Silver Rises Over 120% YTD 
Bank of America sees potential for gold to surge above $3,500, driven by increasing demand from central banks, particularly in developing nations.
BofA strategist Michael Widmer notes that a combined 10% increase in purchases from retail investors, institutional funds, and central banks could push gold to this new height.
Gold has already performed well, surging 28% in 2024 and adding another 10% in early 2025. Widmer suggests that if retail investors and institutional funds join the central banks in increasing their gold purchases by a combined 10%, the $3,500 target could become reality, particularly as potential Trump tariffs may drive more investors toward safe-haven assets.
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