Gold headed toward $4,000/oz, silver could outperform, says Trading.com CEO

Gold prices have surged past $3,700 an ounce, with momentum pointing to $3,800 per ounce and possibly $4,000 per ounce, according to Peter McGuire, CEO of Trading.com. “It’s crunched through $3,700 per ounce with such conviction… It’s got to be $4,000 per ounce,” he said, noting that prices are already up nearly 50% over the past year.

McGuire said weakness in the US dollar is adding to the rally. “I think the absolute downdraft is going to continue, and that’s going to push gold further,” he added.

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On silver, McGuire pointed to growing demand from technology, electric vehicles and data centres, combined with underinvestment in the sector. “Fifty bucks has got to be on the number, because the overall momentum… is going to even outstrip gold,” he said, adding that 2026 could be a decisive year for silver.

He highlighted strong buying interest from both central banks and retail investors, especially in Asia and the Middle East. “The overall attraction is incredibly strong. And I don’t see it stopping any time. That’s just one-way traffic,” McGuire said.

For the full interview, watch the accompanying video

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