Goldman Sachs is seeing increased client buying of silver call options targeting $90 an ounce in the coming months, a move it says could reinforce the precious-metals rally and support gold through hedging demand. Silver was around $69.40 on Aug. 21, 2026, up more than 78% year over year but below the $90-$91 levels reached in January and February. Goldman maintains end-2026 gold targets of $4,900 to $5,400 per ounce and forecasts average 2026 silver prices of $85 to $100. Citi has retained targets of $75 in the near term and $90 over six to 12 months. Elevated central-bank gold purchases, precious-metals ETF inflows, industrial silver demand and constrained mine supply underpin the bullish outlook, although silver's smaller and less liquid market can produce sharp declines as well as gains.