Gold is back on a tear and a major French bank now sees it climbing higher into 2027 — good news for gold holders, and a sign of deepening worry about U.S. debt.

• Natixis lifted its year-end gold target to $5,000 an ounce, up from $4,600, and expects prices to hold near that level through 2027.
• Gold is on track for its best month since 1999, after clawing back above the key $4,000 support level.
• The rally started when weak U.S. economic data flipped market bets from rate hikes to a rate cut in December.
• Washington's ballooning debt is the bigger driver: government borrowing has passed $40 trillion, long-term bond yields hit a 20-year high, and the Treasury doubled its bond buyback program.
• Silver is expected to follow, averaging around $78 an ounce next year.

Outlook: Debt worries and a weaker dollar should keep pushing money into gold, leaving room for another 8% gain by year-end.