Silver Rises Over 120% YTD 
Morgan Stanley warns that a potential Trump-brokered peace deal between Russia and Ukraine could be the biggest threat to gold’s bull run, potentially sending prices down 17% to $2,400 per ounce.
The bank attributes gold’s 50% surge since 2022 primarily to increased central bank buying, which doubled to over 1,000 tonnes annually following Russia’s invasion.
While their base case maintains gold at $2,850, the bank cautions that a peace deal could significantly reduce central banks’ appetite for the precious metal.
