Simply by assessing how long it took in the first phase of the bull market, we can deduce that by the latest 2026 we should have $9,000/oz gold. Usually in the mania phase of a bull market things get exciting much quicker than in the first two phases. So 2026 is a conservative estimate. The level of gains is calculated in percentage terms, from $250 to $1900 is a 7.6 x gain. From $1050 to $9,000 is a 8.6 times gain, being slightly more generous due to the anticipated mania that will occur.