David Morgan: Silver, Gold — My Year-End Price Targets and Forecast

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David Morgan expects gold to grind toward about US$5,000/oz by year-end and sees silver at US$78-80/oz, with a path toward triple-digit silver once the market works off the overbought conditions seen earlier in 2026. He characterizes his gold target as conservative versus peers and argues the next leg higher should come after a reset in positioning rather than immediately. The interview also frames the setup around macro stress points: the dollar, bond-market warning signs, Iran/energy risk, and institutional buying interest. Morgan says “institutions” are ready to buy, and the discussion suggests equity upside in miners could follow if spot metals break higher. Near term, the key watch is whether gold can base after the earlier-year surge; if that happens, the tape could re-rate quickly toward the cited year-end targets.