Goldman Sachs remains very optimistic about gold. Recent inflows into gold-backed ETFs and retail investor interest have far exceeded their expectations, creating an "upside opportunity" to exceed their $4,000/oz (mid-2026) and $4,300/oz (late next year) targets. In fact, a scenario of gold approaching $5,000/oz is considered increasingly likely if a small portion of US Treasury securities funds shift into gold. In terms of prices, gold has risen around 12% since August 29th, breaking out of the $3,200–$3,450 range. This rise isn't solely driven by speculators; central bank buying and...
Gold approaches $3,860/oz, poised for its seventh weekly gain. The US shutdown has caused a data blackout, with the market and the Fed focusing on private sector releases, with weak recruitment and fewer layoffs. Market money has almost fully priced in a 25 bps cut by the end of the month and the possibility of another cut in December.Structural support: central bank spending and ETF flows.But be wary of a pullback. The rapid rally is overbought, with profit-taking already emerging after the record. A dovish narrative maintains the continued bullish trend; conversely, a stronger dollar or a...
Silver briefly slipped below $47 per ounce on Friday (October 3rd), but still has the potential to post a seventh consecutive weekly gain. The main driving force comes from expectations of further Fed interest rate cuts and uncertainty stemming from the US government shutdown. A string of recent US data has heightened speculation of easing, with the market almost fully pricing in a 25-bps cut this month and another in December. From a policy perspective, the government shutdown has so far seen minimal immediate impact, but it has raised concerns about fiscal direction, inflation risks, and...