Crescat Capital LLC set a $20,000 per troy ounce price target for gold in a July 22, 2026 letter to investors, built from two independent macro models by founder and CEO Kevin C. Smith, CFA, and analyst Nathaniel Gilbert. The Denver-based manager, which had 5 of the top 16 performing hedge funds in the world in 2025 according to the Preqin database, argued that the recent pullback in gold, silver, and mining stocks gives new investors an entry point. Below is the letter in full.

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Crescat Capital’s Kevin Smith Outlines Six Small-Cap Mining Names

We derive a price target for gold of $20,000 per troy ounce...