Gold Leads, Silver Speeds – HSBC Bets on Both
HSBC predicts silver will shine brighter as gold’s record-breaking rally fuels investor demand and lifts price forecasts into 2027.

Silver’s fortunes are once again tethered to gold’s meteoric rise, and HSBC believes the next few years could see the white metal riding that momentum to multi-year highs. In its latest market outlook, the bank lifted its silver price forecasts from 2025 to 2027, citing gold’s continued strength and silver’s historical tendency to follow in its slipstream.
Gold has been the undisputed star of the commodities market in 2025, climbing nearly 30% since January. The surge reached a fever pitch in April, when escalating tensions from a full-blown global trade war sent investors stampeding toward safe-haven assets. The result was a record-setting $3,500 per ounce, the highest nominal gold price ever recorded. Silver, often viewed as the more affordable precious metal, wasted no time in following suit. In fact, its rally outpaced gold’s percentage gains at several points this year, with a particularly dramatic spike in June that propelled it to levels last seen in 2011.
Gold’s “Gravitational Pull” on Silver
HSBC analysts say silver’s latest rally is less about industrial fundamentals and more about gravitational economics. When gold surges, silver tends to be pulled higher by investor sentiment, historical correlation, and the allure of being a cheaper way to gain exposure to precious metals. That gravitational effect was on full display this year, amplified by speculative buying and portfolio diversification strategies.
The bank notes that while gold’s price movement is often driven by macroeconomic and geopolitical risk factors, silver’s performance becomes more volatile, sometimes swinging harder in percentage terms. The June rally, HSBC says, was a textbook case of silver’s high-beta relationship with gold, driven more by gold’s safe-haven momentum than by direct demand shifts in silver’s own market.
