Gold back in outperformance mode, silver surge adds to bullish case

Group 1 - Gold has resumed outperforming the US dollar, marking a "positive crossover" according to Deutsche Bank, which reinforces a bullish outlook on precious metals [2] - This shift from underperformance to outperformance is seen as an encouraging context for the bank's positive stance on gold [3] - The recent performance comes despite challenges such as tech-led equity volatility and hawkish comments from the Federal Reserve [4] Group 2 - Deutsche Bank notes that gold is showing early signs of a positive divergence from the USD beta, which is essential for its forecast of USD 6,000 per ounce [5] - If gold matches the outperformance levels seen in 2024-25, prices could potentially reach USD 6,900 per ounce [5] - Silver is also gaining attention, with a noted "resumption of white metals outperformance versus gold," as indicated by the gold-silver ratio falling to 57 [6] Group 3 - Strong options positioning and renewed Shanghai backwardation suggest an upside risk to Deutsche Bank's year-end silver forecast of USD 100 per ounce [6]