Analysts at BMO Capital Markets outlined an extreme bullish scenario for precious metals that could drive gold and silver prices sharply higher by late 2027.
In a research note exploring outcomes under sustained risk demand and major macro shifts, the team said gold could rise to about $8,650 per ounce by the fourth quarter of 2027, and silver could reach around $220 per ounce in the same period if certain conditions hold. These levels represent a dramatic increase from current trading levels.
The analysts described the scenario as a “bull case exercise,” not an updated official forecast, and wrote that it assumes an investor rotation into precious metals under deepening global uncertainty. Under these conditions, they projected gold at roughly $6,350 per ounce by the fourth quarter of 2026 before advancing toward the 2027 target.
Gold already traded above $5,000 per ounce early in 2026, placing the metal above some prior forecasts and underscoring the strength of recent price momentum.
BMO’s bulls linked the outlook to persistent safe-haven demand, central bank purchases, and continued weakness in real yields and the US dollar. They said elevated ETF inflows and strategic buying by global institutions could bolster prices under their assumptions.
The scenario also reimagines silver’s role, suggesting a lower long-term gold-to-silver ratio could support silver’s rise toward $220 per ounce by late 2027. The analysts noted that silver’s earlier move above $100 per ounce and the resulting shift in its relationship to gold support this aspect of the bull case.
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