Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.
He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.
‘And I think that silver will be over US$100,’ he added.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.
In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.
Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.
In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.
Expected demand in 2025: 677.4 million ounces
Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.
For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.
Here’s a brief rundown of the main industrial uses driving silver demand:
Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.
Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.
Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.
Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.
The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.
Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.
Expected demand in 2025: 196.2 million ounces
Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.
While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.
Expected demand in 2025: 204.4 million ounces
Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.
Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.
While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.
Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.
However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.
Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.
In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.
The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.
Expected demand in 2025: 46 million ounces
Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.
Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Hong Kong is set for the largest digital-asset listings as crypto exchange operator HashKey advances toward a public debut. The company is now preparing to open investor orders for a planned $200 million IPO. HashKey Moves Closer to December Listing with IPO Orders Set to Open According to Bloomberg, the firm is expected to start
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The Zcash price draws renewed attention after surging 10%, as market conditions shift amid the recent Bitget listing. Traders now examine how ZEC price behaves after a sharp decline forced the asset into a major demand zone. That area prevented further losses and provided the buyers with space to restore confidence. The rebound develops at
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Elon Musk’s space exploration company, SpaceX, moved massive 1,083 BTC on Friday, according to blockchain analytics firm Arkham Intelligence. This marks the 8th Bitcoin transfer by the firm, sparking speculations within the crypto community as BTC price fell to $91K again ahead of today’s crypto options expiry and the key PCE inflation data release. Elon
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ASTER, the native token of the decentralized exchange Aster, experienced a slight price increase following a brief market rebound. Recently, the Aster price has remained above the $1.00 support level, with bulls eyeing a potential breakout. Aster buyback wallet had just burned 77.86 million ASTER tokens that are priced at around $79.81 million. Although the
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The crypto market had a good start to the week but has slipped into the red on December 5. The recent downturn in Bitcoin has led to dips across major altcoins. Crypto liquidations and futures market activity have also seen negative changes in the last 24 hours due to this decline. Why the Crypto Market
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Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December.
Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even further.
What are the top trends shaping the gold market, and what should investors expect in the new year?
US President Donald Trump’s aggressive trade policies have injected a high level of volatility into a world economy that was already reeling from ongoing regional conflicts.
This type of uncertainty reliably encourages investors to seek safe havens, and that theme dominated much of the gold story for 2025. Heading into the new year, analysts see no end to this trend.
Strong gold exchange-traded fund (ETF) inflows and central bank purchases are projected to continue into next year as investors, particularly in the west, increasingly recognize the hedge value of gold.
Global financial services firm Morgan Stanley (NYSE:MS) sees demand for gold from ETFs and central banks pushing the gold price back up above US$4,500 per ounce by mid-2026.
The World Gold Council (WGC) also expects the themes of risk and uncertainty to continue driving gold.
“My sense is that we’re going to continue to see these challenges in 2026.”
Cavatoni expects this will translate into continued strong ETF flows and central bank demand for the monetary metal for 2026, although central bank buying may come at a slower pace than the past few years.
Another potential 2026 tailwind for gold is a correction in artificial intelligence (AI) stocks.
Analysts are increasingly warning that this could happen, and it’s possible that AI bubble meltdown concerns may push more investors away from equities and into gold in the coming year.
Michael Hartnett, chief investment strategist at Bank of America Global Research, told his clients in late October that gold may be one of the strongest hedges if the AI bubble bursts.
Similarly, Macquarie analysts are warning that if AI tech firms and their clients can’t demonstrate a return on their huge investments in the emerging technology, gold may be the best bet for protection against the resulting market fallout: “Optimists buy tech, pessimists buy gold, hedgers buy both.’
The gold price has an inverse relationship with the US dollar and real interest rates. Indeed, Morgan Stanley’s US$4,500 gold forecast for mid-2026 is predicated on a weaker dollar and lower rates.
Lower rates typically weaken the dollar, and Trump has been pressuring the US Federal Reserve to drop rates since taking office. With Fed Chair Jerome Powell’s term due to end next year, market watchers are anticipating that a more dovish Fed head will take the helm. This means that more rate cuts are likely on the table for 2026.
A softer dollar and a low rate environment would provide foundational support for further gold price gains. The resulting inflation is expected to push the Fed toward quantitative easing (QE), or the purchasing of government bonds to increase money supply and lower long-term rates, which would further bolster the yellow metal’s appeal.
At its October policy meeting, the Fed stated that its quantitative tightening activities (allowing bonds to mature without reinvesting the proceeds) would end on December 1.
“Frankly … interest expense for the federal government is running at US$1.2 trillion a year (and) the budget deficit is US$1.8 trillion a year, so the interest is really contributing to the deficit,” he said. “The US federal government really needs lower rates, or else interest is going to continue to consume a big piece of their revenues.”
