Investors surveyed in mid-2026 returned the most bullish set of gold and silver forecasts in the history of the poll, even as both metals trade far below the highs set earlier in the year, according to results published by BullionVault Gold News on July 24, 2026.
Gold and silver are trading well off their peaks of six and seven months ago, gold by more than 25% and silver by more than 50%. Respondents nonetheless expect gold to gain 13.8% by New Year 2027 from the $4,100 average that prevailed while the survey was in the field. The silver projection points to $69.60 an ounce, a gain of 16.7%.
The survey also asked which force will set precious metals prices through the back half of the year. Monetary policy led at 27.7%, followed by geopolitics at 21.9% and government debt at 14.7%. The ranking places central bank decisions ahead of the conflict-driven demand that dominated earlier survey rounds.
Year to date performance for both metals remains strongly positive despite the drawdowns from peak, with gold and silver each up more than 100% from where they started the year.
The gap between the drawdown and the forecast is the notable feature of the data. Sentiment surveys of this kind typically track recent price direction, with bullish readings clustering near highs. A record bullish reading recorded after a 50% decline in silver points to positioning based on expected policy conditions rather than on price momentum.
Source: BullionVault Gold News - https://www.bullionvault.com/gold-news/opinion-analysis/gold-silver-price-forecast-survey-072420262