January 13th, 2026 | 07:10 CET
Gold records, Sibanye Stillwater, Equinox: Why the USD 5,000 scenario is becoming reality, and Africa is turning into a jackpot for AJN Resources
January 12, 2026, marks a psychological turning point in financial history. With the Handelsblatt article discussing a potential rise in the price of gold to USD 5,000 per ounce, a scenario that was long considered the domain of apocalyptic optimists has entered the mainstream. But unlike previous cycles, this price increase is not only driven by fear, but by a fundamental realignment of the global monetary architecture and an unprecedented supply shortage. We are in a phase that Goldman Sachs, according to its analyses, describes as the "perfect storm": a mixture of geopolitical fragmentation, an aggressive interest rate turnaround, and structural underinvestment in new mines. While the price of gold already climbed to all-time highs of over USD 3,600 in 2025, indicators for 2026 point to an acceleration. In this environment, a continent that has long been neglected is coming into focus: Africa. While established producers such as Sibanye Stillwater and Equinox Gold are consolidating their positions, explorer AJN Resources offers the leverage that risk-tolerant investors are looking for in the early stages, thanks to its unique structure in Congo and Ethiopia.
time to read: 3 minutes
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Author:
Nico Popp
ISIN:
SIBANYE STILLWATER LTD. | ZAE000259701 , EQUINOX GOLD CORP. NEW | CA29446Y5020 , AJN RESOURCES INC. O.N. | CA00149L1058
Table of contents:
"[...] Both the geology and the infrastructure around the project make for a very attractive cost structure. We expect to be able to produce at 50% of the current gold price. [...]" Bill Guy, Chairman, Theta Gold Mines Limited
Author
Nico Popp
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
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Sibanye Stillwater: The awakened giant at the Cape
For investors betting on established turnaround stories, there is no way around South Africa. Sibanye Stillwater, one of the world's largest platinum and gold producers, posted a massive 213% jump in profits in the third quarter of 2025, according to data from Discovery Alert and TradingView. This operational breakthrough is the result of tough restructuring and strict cost management. Sibanye has proven that it can operate highly profitably even in a complex environment such as South Africa, as long as precious metal prices cooperate. Background: South Africa is repeatedly affected by power outages.
The WallStreetZen analysis platform sees a price target of USD 8.50 for the stock in 2026, underscoring confidence in the sustainability of this recovery. The Company benefits twice over: firstly, from the renaissance of gold as a monetary asset, and secondly, from the strategic importance of platinum metals for the hydrogen economy. Sibanye is the basic investment for the Africa trend - solid, dividend-paying, but with limited upside potential compared to explorers due to its sheer size.
Equinox Gold: Growth at a reasonable price
Those who focus more on growth are looking at Equinox Gold. The Company has successfully mastered the difficult transition from developer to pure producer. As current data from Fintel and Investing.com show, Equinox delivered record production figures last year, driven primarily by the successful ramp-up of the Greenstone mine in Canada. However, its involvement in West Africa also plays a role in the portfolio. Equinox embodies the "Growth at a Reasonable Price" (GARP) model: investors are buying into growing cash flow fueled by new resources from politically diversified jurisdictions.
The stock has left the risks of the development phase behind and is now reaping the rewards of its investments. Equinox is therefore the logical choice for institutional capital seeking exposure to the gold price without taking on the individual operational risk of a small explorer. However, those seeking maximum leverage on the USD 5,000 scenario, which the media and analysts are now increasingly promoting, must invest where the values are still dormant in the ground and not already on the balance sheet.
AJN Resources: The "golden ticket" in Congo and Ethiopia
It is precisely in this niche that AJN Resources is positioning itself as perhaps the most exciting bet of 2026. Led by CEO Klaus Eckhof, who enjoys legendary status in the industry, the Company has a strategic advantage that few other explorers can match. AJN Resources recently identified extensive mineralized shear zones at its Okote Gold Project in Ethiopia, stretching across the full length of the property. These geological structures indicate the potential for a world-class discovery. Management has reportedly set an ambitious goal of defining resources in the range of several million ounces of gold. If successful, the Company's current valuation would be only a fraction of its fair value. However, official resource estimates are not yet available.
In addition to its gold assets, AJN benefits from its Kabunda South and Manono Northeast projects, which, according to analyses, have high deposits of lithium, tin, and tantalum. Although these projects are not currently the focus, AJN does have the resources in the ground. For investors, AJN Resources thus offers an exciting asymmetry that is typical of the beginning of a supercycle: the risk is limited to the investment, but the upside potential is unlimited due to the quality of the assets and the partnership with the state. While Sibanye and Equinox are promising established players, AJN's stock has the potential to multiply in the best-case scenario. The Company is still in its infancy.
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