Randy Smallwood, CEO of Wheaton Precious Metals, predicted that the price of gold will rise to $5,000 per ounce within the next year, with this figure potentially doubling by the end of the decade.

According to Bloomberg, Smallwood said, “I am confident we will see gold surpass the $5,000 mark within the next year.”

He added, “This trajectory could push the ounce price to $10,000 before the end of the decade, and that would not surprise me at all.”

These bullish forecasts come after spot gold hit new record highs this week, surpassing $4,000 per ounce, while silver neared a record level above $50, amid historic supply pressures in London vaults.

Smallwood noted that his company has long been working to address the silver market deficit.

Wheaton, which provides upfront financing to miners in exchange for future production at discounted prices, benefits from the current rise in bullion prices, as investor flows toward precious metals increase, driven by rising geopolitical risks and physical supply shortages.