Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold and silver are heading into 2026 with powerful momentum after delivering one of their strongest performances in modern market history. What makes the current setup especially notable is not just how high prices have climbed, but how consistently both metals have exceeded even the most bullish expectations.
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Founder Eric Sepanek and Sr. Precious Metals Advisor Steve Rand analyze gold and silver’s performance this year, what their strength could signal about next year, and where experts place these assets in 2026.
Gold Price 2025 Predictions vs. Reality
Each year, we analyze gold price forecasts from major financial institutions, economists, analysts, and industry professionals to understand where the market expects gold to trade.
At the start of 2025, that analysis showed a consensus forecast of roughly $3,003/oz. Even at the time, that target reflected a bullish outlook, considering gold closed out 2024 at $2,630/oz. Altogether, experts were projecting a 14% gain for the year.
As we saw in 2024, gold once again shattered expectations. In 2025, the yellow metal surged to a record high above $4,500/oz, an eye-opening +$1,500/oz above already optimistic forecasts.
This kind of outperformance matters. When gold consistently exceeds even bullish projections, it raises an important question heading into the next cycle: Are current forecasts for 2026 still too conservative?
2026 Gold Price Predictions
Using the same market-wide methodology, we compiled and averaged gold price forecasts for 2026. Based on that analysis, the market now expects gold to average approximately $5,515/oz by the end of 2026. If realized, that would represent another $1,000+ move higher from 2025 highs.
This forecast is drawn from 26 different sources, including some of the most influential institutions in global finance:
| Financial Institution/Analyst | Gold Price Predicted (per oz) |
|---|---|
| J.P. Morgan | $5,055/oz |
| Bank of America | $5,000/oz |
| HSBC | $5,000/oz |
| Goldman Sachs | $4,900/oz |
| UBS | $4,900/oz |
| Morgan Stanley | $4,800/oz |
Taken together, this range of bullish projections does more than point to potential upside. It reflects a broader shift in how mainstream financial institutions now view gold. Instead of a temporary hedge, the yellow metal is widely considered a core pillar of economic and monetary stability heading into 2026.
Why Gold Prices Could Push Higher in 2026
- S. Fiscal Stress: Record federal debt levels and ongoing deficit expansion are eroding confidence in the U.S. financial system, thereby strengthening gold’s role as a hedge against sovereign risk.
- Central Bank Buying: Global central bank gold purchases remain above 1,000 tons annually, signaling that reserve diversification away from fiat currencies is far from finished.
- De-Dollarization: Trade settlements and reserve allocations are increasingly shifting away from the U.S. dollar, increasing gold’s importance as a neutral monetary asset.
- Geopolitical Risk: Ongoing conflicts, trade wars, and fractured alliances are pushing governments and investors toward gold as a financial and strategic hedge.
- Monetary Easing: Expected rate cuts in 2026 reduce real yields and make non-yielding assets like gold more attractive.
- Dollar Weakness: Structural deficits, monetary easing, and declining global reliance on the U.S. dollar continue to weigh on the U.S. dollar, providing a tailwind for gold.
Silver Price 2025 Predictions vs. Reality
Time and time again, silver outshines its larger cousin, even when gold is putting on a record performance. While gold crushed expectations, silver’s 2025 performance made predictions appear overly conservative. At the beginning of 2025, analysis of market expectations placed silver’s high around $37/oz.
At the time of publishing, silver prices sit comfortably above $76/oz, nearly double the market’s expectations for the year. All in all, the shiny metal has delivered a total return of over 160%, making it one of the highest-performing assets of the year.
Again, the white metal’s outperformance begs the question about how conservative 2026 silver price predictions might actually be.
2026 Silver Price Predictions
Current expert projections place silver’s average 2026 price near $97/oz, with a consensus range of roughly $65 to $100 and high-end outliers reaching $200/oz.
Here are some of those silver price predictions:
| Financial Institution/Analyst | Silver Price Predicted (per oz) |
|---|---|
| Robert Kiyosaki | $200/oz |
| Michael Oliver | $100-$200/oz |
| S. Global Investors | $100/oz |
| Peter Schiff: | $100/oz |
| BNP Paribas | $100/oz |
| First Majestic | $100/oz |
Even after silver’s explosive year-end rally, the market remains well below the average forecast, highlighting the upside implied by current expectations.
Why Silver Prices Could Move Higher in 2026
- Momentum Flows: A triple-digit annual return drew new capital into the silver market, reinforcing trend-following and momentum-driven buying.
- Supply Constraints: Limited mine growth and years of underinvestment continue to restrict new supply, despite expanding demand.
- Dual Demand: Silver’s essential dual role in industrial applications and as an investment metal directly ties it to long-term structural growth trends.
- Reduced Suppression: Decades of institutional price suppression are showing signs of breakdown as physical demand overwhelms paper leverage.
- Long-Term Technicals: The completion of a multi-decade cup-and-handle pattern and a breakout above the long-held $50/oz ceiling suggest silver has entered a new secular bull phase.
Will Precious Metals Outperform Again?
Gold and silver are entering 2026 with strong momentum and a clear track record of outperforming expectations. For two consecutive years, expert forecasts have underestimated how high gold and silver prices would climb, even after factoring in already bullish assumptions.
“The bottom line is this: Predictions across the board are bullish for 2026. And, so are we at Scottsdale Bullion & Coin.”
Eric Sepanek
SBC Founder
If that pattern continues, current projections for 2026 may prove conservative once again. For investors, that makes the coming year less about chasing headlines and more about recognizing a trend that has repeatedly caught the market off guard.
If you want to be prepared for what 2026 may bring, take a closer look at our latest gold and silver price predictions.
2026 Precious Metals Forecasts & Predictions
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