PRECIOUS METALS: BETWEEN THE EUPHORIA OF A BULLISH CONSENSUS AND THE RISKS OF A CORRECTION 1/2

15 Oct

PRECIOUS METALS: BETWEEN THE EUPHORIA OF A BULLISH CONSENSUS AND THE RISKS OF A CORRECTION 1/2

The precious metals market has achieved a spectacular performance in 2024 and 2025, with gold soaring to nearly $3,900 per ounce and silver exceeding $48 per ounce, outperforming all consensus targets. Prices have quickly materialized, exceeding recent bold consensus targets set by leading strategists, yet this shared optimism historically marks a period of heightened downside risks.

Key Points

  • Between the euphoria of a bullish consensus and the risks of a correction
  • The central scenario: A wave driven by three fundamental pillars
  • Precious metals have additional industrial leverage
  • Potential risks of an overly complacent bullish consensus now
  • Increased risks of a tactical correction
  • Profit-taking justified after an exceptional year