.
J.P. Morgan Global Research remains constructive in the long term but explicitly frames its outlook as a forecast. For the fourth quarter of 2026, the bank expects an average of around $6,000 per ounce; by the end of 2027, it considers around $6,300 to be possible. Key factors include the future trajectory of interest rates, geopolitical risks, fiscal concerns, and demand for gold as a diversification tool. This marks an important departure from the assertion that gold is bound to rise: J.P. Morgan also explicitly emphasizes the uncertainty surrounding future price movements.
Deutsche Bank sets a significantly more conservative short-term benchmark. Strategist Michael Hsueh confirmed a year-end target of $4,600 per troy ounce in early August. At the same time, the bank points to long-term real performance: According to its calculations, the inflation-adjusted average annual return on gold between 1957 and 2023 was around 2.5%. For investors, this does not result in a guaranteed scenario, but it does represent an unusually broad spectrum of institutional expectations.
What This Means for Mining Stocks
A high gold price can improve the profitability of mining projects and facilitate financing. For investors, however, that alone is not enough. Key factors include resource quality, permits, capital requirements, construction and operational risks, as well as management’s ability to actually bring projects into production. This is precisely where Axo Metals and GoGold complement each other: Axo is currently preparing its first feasibility study for San Antonio, while GoGold already has a feasibility study, mineral reserves, permits, and a positive construction decision in place for Los Ricos South.
Axo Metals: San Antonio Moves from Resource Project Toward Feasibility Study
Axo Metals Corp. - https://www.commodity-tv.com/ondemand/companies/profil/axo-metals-corp/ - acquired Sapuchi Minera in January 2026, thereby gaining 100% ownership of the San Antonio gold project in the Mexican state of Sonora. The project features existing infrastructure and a current mineral resource - limited to open-pit mining - of 576,000 ounces of gold at 1.20 g/t in the Indicated category, as well as 544,000 ounces at 1.02 g/t in the Inferred category.
The first 21 drill holes released by Axo covered approximately 3,000 meters. Highlights included 23.6 meters grading 2.13 g/t gold starting right at the surface in SOSAP-26-020, 27.1 meters grading 1.31 g/t gold starting at 29 meters, and 26.8 meters grading 1.33 g/t gold starting at 82 meters depth.
The next fundamental catalyst is clearly defined: P&E Mining Consultants is currently preparing a “Preliminary Economic Assessment” (“PEA”) for San Antonio, which, according to the company’s plans, is expected to be available by the end of the third quarter of 2026.
Regarding permits, Axo achieved a major milestone in July. SEMARNAT approved the Environmental Impact Assessment (“MIA”), which, according to the company, constitutes the primary environmental permit for the construction and operation of San Antonio. However, administrative approval for the change in land use (“CUS”) is still pending for the start of mining operations at Sapuchi, Golfo de Oro, and California. Axo has already submitted the application and, according to the company, expects a decision before the end of the year. The existing core infrastructure, including the formerly producing Luz del Cobre pit and the carbon-in-column plant, does not require an additional CUS permit, according to the company.
In addition to San Antonio, Axo owns the La Huerta copper project in Jalisco. However, San Antonio is clearly the focus of the current investment thesis: the drilling program, the “PEA,” a potential resource update, and the completion of the “CUS” process are the most important upcoming milestones.
Operating Cash Flow Meets Approved Construction Project
GoGold Resources Inc. - https://www.commodity-tv.com/ondemand/companies/profil/gogold-resources-inc/ - is in a different stage of development. The Parral Tailings Project in Chihuahua is already producing silver, gold, and by-products. In the third fiscal quarter of 2026, GoGold reported 268,673 ounces of silver, 3,036 ounces of gold, 88 metric tons of copper, and 116 metric tons of zinc - a total of 477,464 ounces of silver equivalent, representing a 21% increase over the previous quarter.
GoGold’s balance sheet also provides the company with financial flexibility. According to the Q3 figures released on August 12, the company had approximately $284 million in cash and reported no financial debt. For the quarter, the company reported approximately $27.8 million in revenue, $26.3 million in operating cash flow, and $10.9 million in net income. These figures are taken from the company’s financial statements for the third fiscal quarter of 2026 and are not forecasts.
