Silver stole the show this week, with published research broadly bullish on the white metal as a leveraged play on the gold rally.
The week opened with reports of a 9% surge following the Treasury bond buyback announcement, with positioning data suggesting funds were already leaning long ahead of the move. Analysts pointed to silver still sitting 44% below its all-time high while gold prints records — framing it as the catch-up trade, the "beta" to gold's bull run. Near-term price targets circulating in research ranged from the mid-$70s to $100 within a year, anchored on higher lows, weak US jobs and CPI prints, and supply-demand deficits. A recurring structural argument: if central banks broaden reserve diversification beyond gold, silver becomes a direct beneficiary.
Several threads also flagged industrial pull from copper substitution and trend-following funds rotating in alongside platinum and palladium.
The one caveat came late: at least one note observed silver slipping after Jackson Hole as markets priced a marginally more hawkish Fed path. Momentum intact, but rate-sensitive.