Core Viewpoint - The current rise in precious metals is primarily driven by cyclical demand for gold, with silver prices increasing at a rate surpassing that of gold. The outlook for 2026 suggests that both gold and silver prices will continue to trend upwards due to cyclical demand and structural trends [1] Group 1: Price Projections - The baseline scenario predicts that by 2026, COMEX gold prices will reach $4,500 per ounce, while silver prices are expected to rise to $55 per ounce, indicating further upside potential from current levels [1] Group 2: Investment Demand - The cyclical investment demand for precious metals has not yet peaked, as the U.S. monetary policy may shift towards easing in the short term, and the long-term risk of inflation expectations becoming unanchored may persist [1] Group 3: Unique Value of Precious Metals - In the context of a new macroeconomic order, the unique allocation value of physical gold and the strategic resource attributes of silver are expected to become increasingly prominent, providing structural support for global central bank gold purchases, private physical investments, and regional stockpiling [1]