Goldman Sachs is observing strong client activity in the silver options market, with massive call option purchases targeting $90 per ounce. Silver was trading around $69.40 per ounce in August 2026, up more than 78% year-over-year, after briefly reaching $90 to $91 between January and February. The bank maintains its end-of-2026 gold targets between $4,900 and $5,400 per ounce, with average silver prices projected between $85 and $100 in 2026. Several factors underpin this bullish trend: elevated central bank gold purchases, strong ETF inflows, industrial demand from solar panels and electric vehicles, and constrained mining supply. Goldman emphasizes that the silver market, being significantly smaller than gold’s, amplifies price movements substantially.
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