Lepard believes investors are keenly aware that lower rates are coming, which naturally means more inflation. This realization is enhancing gold’s investment appeal.
Heading into 2026, Fed monetary policy changes are likely to give gold another boost to the upside.
“As we move through the year, as the Federal Reserve transitions to QE and maybe yield curve control and money printing, the (precious) metals themselves will catch another leg up,” said Lepard.
“Gold will go through US$4,500 toward US$5,000, silver will go to US$60 or US$70 and (gold and silver) stocks will all go up another 30 percent pretty easily, and then maybe more over the next 12 months,’ he added.
Global financial services provider B2PRIME Group also sees gold’s average price in 2026 at around US$4,500 as US debt challenges and possible Fed rate cuts continue to bolster the value of the precious metal.
Overall, most analysts’ gold price predictions for the upcoming year are in the US$4,500 to US$5,000 range.
Metals Focus is forecasting an annual average high of US$4,560 in 2026, with gold potentially reaching a record US$4,850 in the fourth quarter. The firm sees these gains materializing despite a projected gold surplus of 41.9 million ounces in 2026, up 28 percent year-on-year; that would take mine production to another record high in 2026.
Goldman Sachs (NYSE:GS) is predicting that gold could reach as high as US$4,900 next year on increased central bank buying and anticipated inflation-causing interest rate cuts by the Fed.
For its part, Bank of America (NYSE:BAC) sees the yellow metal breaching US$5,000 in 2026 on growing deficit spending in the US and Trump’s ‘unorthodox macro policies.’
Ongoing uncertainty from trade tensions, a potential market correction in the AI sector, US debt challenges and anticipated shifts in Fed policy have fueled strong investment demand for gold as a safe-haven asset.
Those demand drivers are not going away in 2026; in fact, they are likely to provide further foundational support that could propel the gold price to new record highs.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.
While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.
The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’
This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869
News Provided by Newsfile via QuoteMedia
Here’s a quick recap of the crypto landscape for Wednesday (December 3) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$92,758.95, up by 4.1 percent over 24 hours.
Bitcoin price performance, December 3, 2025.
Chart via TradingView.
After Bitcoin stared the week with its largest single-day decline in a month, it rallied about 6.6 percent in 24 hours to reclaim US$93,000. This now marks Bitcoin’s highest intraday level in more than two weeks.
Despite the cryptocurrency’s rebound, analysts are still urging caution and advising investors to await clearer macro signals before fully re-entering higher-risk assets.
Ether (ETH) also regained ground and is currently priced at US$3,051.34, up 7.1 percent over 24 hours.
Michael Saylor’s Strategy (NASDAQ:MSTR) is in discussions with index provider MSCI as the company thinks about removing Strategy from major stock indexes, according to Reuters.
MSCI is considering cutting companies whose business model is to buy crypto. Strategy currently holds about 650,000 BTC and has relied on new debt and equity issuance to add to its holdings.
JPMorgan Chase (NYSE:JPM) estimates a removal could trigger up to US$8.8 billion in outflows if other index providers follow suit. Saylor said the company is participating in MSCI’s review process, but questioned the scale of possible selling projected by JPMorgan. A verdict is expected by January 15 of next year.
Startale Group has launched USDSC, a stablecoin pegged to the US dollar that is designed to serve as the default settlement currency on Sony Group’s (NYSE:SONY,TSE:6758) Soneium blockchain.
According to a Decrypt report, the launch includes a new rewards program called STAR Points that is geared at encouraging user activity across payments, liquidity supply and app interaction. Soneium went live earlier this year following a test phase that drew 14 million users and processed 50 million transactions.
Startale CEO Sota Watanabe said USDSC aims to support payments and yield generation across the network’s creator-focused ecosystem. Stablecoin infrastructure firm M0 is providing backend support for issuance and liquidity.
A waitlist for the Startale app is open to users seeking early access to USDSC features and rewards.
The US Securities and Exchange Commission (SEC) has halted the approval process for multiple ultra-leveraged exchange-traded funds (ETFs), citing concerns about investor risk.
Warning letters were sent to nine issuers, including Direxion, ProShares and Tidal, affecting products designed to offer more than 2x exposure to equities, commodities and cryptocurrencies.
The SEC said the proposals exceed regulatory limits on allowable leverage and rely on benchmark definitions that may fail to reflect true market volatility. Some of the planned funds target exposure to highly volatile assets. No 3x or 5x single-stock ETFs currently exist in the US due to existing restrictions.
Leveraged ETF trading has surged since 2020, with total assets rising to around US$162 billion.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.