Third-Party Recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Date of first publication (original): October 29, 2026, 11:13 a.m. Berlin/Zurich · Link to the original publication ·
Advertisement – On behalf of Osisko Gold Group Inc. and Discovery Mining Ltd. SRC swiss resource capital AG has fee-based, non-performance-based IR consulting agreements with both companies. Producer: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: October 29, 2026, 9:30 a.m. Berlin/Zurich.
The “shadow gold price” is not a gold price target
Dear Readers,
In the “In Gold We Trust Report 2026,” Ronald-Peter Stöferle and his co-authors explain a theoretical shadow gold price: If the U.S. base money supply were fully backed by government gold reserves, the price would be approximately $20,900 per troy ounce. However, this is a model value, not a price forecast. Assuming a coverage ratio of 40 percent, the model value amounts to approximately $8,350.
In 2026, the World Gold Council surveyed a total of 76 central banks. Globally, 89 percent expect gold reserves to rise over the next twelve months; 45 percent expect their own reserves to increase. Central bank demand is a key influencing factor, alongside real interest rates, the U.S. dollar, and investment flows.
Osisko Gold Group Develops Cariboo
Osisko Gold Group - https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-group-inc/ - is developing the Cariboo gold project in British Columbia, which it owns entirely. In September 2026, the company formally approved construction. According to the company’s plans, the first gold pour is scheduled to begin in the first quarter of 2029, with commercial production set to start in the second half of 2029.
On October 5, Osisko reported 7.28 g/t gold over 16.15 meters in drill hole BMU-26-121; the estimated true thickness is 13.99 meters. Trafigura’s equity investment of approximately 30 million U.S. dollars was completed in October.
Discovery Mining is developing Porcupine and Cordero
Discovery Mining - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - operates the Porcupine Gold Complex in Ontario. The company forecasts production of 260,000 to 300,000 ounces of gold for 2026; more than 500,000 ounces is a longer-term target, not a guaranteed production volume. The acquisition of additional Timmins properties was initially agreed upon in October.
For the Cordero silver project in Mexico, SEMARNAT granted the environmental and land-use permits in October. The feasibility study projects an average of approximately 37 million ounces of silver equivalent per year over the first twelve years of operation.
Conclusion: Osisko Gold Group and Discovery Mining on the Verge of Milestones
The strategic role of gold and the development of new projects are creating opportunities. For Osisko, construction progress and financing are key; for Discovery, it’s Porcupine production and Cordero development.
Current company information and press releases: Osisko Gold Group https://www.resource-capital.ch/de/unternehmen/osisko-gold-group-inc/ and Discovery Mining https://www.resource-capital.ch/de/unternehmen/discovery-mining-ltd/
For further information, please see our Precious Metals Report: Precious Metals Report 2026 https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/
Best of luck and warm regards from Switzerland,
Marc Ollinger
Swiss Resource Capital AG
Swiss Resource Capital AG at a glance:
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Sources: In Gold We Trust, 2026 · WGC Central Bank Survey, June 16, 2026 · Osisko Construction Decision, September 14, 2026 · Osisko Drilling, October 5, 2026 · Discovery Cordero, October 5, 2026; Intro Image: https://dsvmining.com/English/operations/porcupine-operations/default.aspx
Transparency and Conflicts of Interest
Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger, CEO, Poststrasse 1, 9100 Herisau, Switzerland. Issuers: Osisko Gold Group Inc. and Discovery Mining Ltd. The paid IR contracts give rise to a financial interest in positive coverage. As of October 28, 2026: Neither the author nor SRC nor any affiliated companies hold shares, options, warrants, certificates, derivatives, or other long/short positions in the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds at least a five percent stake in SRC. The companies did not receive the article for review and approval prior to publication.
Methodology and Risks
Date of publication: October 28, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations has been conducted. Studies and timelines are contingent upon, among other things, financing, permits, construction progress, processing capacities, and successful commissioning. Exploration, geological, metallurgical, construction, environmental, jurisdictional, dilution, gold and silver price, and currency risks may significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.
Disclaimers and Liability
Paid marketing communication; not an independent financial analysis, personalized investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or is permitted by law.