Overview
- Spot gold hit $4,639 per ounce today while silver surged to $91.55, marking its first move above the $90 threshold.
- Markets point to escalating Iran tensions and renewed worries about the Federal Reserve’s independence after DOJ subpoenas and a threatened indictment that Chair Jerome Powell framed as political pressure.
- The latest gains build on 2025’s outsized rally, with gold up about 65% and silver nearly 150% last year, and year‑to‑date advances now above 7% for gold and more than 25% for silver.
- Central banks continue to add to gold reserves, and strong industrial demand—especially for solar, electronics, AI hardware and EV components—is tightening silver’s physical market.
- Wall Street houses have raised 2026 forecasts, with Morgan Stanley targeting $4,800 by the fourth quarter and J.P. Morgan projecting an average near $5,055 in the fourth quarter.