Category: Silver

Gold has a clear path to maintain $3,350 by the end of the year under Deutsche Bank’s revised outlook. This increased forecast is even more optimistic for 2026, with an average of $3,700 expected. Germany’s flagship bank believes elevated central bank consumption and dollar weakness provide the strongest support for gold’s ongoing rally. 

How much higher could gold go?

After the yellow metal cleared the $3,000/oz hurdle with ease and barreled to a record-high of $3,500/oz, a number of financial institutions have upped their price expectations. Recently, Deutsche Bank joined the bullish bandwagon, hoisting its average gold price targets for this year and next. 

Here’s where analysts see gold landing:

• 2025: $3,139 (up from $2,725)
• 2026: $3,700 (up from $2,900)

The bank’s projected average for 2025 is a 15% leap from its prior estimate, underscoring gold’s momentum. Under the right conditions, the yellow metal could sustain $3,350/oz, according to analysts. This would represent a gain of more than 27% since the beginning of the year.

Prices have already exceeded some of Deutsche Bank’s forecasts, and while the bank acknowledges some headwinds, it still expects gold to remain resilient and hover near record highs.

“Bull case for gold remains strong despite this week’s correction and further upgrade our year-end (fourth quarter 2025) forecast to $3,350 per ounce,” the bank said in a note. 

Central Banks Splurge on Gold

Gold’s exponential rise isn’t slowing down the rate of central bank consumption. Governments have splurged on physical bullion to the tune of over 1,000 tons annually for the previous three years straight.

Deutsche Bank highlights how central bank purchases have exploded from 10% of the global gold market to 24% since 2022, more than doubling within a few years. This massive, sustained influx of demand has helped propel gold into uncharted territory, with new all-time highs being reached consistently. 

Emerging economies are making up an increasingly significant portion of this national appetite. In April, the People’s Bank of China topped up its reserves for the sixth month in a row. According to the World Gold Council, China, Turkey, Jordan, and the Czech Republic were among the most active gold buyers in Q1. 

The Dollar Gets Tossed 

At the same time nations dive into gold, they’re tossing off the shackles of a debt-burdened and heavily weaponized dollar. In its note, Deutsche Bank highlights how international demand for US Treasuries is between 7% and 10% of net issuance—a sign of waning trust in the dollar and growing faith in gold.

A rising resistance to the US dollar mirrors the growing appetite of emerging economies for gold. China, Russia, and other heavily sanctioned nations have been offloading USD and loading up on gold to skirt dollar weaponization. This de-dollarization push is extending across the world, further benefiting gold’s rise. 

Gold to Hit $3,700?!

Perhaps the most eye-catching projection in Deutsche Bank’s report is the group’s 2026 target average of $3,700. That means prices could easily trade above this mark throughout the year, providing plenty of gains from current levels. Some experts even think gold prices could extend to $4,000/oz in 2025.

👉 Suggested Read: Gold Price Predictions & Forecasts for 2025

Silver is biting at the heels of a record-setting gold rally, snapping upward with renewed momentum. This strength could elevate prices to $43.50 by the end of the year, according to Debajit Saha of the London Stock Exchange Group (LSEG). 

The firm’s Lead Metals Analyst maintains an upbeat outlook due to the shiny metal’s dual-source demand and the green energy boom. At a lower price point and far from all-time highs, silver is emerging as a shinier option for investors as gold soars to fresh records.

A Bullish Breakdown 

The top precious metals analyst at LSEG believes silver will top out at $43.50 in 2025, representing more than a 53% rise from the 2024 average of $28.27. Even this year’s projected average of $35.10 is bullish, with a nearly 24% gap from 2024 levels. This base case scenario falls in line with the average 2025 silver price forecast among experts. 

Although silver has posted gains similar to gold so far this year, it’s still considered “undervalued” due to its lower price and how far it remains from its all-time high. The gold-to-silver ratio, which shows how many ounces of silver are needed to buy one ounce of gold, has stayed elevated between 90:1 and 100:1. This elevated ratio suggests that silver is relatively “cheap” compared to gold.

Dual Demand Power 

Silver’s dual role as an investment and industrial metal is the primary catalyst for LSEG’s optimistic forecast.

While gold is mainly used for portfolio hedging, silver is highly sought after for its inherent value and unique physical properties.

As Saha describes, “In 2024, global investors demonstrated significant confidence in silver for asset diversification and…as an industrial metal.”

This dual demand is likely to power similar growth in 2025, with both streams expected to see significant increases.

