The Correction Moved the Price. Not the Thesis.
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The Correction Moved the Price. Not the Thesis.
Dear investor.
Gold at $4,063. Silver at $59.64. Today the third quarter begins, and with it a question every investor in precious metals deserves a clear answer to: has anything changed?
The answer from the institutions that shape global monetary policy is unambiguous. The OMFIF 2026 Global Public Investor survey, published this week, asked central bank reserve managers what they expect from gold in the next 12 months. Their answer: prices between $5,000 and $6,000. Goldman Sachs holds its year-end target at $4,900 despite removing all 2026 rate cuts from its forecast. JP Morgan sees $5,000 by Q4. Deutsche Bank projects $4,800.
JP Morgan's own strategist said this week that Warsh's hawkish debut turned what was a pause in the structural gold story into a deeper freeze. Not a break. A freeze. The distinction matters. Frozen water is still water. The structural forces of de-dollarization, sovereign debt, persistent inflation and central bank accumulation running at 60 tonnes per month do not disappear because the Fed turns hawkish. They deepen.
Silver enters Q3 as the most compelling opportunity in the precious metals complex. At $59.64, more than 50% below its January all-time high, the metal sits at levels where structural industrial buyers have historically returned with conviction. Solar manufacturing, AI infrastructure, advanced electronics all are growing. The supply deficit is not a quarterly phenomenon. It is a decade in the making.
The correction gave this market a gift. Those who recognize it will look back on Q3 2026 as the moment that defined their position.
IMG is here to help you define yours. Contact our team today.!
Much success to all.
Disclaimer.
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