Major financial institutions are projecting a significant rally in precious metals this year, with gold potentially soaring to $5,000 per ounce and silver reaching $100 per ounce. Citigroup, for instance, has upgraded its near-term price forecasts, expecting gold to hit $5,000 and silver $100 within the next three months, citing heightened geopolitical risks, ongoing physical market shortages for silver, and renewed uncertainty regarding the US Federal Reserve's independence. HSBC and UBS also share a bullish outlook for gold, anticipating prices to exceed $5,000 in the first half of 2026, though HSBC warns of a potential correction later in the year. JPMorgan and Bank of America have also set a $5,000 target for gold in 2026. These optimistic forecasts are underpinned by a confluence of factors, prominently including 'resource nationalism.' This trend sees governments asserting greater control over natural resources for strategic and economic reasons, as exemplified by China's recent export controls on silver, which significantly impacts global supply. Beyond resource nationalism, sustained central bank demand, low real interest rates, and increased geopolitical uncertainty are consistently cited as structural drivers for gold's upward trajectory. For silver, its dual role as an industrial metal, critical for clean energy and advanced manufacturing, combined with investment demand and supply deficits, is expected to fuel its outperformance. While analysts acknowledge potential for price volatility and short-term corrections, the overarching sentiment points to a robust bull market for precious metals, driven by these fundamental shifts in global economic and political landscapes.