The Silver Institute projects manufacturing consumption to reach a record of 700 million ounces (Moz) next year.

Purchases of physical bullion are on track to grow by 3% year-over-year. These combined segments are on pace to strain stagnant resources, resulting in a massive supply deficit in 2025. This would mark the fifth year in a row that consumption has eclipsed resources. 

The “Go Green” Boom 

Saha highlights the green energy movement as a significant driver of industrial demand and, as a result, silver prices.

Demand for the shiny metal has surged due to its key role in solar panels, electric vehicles, and other renewable energy projects, sparking renewed interest around the globe. This demand isn’t limited to large economies; smaller nations are also investing in their energy infrastructure, further boosting global consumption. 

As the Lead Metals Analyst explains, “The transition to solar and other renewable energy sources will continue to benefit silver.”

This positive forecast is shared by Michael DiRienzo, Chief Executive of the Silver Institute: “The electrification of the world is really providing a boon to silver.”

Gold is headed to $4,000 by the end of 2025, according to VanEck’s most recent forecast. This fresh target comes after the yellow metal surged past the $3,000 threshold and landed near $3,500 before a slight correction, blowing the bank’s prior prediction out of the water. 

The New York-based global investment firm highlights the yellow metal as “the best-performing major asset over the past year,” a trend expected to continue for the rest of 2025. 

What’s driving the surge? 

Central Bank Consumption

One of the most consequential drivers of gold prices in the past year has been unprecedented central bank demand. 

The bank underscores that annual consumption doubled from 500 metric tons in 2021 to over 1,000 tons in 2022–a level national buyers have maintained for three consecutive years. 

It further notes the disproportionate purchases stemming from emerging markets such as Russia, China, and Turkey. 

Total gold demand hit a nine-year high in Q1 2025, indicating further increases in consumption. 

Hedge Against Uncertainty 

VanEck stresses the role of uncertainty in propelling gold prices. 

“If there’s trouble in the US or global economy, people turn to gold as it’s a hedge against inflation…insurance for your portfolio…or a place to hide when there’s uncertainty.” 

Stateside, investors contend with sticky inflation, policy uncertainty, and negative growth. Globally, countries struggle with geopolitical tensions and widespread economic shakeups. 

De-Dollarization 

Gold prices are likely to receive a boost from waning US exceptionalism as a mix of punitive tariffs, dollar-weaponization, and sky-high debt tank confidence in the greenback. 

The global trend of de-dollarization “should boost gold’s appeal as the preferred safe-haven asset.” 

Central banks have been making this transition for decades, and the retail market seems to be catching on. VanEck suggests this transition should pick up steam. 

Geopolitical Risks 

A seismic shift in global economic and power dynamics is boosting gold’s safe-haven appeal, according to analysts. 

“Historical data shows that gold prices often increase during times of geopolitical unrest or instability.” 

Two full-blown conflicts continue raging in Eastern Europe and the Middle East, while a US-led trade war reshuffles the global financial system. 

In a cloud of uncertainty and confusion, “gold and gold stocks should ultimately benefit from the heightened level of risk.” 

Market Dynamics

As the broader economic backdrop worsens, the gold market’s environment shines brighter. 

VanEck’s analysts highlight gold’s tendency to outperform in the later phases of inflationary cycles as investors’ confidence, spending, and risk tolerance decline–trends that are already unfolding in the US. 

“Strong rallies have often been followed by periods of consolidation…until a new catalyst emerges to drive prices even higher,” according to the bank. 

A Revised Forecast to $4,000

These macroeconomic and geopolitical factors have pushed VanEck to raise its gold predictions for 2025 from $3,250 to $4,000. This 23% increase reflects an increasingly bullish sentiment exhibited across the financial sector. Many experts have confirmed that $4,000 gold is a strong possibility. 

For its part, VanEck says, “We believe that gold prices could break through their inflation-adjusted highs and breach $4,000 per ounce in the near term.”

Furthermore, the bank’s CEO encourages investors to “hold gold for the long term” while still being prepared for temporary pullbacks. 

What about $5,000?!

In the same note, analysts threw out a projection of $5,000/oz in the medium to long-term. More specifically, the bank cited “inflation, war, uncertainty, and growing financial instability” as catalysts pushing gold $1,000 over its 2025 forecast within the next five years. 

“As these trends continue to play out and reshape the global economic order in the coming years, we believe gold has the potential to ascend toward $5,000 per ounce.”