Record Bullishness: Private Investors Bet Big on Gold and Silver

Record bullishness in gold and silver markets has reached unprecedented levels according to BullionVault's mid-2026 survey of private investors. The survey, which has been collecting data since late 2014, shows that both metals have reached their highest-ever confidence level among retail investors.

The average forecast for gold is approximately $4,665 per troy ounce by New Year 2027, a 13.8% gain from the current price of around $4,100 per ounce. For silver, the average forecast targets $69.60 per ounce, implying a 16.7% gain from survey-period prices.

Private investors have scaled back their absolute price targets while simultaneously reporting their highest-ever confidence level. This is occurring against a backdrop of substantial prior price pain, with gold down more than 25% and silver down over 50% from their all-time highs.