Gold traded at approximately $4,704 per ounce in mid-May 2026, while silver reached $85.44 per ounce before a period of volatility pulled both metals lower before a subsequent recovery. The mid-month sell-off was attributed to a strengthening US dollar and improved risk sentiment tied to US-China trade developments, while the late-week recovery followed de-escalating tensions in the Middle East.
Silver experienced notable price swings between May 14 and May 21, trading in a $73 to $83 range as markets processed conflicting signals from inflation data and currency movements. HSBC raised its silver price forecast for 2026 to an average of $75 per ounce, up from prior estimates, citing a structural supply deficit that has persisted for six consecutive years. Cumulative silver supply drawdowns have exceeded 762 million ounces over that period, according to precious metals analysts.
Swiss precious metals firm MKS PAMP projected a new all-time high of $5,800 gold by year-end 2026, citing stagflationary pressures and continued central bank buying as the primary structural drivers. ING analysts separately set a $5,000 gold price target for the end of 2026. Both projections reflect the consensus view that macroeconomic uncertainty and dollar-hedging demand will sustain elevated prices.
On May 21, 2026, the US Senate introduced the System Integrity through Licensed Vault Expansion and Resilience Act, or SILVER Act, which would require at least two federally approved precious metals storage facilities in each US time zone. The legislation addresses concerns about geographic concentration of physical precious metals storage infrastructure.
Source: USAGOLD -- https://www.usagold.com/daily-precious-metals-market-report-may-12-2026/