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UBS Raises Gold Forecast Amid Global Uncertainty, Sees $3,500 in 2025

UBS has raised its gold price forecast, now predicting gold will reach $3,500 in 2025 with the rally continuing into 2026.

Despite gold’s significant rally this year and bullish market sentiment, UBS tracking indicators suggest there’s still substantial potential for growth in gold investments.

UBS anticipates demand coming from diverse market segments including central banks, asset managers, macro funds, and private investors. On the supply side, mine production growth is expected to be limited, and scrap supply will likely be constrained due to the bullish outlook, though economic distress could increase scrap supply somewhat. The bank warns that the combination of increased demand and limited supply response could create liquidity challenges in the market, potentially leading to exaggerated price movements in the current volatile global market environment.

GoldSilver video thumbnail showing hosts Maggie Lake and Tavi Costa with the text "Miners Are Printing Money" against a backdrop of gold bars, silver coins, a mining excavator, and a falling stock chart
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Why Is Silver’s Mining Margin So Wide? Tavi Costa Explains

Silver’s recent price drop looks significant. The math behind it tells a different story. Macro strategist Tavi Costa breaks down why the $46 spread between silver’s spot price and its average mining cost is the widest in recorded history — and why that number matters far more than where silver traded last week.

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Hands in business attire holding a 999.9 fine gold bar on a trading floor, illustrating the divergence between gold ETF outflows and central bank gold buying in 2026
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298 Tonnes of ETF Gold Is Underwater. Central Banks Aren’t.

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GoldSilver video thumbnail showing hosts Maggie Lake and Tavi Costa with the text "Miners Are Printing Money" against a backdrop of gold bars, silver coins, a mining excavator, and a falling stock chart
Videos

Why Is Silver’s Mining Margin So Wide? Tavi Costa Explains

Silver’s recent price drop looks significant. The math behind it tells a different story. Macro strategist Tavi Costa breaks down why the $46 spread between silver’s spot price and its average mining cost is the widest in recorded history — and why that number matters far more than where silver traded last week.

Read More »
Hands in business attire holding a 999.9 fine gold bar on a trading floor, illustrating the divergence between gold ETF outflows and central bank gold buying in 2026
News

298 Tonnes of ETF Gold Is Underwater. Central Banks Aren’t.

Approximately 298 tonnes of gold inside ETFs is currently held at a loss at current price levels — a structural ceiling on any near-term recovery. At the same time, the WGC’s 2026 survey found a record 45% of central banks plan to add to their reserves. Two markets. One metal. Very different time horizons.

Read More »

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