Goldman Sachs sees gold rally accelerating on $90 silver bets

Goldman Sachs is flagging a wave of client activity in the silver options market that it believes could pour fuel on an already scorching gold rally. The bank reports a notable uptick in call option buying from clients placing bets that silver will hit $90 per ounce in the coming months, a level the metal briefly touched earlier this year before pulling back. Silver was trading around $69.40 per ounce as of August 21, 2026. That’s up more than 78% year-over-year, which sounds impressive until you remember it was flirting with $90 to $91 back in January and February. The options market suggests plenty of traders think a return trip is on the table. The silver-gold feedback loop Goldman’s thesis is straightforward but worth unpacking. Silver is gold’s more volatile, more emotional sibling. When money floods into silver call options, it creates what’s essentially a self-reinforcing cycle. Market makers who sell those calls need to hedge their exposure by buying the underlying asset, which pushes prices higher, which makes the calls more valuable, which attracts more buyers. Goldman highlights that this options-driven momentum doesn’t stay confined to silver. Because precious metals te...