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Building up steam.
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Precious metals have been on a tear in recent months.
The gold price has notched up several records throughout 2025, including breaking the US$4,000 per ounce barrier for the first time ever at the start of October.
Overall, the price of the yellow metal has now surged by about 58% since the start of the year.
Analysts at Trading Economics attributed much of this recent rally to safe haven buying amidst the US government shutdown, geopolitical tensions, and the prospect of US interest rate cuts.
But gold isn’t the only precious metal making waves.
This week, silver traded above US$52 per ounce for the very first time, smashing its previous record price set back in 1980.
All up, the silver price has now ballooned by nearly 80% since early January.
And according to some experts, the precious metal rally could just be warming up.
Image source: Getty Images
In a research note released on Monday, analysts at Bank of America Corp (NYSE: BAC) lifted their gold and silver price targets significantly.
As reported by Reuters, the bank now forecasts gold to average US$4,400 per ounce next year, with a peak of US$5,000 per ounce.
Here, it pointed to US economic uncertainty and the prospect of rate cuts as key catalysts, stating:
The White House’s unorthodox policy framework should remain supportive for gold given fiscal deficits, rising debt, intentions to reduce the current account deficit/capital inflows, along with a push to cut rates with inflation around 3%.
Bank of America’s outlook adds to another bullish forecast from fellow US investment bank, Goldman Sachs Group Inc (NYSE: GS).
Last week, the bank lifted its gold price forecast from US$4,300 to US$4,900 per ounce by the second quarter of next year.
It cited strong inflows from exchange-traded funds (ETFs) alongside sustained central bank buying for its reasoning.
Meanwhile, Bank of America is also tipping the silver price to reach as high as US$65 per ounce next year, with an average of US$56.25 per ounce.
However, it cautioned that a short-term correction is possible for both silver and gold prices.
It comes as little surprise that two leading ASX ETFs for precious metal exposure have rallied sharply in recent months.
Shares in the Global X Physical Silver Structured (ASX: ETPMAG) ETF have jumped by 75% since early January to close out Tuesday at $76.27 per share.
This ETF is designed to generate returns that mirror the silver price in Australian dollars, minus management fees.
Meanwhile, shares in its gold counterpart – the Global X Physical Gold Structured (ASX: GOLD) ETF – have jumped by about 52% during the same period.
Bank of America is an advertising partner of Motley Fool Money. Motley Fool contributor Bart Bogacz has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians.
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