Gold and silver prices are struggling now, but a much higher long-term base is building - BMO Capital Markets - Kitco

BMO Capital Markets suggests that while gold and silver prices face near-term pressure, the longer-term floor for both metals may be shifting higher. That distinction matters: a weak spot price and a rising structural base are not contradictory. They describe different time horizons.

For investors, the key takeaway is the difference between price action and market structure. Short-term moves in precious metals often reflect shifts in real yields, currency strength, and positioning. A long-term base, by contrast, is typically shaped by sustained demand, production economics, or broader macro trends that change slowly. BMO's view implies the current softness may not signal a reversal of that underlying trend.

What to watch: whether the factors cited as building that base persist through the current weakness, and how metals behave around key support levels. As always, this is one institution's assessment, not a forecast. Precious metals remain volatile, and no single analyst view should be treated as a reliable guide to future prices.