美银唱多金银：上调2026年黄金目标价至5000美元，白银至65美元

Group 1: Market Outlook - Bank of America has raised its 2026 gold price target to $5,000 per ounce, indicating a potential upside of approximately 22% from current levels, while silver is set at $65 per ounce, suggesting a 25% increase [1][4] - The bank maintains a bullish stance on the precious metals market, driven by sustained investment demand and structural supply shortages [1][4] Group 2: Gold Market Analysis - The average gold price forecast for 2026 has been increased to $4,400 per ounce, with a peak target of $5,000, influenced by factors such as rising fiscal deficits and expectations of interest rate cuts in a 3% inflation environment [5] - Gold has risen 55% year-to-date, surpassing the $4,000 mark for the first time on October 8, 2023 [5] - To push gold prices to $6,000, a 28% increase in purchasing volume is required from investors [5] Group 3: Silver Market Analysis - The silver market is experiencing extreme supply-demand imbalances, with a projected 11% decline in physical demand by 2026, yet ongoing supply shortages are expected to drive prices up to $65 per ounce, with an average price forecast of $56.25 [6] - The London silver market is facing significant disruptions, with analysts noting that it is "effectively at a standstill" due to insufficient physical silver to meet delivery demands for billions in spot contracts [6][7] - A rare backwardation in the silver futures market indicates tight supply, with spot prices significantly higher than futures prices [7]