LBMA Precious Metals Analyst Survey Sees Silver Well Above $100, Wide Range for Gold, New Highs for PGMs

The latest LBMA Precious Metals Analyst Survey has sent strong signals across global commodity markets, projecting an exceptionally bullish long-term outlook for silver, a wide and uncertain price band for gold, and fresh highs for platinum group metals (PGMs). Compiled from leading analysts, banks, traders, and industry experts, the survey reflects growing confidence that structural shifts in the global economy are redefining the role of precious metals beyond traditional safe-haven demand.

The survey’s findings highlight a market at a crossroads—where monetary uncertainty, industrial transformation, and geopolitical risks are converging to create unprecedented price dynamics.

Silver: From Precious Metal to Strategic Asset

Perhaps the most eye-catching projection from the survey is the outlook for silver, with several analysts forecasting prices well above the $100 per ounce level in the coming years. While such a target may once have seemed unrealistic, experts now argue it reflects a fundamental revaluation of silver’s role in the global economy.

Silver’s dual identity as both an investment metal and a critical industrial input is driving this optimism. Demand from solar panels, electric vehicles, electronics, medical technologies, and next-generation batteries continues to rise sharply. At the same time, supply growth remains constrained due to limited new mine development and declining ore grades.

Unlike gold, most silver is produced as a byproduct of mining for other metals such as copper, zinc, and lead. This limits producers’ ability to quickly ramp up output in response to higher prices. As a result, analysts see a prolonged supply-demand imbalance that could push prices into triple-digit territory.

Investment demand is also expected to remain strong. As gold becomes more expensive, silver is increasingly viewed as a more accessible hedge against inflation and currency debasement, particularly for retail investors.

Gold: Strong Fundamentals, Wide Price Range

Gold remains the anchor of the precious metals complex, but the LBMA survey reveals a notably wide range of price expectations. Analysts differ on just how far gold can climb, reflecting uncertainty around global interest rates, inflation trajectories, and currency movements.

On the bullish side, continued central bank buying is seen as a major pillar of support. Over the past few years, central banks—particularly in emerging markets—have accelerated gold purchases to diversify reserves away from traditional currencies. This trend is expected to persist amid geopolitical fragmentation and shifting global power dynamics.

Inflation concerns also remain a key driver. Even if headline inflation moderates, many analysts believe structural inflation—driven by energy transition costs, supply chain realignment, and labor shortages—will keep gold relevant as a store of value.

However, the wide forecast range suggests caution. Some analysts warn that if interest rates remain higher for longer, or if global growth stabilizes faster than expected, gold could face periods of consolidation or correction. This divergence in views underscores gold’s complex role as both a monetary metal and a sentiment-driven asset.

PGMs: Supply Risks and Industrial Revival

Platinum group metals—platinum, palladium, and rhodium—are also expected to reach new highs, according to the survey. Analysts cite tightening supply conditions, geopolitical risks, and evolving industrial demand as key factors behind the bullish outlook.

Platinum, in particular, is gaining renewed attention. Long overshadowed by palladium, platinum is seeing rising demand from the automotive sector as manufacturers substitute it back into catalytic converters due to cost considerations. Additionally, platinum’s role in hydrogen fuel cells positions it as a critical metal in the global energy transition.

Palladium and rhodium, while more volatile, remain vulnerable to supply disruptions. A significant portion of global PGM supply comes from geopolitically sensitive regions, making prices highly reactive to operational, political, or logistical challenges.

Analysts also point to years of underinvestment in PGM mining as a structural issue. Without substantial capital expenditure, supply constraints could intensify, supporting higher prices even if demand growth moderates.

Macro Forces Reshaping Precious Metals

The survey emphasizes that precious metals are increasingly influenced by long-term structural forces rather than short-term speculation alone. De-globalization, energy transition policies, technological innovation, and shifting monetary regimes are all reshaping demand patterns.

Currency volatility is another major theme. As confidence in fiat currencies fluctuates, investors are turning to tangible assets as a hedge against financial instability. This trend supports not only gold but also silver and PGMs, each in their own distinct way.

Implications for Investors

For investors, the LBMA survey suggests both opportunity and complexity. While the upside potential—especially for silver and PGMs—is significant, price volatility is likely to remain elevated. Analysts stress the importance of diversification within the precious metals space rather than focusing on a single metal.

Silver’s projected move above $100 highlights its high-risk, high-reward profile. Gold offers relative stability but with uncertain upside magnitude. PGMs present niche opportunities tied closely to industrial and technological trends.

A New Era for Precious Metals

The LBMA Precious Metals Analyst Survey paints a picture of a market entering a new era. Silver is no longer just “poor man’s gold,” but a strategic metal with transformative industrial relevance. Gold remains a cornerstone of financial security, though its future path is shaped by complex macroeconomic forces. PGMs are emerging as critical enablers of cleaner technologies and industrial resilience.

Together, these trends suggest that precious metals are poised to play a central role in the next phase of global economic evolution—one defined by uncertainty, innovation, and the search for durable value.