Hartnett predicts gold could rise to $6,000 an ounce by spring, which would be more than 20 percent above its current all-time highs.
Such expectations reflect the growing optimism about gold, writes gold.ru. It is supported by active purchases by central banks, tightening balance of supply and demand, as well as the desire of investors to protect themselves from currency risks. At the same time, the $6,000 level is noticeably higher than most common forecasts and represents a very bold, albeit possible, bullish scenario.
Michael Widmer, head of metals market research at Bank of America, said on January 5 that gold will remain a key asset in investment portfolios this year.
“Gold continues to stand out as a hedging tool and a source of additional yield,” Widmer wrote. Bank of America said tightening market conditions and high sensitivity of corporate earnings make gold an important protective asset and a potential driver of returns in 2026.
Bank of America’s forecasts for 2026 are based on expectations of reduced supply and rising costs in the gold mining sector. Widmer estimated that the thirteen largest gold producers in North America will produce 19.2 million ounces of gold this year, down 2% from 2025 levels. At the same time, he emphasized that most market forecasts of production volumes are overly optimistic.
In addition, Widmer expects a significant increase in producer profitability: total earnings before interest, taxes, depreciation and amortization (EBITDA) could increase by 41% to about $65 billion in 2026.
By that time, Bank of America also expects silver, platinum and palladium prices to rise, reflecting the bank’s generally positive view of the precious metals market.
Widmer said silver could attract investors willing to accept higher levels of risk for the sake of additional returns. He said the current gold/silver ratio, at about 59, indicates the continued potential for silver to outperform gold.
He recalled that the historical low of the ratio, recorded in 2011 at 32, indicates the potential for silver to rise to $135 per ounce, while the 1980 low of 14 suggests a potential silver price of $309 per ounce.
