Silver Rises Over 120% YTD 
Wall Street continues to raise its bullish outlook on gold as the precious metal reaches new heights.
Bank of America has increased its price target from $3,000 to $3,500 per ounce over the next 18 months, based on projections of 10% growth in investments through increased buying from China, central banks, and physically backed ETFs.
This follows Macquarie Group’s similar $3,500 forecast for Q3 2025.
JPMorgan analysts have noted the unprecedented speed of gold’s price increases, with the move from $2,500 to $3,000 taking just 210 days compared to the historical average of 1,700 days for $500 increments. They suggest $4,000 might be “just around the corner.”
The surge is driven by multiple factors, including President Trump’s trade policies (particularly recent auto tariffs), a weakening US dollar, and a “structural change” in gold demand following the freezing of Russian assets after the Ukraine war.
