黄金、白银再创历史新高！美银唱多：上调2026年黄金目标价至5000美元，白银至65美元

Core Viewpoint - The outlook for precious metals, particularly gold and silver, is optimistic due to structural supply shortages and increasing investment demand, with Bank of America projecting gold prices to reach $5,000 per ounce and silver prices to $65 per ounce by 2026 [1][7]. Group 1: Gold Market - Bank of America has raised its 2026 gold price target to $5,000 per ounce, indicating a potential increase of approximately 22% from current levels [1]. - The bank attributes this bullish outlook to the expansion of fiscal deficits, rising debt, and a non-traditional policy framework from the White House, which is expected to sustain demand for gold as a safe-haven asset [7]. - Year-to-date, gold prices have surged by 55%, recently surpassing the $4,000 mark for the first time on October 8 [7]. Group 2: Silver Market - The silver market is facing a significant structural supply shortage, with expectations of a fifth consecutive year of supply deficits, despite a projected 11% decline in physical demand by 2026 [1][8]. - Bank of America forecasts silver prices to rise to $65 per ounce, with an average price expectation of $56.25 per ounce [7]. - The London silver market is experiencing liquidity issues, with a notable decline in inventories since 2021, which has led to a rare backwardation in the silver futures market [8].