Bank of America(US:BAC) 美股IPO·2025-10-13 16:03Group 1: Core Views - The U.S. Bank predicts that gold prices will rise to $5,000 per ounce by 2026 due to factors such as expanding fiscal deficits and rising debt levels [1][5][6] - Silver is expected to experience a structural supply shortage for the fifth consecutive year, with prices projected to reach $65 per ounce despite a potential 11% decline in physical demand by 2026 [1][8] Group 2: Market Dynamics - The imbalance between supply and demand is becoming a key driver for rising precious metal prices, with policy uncertainty increasing safe-haven demand for gold [5][6] - The current gold price has increased by 55% this year, surpassing $4,000 per ounce for the first time on October 8 [7] - The silver market is facing extreme supply shortages, with London silver inventories having decreased by one-third since 2021, leading to a market dysfunction [9] Group 3: Price Projections - The average price forecast for gold in 2026 has been raised to $4,400 per ounce, with a peak target of $5,000 [6][7] - The average price expectation for silver is set at $56.25 per ounce, driven by ongoing supply shortages [8]