Core Viewpoint - Gold is projected to reach $6,000 an ounce by the end of the year, driven by ongoing macroeconomic and geopolitical risks, with a rising gold-silver ratio indicating a preference for gold over silver for risk protection [1]. Group 1: Gold Market Insights - BNP Paribas's David Wilson highlights that the gold-silver ratio has rebounded, although it remains below its two-year average in the 80s [1]. - Continued central bank purchases, such as Poland's recent announcement to buy an additional 150 tons of gold, support the positive outlook for gold [1]. - Steady inflows into gold ETFs have been observed, with only a minor drop during a recent market correction [1]. Group 2: Silver Market Dynamics - Silver has experienced significant volatility recently, primarily due to strong physical buying in Asia [3]. - The physical silver market is showing signs of softening as supplies are moving into Europe and Asia [3]. - Anticipation of the Lunar New Year holiday is expected to further reduce demand for silver in China [3]. Group 3: Institutional Support - Major banks and asset managers, including Deutsche Bank and Goldman Sachs, support the recovery of bullion due to long-term demand factors [2]. - The Chinese central bank has extended its gold buying streak to 15 consecutive months, indicating robust official demand [2].

Core Viewpoint - Silver is expected to challenge historical highs of $49.82 from 2011 and $50.36 from 1980, with a target price of $50 in 2025, following a trend of buying on price weakness [1] Price Movement - December silver futures were trading at $41.66 on September 2, 2025, after reaching a high of $41.73 per ounce, indicating a continued rise towards previous highs [2] - Silver has shown a steady increase since the low of $27.545 per ounce on April 7, 2025 [3] - The price of silver rose over 74% to a high of $47.975 on October 1, 2025, after a more than 30% increase in Q3 [4] Performance Comparison - Silver futures were over 74% higher than the closing price at the end of 2024, while gold futures were 48.53% higher at their recent high of $3,922.70 on October 1, 2025, indicating silver's outperformance [5] - The gold-silver ratio declined from 90.315:1 on December 31, 2024, to 82:1 in early October 2025, reflecting silver's increasing value relative to gold [6] Technical Analysis - Silver is approaching significant technical resistance levels, with a clear path to challenge the 2011 high of $49.82 and the 1980 record high of $50.36 per ounce [9] Mining Stocks Performance - Silver mining stocks have significantly outperformed silver futures, with a rally of 131.7% in the GX Silver Miners ETF (SIL) from $31.77 on December 31, 2024, to a high of $73.60 on October 1, 2025 [10][11]