LBMA Delegates Forecast Gold at $5,013.30, Silver at $94.70 in 12 Months

Despite short-term headwinds from the energy crisis, inflation, and high bond yields, delegates at the LBMA conference maintain long-term bullishness on gold and silver. Their survey sees gold at $5,013.30 per ounce in a year, up roughly 20% from the current $4,163.30, while silver is projected at $94.70, a gain of more than 54% from $61.23. Last year’s $4,980.30 forecast was nearly on target, yet the U.S.-Iran conflict has lifted oil prices and rates. Central bank diversification stood out, with 65% of respondents in UBS data naming it the top reason for holding gold, alongside worries that soaring sovereign debt undermines bonds’ safe-haven role. Vikram Dhawan of Nippon India Mutual Fund observed that gold indicates a debt inflection where paper supply may overwhelm demand. Geopolitical fragmentation increases appeal for an asset with no counterparty risk, and silver’s industrial demand from solar, AI, and EVs stays firm even as volatility is expected to persist.