<p>With gold scaling record highs on what feels like a daily basis, <a href="https://www.moneymetals.com/news/2025/10/09/with-gold-over-4000-mainstream-analysts-scramble-to-raise-price-forecasts-004395">mainstream financial analysts are scrambling to raise their price forecasts</a>.</p>
<p>Goldman Sachs recently upped its 2026 price projection to $4,900. Not to be outdone, Bank of America has now raised its 2026 forecast to $5,000 an ounce.</p>
<p><a href="https://www.moneymetals.com/gold-price" rel="noreferrer">Gold cracked the $4,000 level</a> on October 8. It then quickly climbed to over $4,100.</p>
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<p><a href="https://www.moneymetals.com/gold-price">Gold has gained over 52 percent this year</a>. Going back to January 2024, the price of yellow metal has surged by over 95 percent.</p>
<p>Bank of America raised its price target for next year from $4,400 to $5,000 with a $4,600 average, citing “unorthodox” policies in Washington, D.C.</p>
<blockquote>
<p>"The White House’s unorthodox policy framework should remain supportive for gold given fiscal deficits, rising debt, intentions to reduce the current account deficit/capital inflows, along with a push to cut rates with inflation around percent."</p>
</blockquote>
<p>BoA analysts said the higher price should continue to drive investment demand into next year.</p>
<blockquote>
<p>"Looking into 2026, a 14 percent increase of investment demand – similar to what we have seen this year – could lift gold to $5,000/oz."</p>
</blockquote>
<p>Despite the optimistic price forecast, the Bank of America note did caution that we could see a near-term correction.</p>
<p>The big bank also increased its silver forecast, projecting $65 silver in 2026.</p>
<p>A mining CEO, Randy Smallwood, told <em>Bloomberg TV</em> that the BoA forecast was more than reasonable, and that might be just the beginning.</p>
<blockquote>
<p>“I’m confident that we will see gold over $5,000 within the next year. It’s a trajectory that could easily put it up to $10,000 an ounce before the end of the decade. It wouldn’t surprise me at all.”</p>
</blockquote>
<p> Smallwood said the surging gold price is reflecting problems with the dollar.</p>
<blockquote>
<p>“It’s the measuring stick that we’re using. It’s the U.S. dollar that we’re all seeing — that we’re all concerned about in terms of long-term strength.”</p>
</blockquote>
<p>It’s not just the dollar. Gold is setting records in every major currency. This reflects growing shakiness in the fiat money system. Real money – gold – is showing its metal (pun intended).</p>
