China’s central bank, a key buyer in recent months, extended its gold purchases for the 10th consecutive month in August. Other precious metals are also riding the rally, with silver up 43% and platinum jumping 55% year to date.
Philip Newman, Managing Director at Metals Focus, sees scope for further gains. He noted that factors beyond the Fed’s policy cycle—such as concerns over U.S. debt levels, Fed independence, tariffs, and geopolitical risks—are driving demand.
While volatility will persist due to heavy institutional participation, Newman believes prices could test $3,800 by the end of 2025, with room for additional strength into 2026. He added that investor appetite remains strong, with significant capital still on the sidelines. Former resistance levels are now acting as support, suggesting dips to $3,400–$3,300 would likely attract strong buying.Silver has been another standout, hitting a 14-year high of $41.50 in international markets. Its rally has been powered by expectations of U.S. rate cuts, a softer dollar, and falling Treasury yields.
Michael DiRienzo, President and CEO of the Silver Institute, highlighted that silver is benefiting not just from investment demand but also from structural drivers such as the global shift to green energy.
He described silver’s rise as part of a “secular breakout,” fueled by its dual role as both an industrial and investment metal. With momentum from renewable energy adoption and steady investment flows, DiRienzo expressed confidence in silver’s bullish outlook.
For the entire discussion, watch the accompanying video
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