The key growth driver is Los Ricos South in Jalisco. The project has received all necessary approvals. In June 2026, the board approved construction. The feasibility study shows, in the base case scenario, a net present value after taxes (NPV5) of $355 million, an internal rate of return of 28%, and a payback period of 2.6 years. Initial capital expenditures are estimated at $227 million, and the mine life is estimated at 15 years.
The study is based on mineral reserves of approximately 10.2 million metric tons at 276 g/t silver equivalent, totaling approximately 90.7 million ounces of AgEq. The model projects an average annual production of approximately 7.3 million ounces of AgEq over the first five years. This is based on metal price assumptions of $26.80 per ounce of silver, $2,330 per ounce of gold, and $4.00 per pound of copper.
For investors, the combination is key: Parral provides ongoing production and cash flow, while Los Ricos South is set to transition from the development phase to the construction phase. GoGold thus has a significantly more advanced path to production expansion than a typical exploration company.
Conclusion: A gold market with tailwinds - but two very different risk profiles
Institutional gold forecasts currently range from Deutsche Bank’s year-end target of $4,600 to J.P. Morgan’s expectation of an average of around $6,000 in the fourth quarter of 2026. This gap illustrates just how high the uncertainty surrounding forecasts remains. For mining stocks, however, the gold price is not the only decisive factor.
Axo Metals offers the earlier development profile with correspondingly greater exploration and development potential. San Antonio has an existing resource, infrastructure, new drill results, and the important MIA permit. The upcoming PEA is now expected to provide the first up-to-date economic assessment of the project. In addition, the “CUS” process has not yet been completed.
GoGold is further along operationally: Parral is in production, the balance sheet is solid and liquid, and Los Ricos South has a feasibility study, mineral reserves, permits, and a construction decision. Consequently, construction costs, the timeline, and implementation are now taking center stage.
Current company information and press releases from GoGold Resources (- https://www.resource-capital.ch/de/unternehmen/gogold-resources-inc/ -) and Axo Metals (- https://www.resource-capital.ch/de/unternehmen/axo-metals-corp/ -).
You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.
Scientific and Technical Basis and Qualified Persons
Axo Metals: The information regarding San Antonio, the drill results, the mineral resource, the PEA planning, and the permits is based on the company’s press releases dated January 27, February 23, May 26, and July 27, 2026, as well as the technical documents referenced therein. Charles Spath, P.Geo., is the non-independent Qualified Person designated by Axo in accordance with NI 43-101 and has reviewed and approved the scientific and technical information from the relevant primary sources. The mineral resource estimate for San Antonio published in 2022 was reviewed and validated by the independent Qualified Persons named in the technical documentation.
GoGold: The technical information regarding Parral is the responsibility of Robert Harris, P.Eng., as the Qualified Person under NI 43-101 on the company’s website; for Los Ricos, David Duncan, P.Geo., is designated as the Qualified Person. The economic indicators for Los Ricos South are based on the NI 43-101-compliant feasibility study dated January 14, 2025, and the accompanying Technical Report. The QP reviews mentioned refer exclusively to the respective primary sources and not to this German-language article. SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.
Sources and Data as of
Reuters, “Gold rises on softer dollar, fading Fed hike expectations,” August 17, 2026
J.P. Morgan Global Research, “Will gold prices hit all-time highs again in 2026?”, June 9, 2026
J.P. Morgan Global Research, “2026 Mid-Year Market Outlook,” July 1, 2026
Axo Metals, “Axo Copper Provides Exploration Update and Initiates Drill Program…,” February 23, 2026
Axo Metals, “Axo Metals Secures Major Environmental Permit Approval…,” July 27, 2026
GoGold Resources, “GoGold Announces 21% Increase in Parral Production,” July 9, 2026
GoGold Resources, Q3 2026 financial results, August 12, 2026
GoGold Resources, “Los Ricos” – Mineral Resources, Mineral Reserves, and Feasibility Study Data
BC Securities Commission, “Promotional Communications about Companies”
Important Notices, Conflicts of Interest, and Disclaimers
Type of Article and Conflict of Interest: This article is a paid advertising and marketing communication (advertorial) and not an independent financial analysis. SRC Swiss Resource Capital AG receives compensation from Axo Metals Corp. and GoGold Resources Inc. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence the selection of the companies discussed as well as the manner in which they are presented.
