Quick overview

---

Gold and silver reached all-time highs as the US Justice Department threatened the Federal Reserve with a criminal indictment. At the same time, protests in Iran bolstered the demand for a haven, reigniting concerns about its independence.

Gold and silver have benefited from several factors, including declining US interest rates, increased geopolitical tensions, diminished confidence in the US dollar, and challenges to the Fed. Due to their belief in gold’s long-term appeal, more than a dozen money managers stated they have chosen not to remove too much money from the market.

“Geopolitics, the growth/rates debate, and now a new headline-driven reminder of an institutional risk premium are just a few of the many uncertainties markets are juggling.”

Silver has significantly outperformed gold, reaching $88 per ounce (and, according to some reports, peaking near or above $90–$92). This comes after a huge 147–150 percent increase in 2025, driven by both surging industrial demand and safe-haven flows (e.g., in clean energy, electronics, solar, and artificial intelligence).

Prices have recently varied between $89 and $90 per ounce, with strong underlying momentum and volatility due to profit-taking. Due to its smaller market size, silver is more sensitive to inflows and experiences sharper spikes during times of risk-off. If deficits continue and demand picks up speed, analysts predict the possibility of $100+ in 2026.