As the year-end approaches, precious metals have completely taken off. Gold has risen to 4400 USD, up nearly 70% this year; silver is nearing 70 USD, soaring 133% this year, likely to achieve the strongest annual performance in nearly 50 years since 1979. This surge is not a random speculation; the core drivers are very clear: central banks continuously accumulating gold + ETF fund inflows + declining interest rates + a weakening dollar.

What do institutions think?

Goldman Sachs: structurally bullish, predicting gold at 4900 USD by the end of 2026, retail investors may increase holdings even more

UBS: with a weakening dollar and declining real interest rates, reaching 4500 by June next year is not difficult

World Gold Council: fiscal expansion + central bank purchases, expecting another increase of 5%–15% next year.