The Bull and Bear Cases for Gold, Silver Prices in November 2025

Economic Context - Major economies such as the U.S., China, India, and the European Union are experiencing significant budget deficits and increased borrowing in bond markets, raising concerns about a potential global credit crisis and contagion [1] - The U.S. and China are showing signs of slowing growth, leading to easing monetary policies, which is expected to boost demand for gold and silver [3] Central Bank Activity - Global central banks are increasing their gold reserves, with China adding an estimated 15 tons in September, contributing to a total of 64 tons purchased globally, more than tripling from the previous month [2] - Central bank purchases have been a key driver of gold's bull run over the past three years, although the exact figures are often under-reported by countries [2] Market Sentiment - Elevated risk aversion is evident in global stock markets, with the CBOE Volatility Index ($VIX) surpassing 24, indicating increased safe-haven buying of gold and silver [4] - The current geopolitical climate has seen a reduction in tensions, which may negatively impact the demand for safe-haven metals [12] Price Projections - The silver market is projected to target $60.00, with current prices above $50.00, while gold is targeting a record high of $4,398.00 per ounce, with a potential to reach $5,000.00 next year [9][10] - The bull runs for gold and silver are noted to be long-standing, with gold's bull run lasting 10 years and silver's 5.5 years, indicating a cyclical nature that may lead to a downturn [12]