Silver Surpasses Gold in Historic Rally with Price Projections Reaching $100
Gold and silver prices have been on a historic rally, with silver outperforming gold in annual returns. According to data from the London Bullion Market Association (LBMA), silver has gained 62.74 percent over the past year, surpassing gold's annual return of 26.15 percent.
The supply deficit for silver is projected at 46.3 million ounces this year, with a cumulative deficit since 2021 reaching 762 million ounces. The demand for silver is driven by its increasing role in industries such as artificial intelligence, electric vehicles, solar panels, and data centers.
Wall Street's major banks have revised their silver forecasts, with Goldman Sachs predicting $85-$100 per ounce, Bank of America forecasting an annual average of $86, and JPMorgan targeting $60-$65. Meanwhile, the spot price of gold has climbed to $4,285.84 per ounce.
Analyst Tony Sycamore noted that diplomatic steps in the Middle East have weakened rate hike expectations, which could trigger a new rally toward the $5,000 level if spot gold remains above its 200-day moving average.