💰 Gold Hits $4,700. Silver Explodes to $95. The Numbers Behind the Biggest Precious Metals Rally in History.
If you've been sleeping on precious metals, it's time to wake up.
Gold just touched $4,747 per ounce. That's 7 new daily highs in just 13 trading sessions this year.
Silver broke $95 for the first time ever. It's up over 26% year-to-date. In 2025, silver gained an absolutely insane 150%.
Here's what's driving this historic run and whether the rally still has legs.
The Numbers Are Staggering
Let's put this in perspective:
Gold is up 75% since Trump was sworn in exactly one year ago today. That's the sharpest 12-month move under any US President since Nixon's second term in 1973.
Silver has outperformed gold at every stage of this rally. The white metal gained 181% over the past year, while gold "only" doubled.
And the pros are predicting more to come.
The LBMA's 2026 Forecast Survey shows analysts expect gold's average daily price to rise by almost 40% from 2025 levels. Silver is projected to nearly double its annual average.
These are, by the survey's own admission, "outlandish" forecasts. But in this market, outlandish keeps happening.
The Drivers
Several forces are pushing metals higher simultaneously:
Safe Haven Demand: Trump's Greenland tariffs, the DOJ investigation into Fed Chair Powell, and ongoing tensions with China and Iran. Every headline sends more capital into gold.
Central Bank Buying: Countries worldwide are stockpiling gold as part of a long-term trend toward de-dollarization. BRICS nations are gradually reducing their dollar dependence. Gold fills that void.
Rate Cut Expectations: With Powell's successor likely to be more dovish, the market expects easier monetary policy ahead. Lower rates are historically bullish for metals since they're non-yielding assets priced in dollars.
Silver's Unique Situation: Silver has a massive supply-demand imbalance. The metal has been in structural deficit since 2021, with cumulative shortfalls nearing 800 million ounces. China has halted silver exports entirely.
The China Factor
Here's a detail most traders are missing.
"Silver is basically disappearing now to China and India," explained one fund manager. "There's about a $10 premium being paid in Shanghai compared to Western prices."
When you see that kind of spread between Eastern and Western markets, it signals that physical silver is becoming genuinely scarce.
"If you don't have silver, you can't build anything," the same manager noted. "Electronics, white goods, missiles, cars. You don't have it, you can't have it."
Expert Predictions
Bank of America's analysts see silver potentially topping out somewhere between $135 and $309 this year.
Jupiter Asset Management's gold and silver team said it's "absolutely" possible for gold to hit $5,000 and silver to surpass $100 in 2026.
One precious metals expert predicts silver could reach $200.
At current trajectories, those targets are not as crazy as they sound.
The Reality Check
Nothing goes up forever. Gold has rallied so far, so fast that some correction is inevitable.
But here's the thing: the fundamental drivers haven't changed. Geopolitical uncertainty is intensifying, not calming. Central banks are still buying. The silver deficit is getting worse, not better.
As one asset manager put it: "Gold's rally has been powerful, but it has also been grounded in fundamentals that are still very much in place."
The Bottom Line
Whether you're a long-term holder or just watching from the sidelines, this is a historic moment for precious metals.
Gold has entered price discovery mode. Silver is outperforming everything.
The question isn't whether metals will keep rising. The question is whether you're positioned to benefit.
