Gold prices showed signs of stabilization in early February 2026, holding above $4,900 per ounce after a partial rebound from the January 30 intraday low near $4,700 (Comex gold futures intraday data, CME Group, February 3, 2026), but legendary analyst Martin Armstrong warns that escalating geopolitical risks and debt crises could drive gold to $10,000 per ounce in the coming years. In an interview with Greg Hunter on USAWatchdog.com dated February 3, 2026 (published via ZeroHedge on February 5, 2026, 08:50 AM EST), Armstrong stated: "For gold, I am looking at resistance at the $8,500 per ounce level and, after that, $10,000 per ounce . . . in the next few years."
For Canadian mining investors — those with exposure to TSX gold stocks and Canadian gold mining stocks — Armstrong's warnings about Europe's desperation for war and global debt instability highlight gold's role as a safe haven asset. With central bank buying at 290–300 tonnes in 2025 (World Gold Council preliminary data, January 6, 2026) and negative real yields persisting (St. Louis Fed, January 2026 data), this gold price outlook could boost demand for Canadian producers. This 2000+ word analysis explores Armstrong's views on volatility, war risks, debt crises, and precious metals forecast, with implications for gold mining stocks outlook and long-term gold outlook.
Martin Armstrong's Warning: The Perfect Storm for Debt, Economy, War, Gold & Silver
Armstrong, a renowned financial and geopolitical cycle analyst, warned in his February 3, 2026 interview with Greg Hunter: "This is where the volatility starts kicking in..." (USAWatchdog.com, February 3, 2026, via ZeroHedge February 5, 2026, 08:50 AM EST). He predicted a "Perfect Storm for Debt, Economy, War, Gold & Silver," with Europe "desperate for war" to distract from mounting debt issues (USAWatchdog.com, February 3, 2026).
Armstrong explained: "I think Europe is so desperate for war. My concern with the Trump Administration is I would not step a foot in there. Europe needs war. You already had the finance ministers of France and Germany say that they may need IMF bailouts. This is why they want war. It’s a distraction. Without war, people are going to figure out what the hell is going on. My pension fund is gone. Everything is defaulting. What’s going to happen? They are basically going to be storming the parliament with pitch forks" (USAWatchdog.com, February 3, 2026, via ZeroHedge February 5, 2026, 08:50 AM EST).
This aligns with broader concerns: global public debt hit $102 trillion in 2024 (UNCTAD "A World of Debt 2025" report, June 26, 2025), and U.S. national debt reached $33.6 trillion in FY 2023 (Peterson Foundation, January 2024). Armstrong sees war in Europe possibly by summer 2026, driving dollar strength and metals higher: "If there is war in Europe, it will be maybe in the summer. It does not look good" (USAWatchdog.com, February 3, 2026).
Gold Price Outlook: $8,500 Resistance, Then $10,000
Armstrong's gold price outlook is decidedly bullish: "This is not the major high... We have too much craziness on the horizon, from sovereign debt default to war. You are just getting a pullback and consolidation... For gold, I am looking at resistance at the $8,500 per ounce level and, after that, $10,000 per ounce . . . in the next few years" (USAWatchdog.com, February 3, 2026, via ZeroHedge February 5, 2026, 08:50 AM EST).
This echoes Goldman Sachs' $5,400 Dec 2026 forecast (December 18, 2025), with upside risks from central bank buying (60 tonnes/month average last 12 months, Goldman Sachs February 2, 2026 note). JPMorgan's $6,300 year-end 2026 target emphasizes "structural diversification trend" (February 2, 2026 update).
Silver forecast 2026: Armstrong sees $165–$200 per ounce (USAWatchdog.com, February 3, 2026), aligning with BofA's $56–$65/oz average, upside to $70+ (December 2025).
Precious Metals Forecast: War and Debt as Catalysts
Armstrong's precious metals forecast ties to geopolitical escalation: "Where are you going to see volatility? The volatility is in everything... You just saw the metals come down. They will probably consolidate before they go back up when people realize that Europe is going to go to war" (USAWatchdog.com, February 3, 2026).
Long-term gold outlook: Driven by war and debt defaults, with dollar as safe haven: "You can’t park money in Canada, Mexico, Japan, or Europe... The United States is the only place—sorry. This is why the United States is what it is. Big money needs a place to park" (USAWatchdog.com, February 3, 2026).
Gold mining stocks outlook: Undervalued post-crash (BMO January 2026 note: 0.7–0.9× NAV), with margin expansion at higher prices.
Gold as Safe Haven: Retail and Institutional Demand
Gold as safe haven remains strong: Bloomberg reported queues for physical gold in Singapore, Sydney, and Thailand post-crash (February 2, 2026). In China: dip buying ahead of Lunar New Year (ZeroHedge, February 2, 2026, 02:35 PM EST).
Institutional: Goldman Sachs (February 2, 2026): "Strong interest in creating/increasing the gold share in their strategic portfolios" (ZeroHedge, February 2, 2026, 02:35 PM EST).
Implications for Canadian Mining Investors
For TSX gold stocks, war risks could spike demand. Armstrong's Ukraine/Russia peace plan was sanctioned by Trump: "I did get a letter from President Trump . . . thanking me for writing it. So, it was sanctioned by Trump" (USAWatchdog.com, February 3, 2026).
Is the economy in trouble? Armstrong warns of sovereign debt default and war.
Strategies: Positioning for $10,000 Gold
Investing in gold stocks: Buy producers like Barrick (ABX.TO), AISC $1,350/oz (Q3 2025 MD&A).
Gold stock portfolio: 50% producers, 30% mid-tiers, 20% juniors.
Or, look at the XGD ETF as a proxy for major Gold Miners with earnings coming out soon.
Conclusion: Armstrong's Warning Signals Upside
Armstrong's $10,000 gold call amid war risks underscores precious metals' role. For Canadian investors, this is a call to position now.
Hoping he's wrong,
CanadianMiningReport.com
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Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.