Transparency notice regarding conflicts of interest pursuant to Article 20 of Regulation (EU) No. 596/2014 (MAR), Delegated Regulation (EU) 2016/958, and Section 85 , WpHG: The freelance journalist holds personal positions in the shares of the issuers discussed: Yes. Net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed: less than 0.5 percent of the issued share capital in each case. Holding of at least 5 percent by a discussed issuer in SRC Swiss Resource Capital AG: no. Remunerated relationship: IR consulting and communications contracts with both issuers. Any other material relationships or conflicts of interest subject to legal disclosure requirements must also be disclosed, if they exist. There are no plans to update this article on a regular basis; legal obligations to correct or update the information remain unaffected. The circumstances and publicly available information as of the editorial deadline on August 17, 2026, at 12:56 p.m. Zurich/Berlin are decisive.
Methodology, Sources, and Context: Market, corporate, financial, and technical data were taken from the publications listed in the bibliography. The statements regarding Deutsche Bank are based on a secondary source; the underlying original study was not available to the editorial team. Facts, corporate data, study figures, forecasts, forward-looking information, and editorial assessments have been linguistically distinguished from one another. Market prices are spot prices valid at a specific point in time and may vary depending on the data provider, trading venue, and observation period. Historical data, market forecasts, and key study figures are not price targets or trading signals.
No Individual Investment Advice: The information provided is for general informational purposes only. It is not tailored to the personal investment objectives, financial circumstances, or risk tolerance of any individual and does not constitute individual investment advice, nor does it constitute an invitation, offer, or solicitation to buy or sell securities or other financial instruments. Investment decisions should be made based on your own analysis and, if necessary, with the assistance of independent professional advice.
Risks: Securities of commodity, mining, exploration, and project development companies involve significant risks. These include, in particular, risks related to gold, silver, and copper prices; currency; liquidity; financing; dilution; exploration; resources and reserves; permitting; construction; operations; environmental; remediation; political; regulatory; and country-specific risks. Projects may fail technically or economically, exceed schedules and cost budgets, or require additional capital. Price losses, up to and including the complete loss of invested capital, are possible.
Forward-Looking Information and Scientific and Technical Information: This article contains forward-looking information, corporate objectives, and scientific and technical information. These are based on assumptions, estimates, and expectations as of the respective publication date; actual results may differ materially due to known and unknown risks. Mineral resources are not mineral reserves and do not indicate proven economic recoverability. Preliminary Economic Assessments (PEAs) are preliminary and may include inferred mineral resources that are geologically considered too speculative to apply economic considerations that would allow for classification as mineral reserves; there is no certainty that the results of a PEA will be realized. Feasibility studies and mineral reserves are based on assumptions regarding metal prices, costs, recovery rates, and technical parameters; actual results may differ. The QP reviews mentioned refer exclusively to the respective primary sources; SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.
Accuracy, Completeness, and External Content: The content has been prepared with editorial care based on the sources cited, which are considered reliable. However, no guarantee can be given as to accuracy, completeness, timeliness, or continued availability. Mandatory statutory liability provisions remain unaffected. The operators of external websites are solely responsible for their content. If illegal content becomes known, the corresponding links will be removed.
Use of AI-Supported Systems: AI-supported systems may be used as editorial tools in the creation and editing of our articles, particularly to assist with research, analysis, structuring, and linguistic revision. All content intended for publication undergoes a thorough human and editorial review prior to publication, is revised as necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains solely with the respective publisher.
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Gold at $6,000? J.P. Morgan Sees Room to Rise!
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