BlackRock: The gold and silver bull market is still ongoing, and new demand is reshaping the market structure

Gate News Report, March 11 — BlackRock has stated that despite recent increased volatility in the precious metals markets, the upward trend in gold and silver prices is not over, with emerging demand reshaping the market structure. Kristy Akullian, Head of Investment Strategy for iShares Americas at BlackRock, said that over the past year, gold prices have risen about 75%, breaking the $5,000 per ounce level for the first time in January this year; silver has increased by 148% in 2025 and rose 19% in January. Although there was a subsequent correction, the overall bull market trend remains intact. Key factors driving precious metals higher include rising global government debt, geopolitical uncertainties increasing safe-haven demand, and growing industrial demand. Currently, U.S. federal debt exceeds 120% of GDP, and major economies like Japan, the UK, France, and Canada also have debt levels generally over 100% of GDP. On the demand side, central banks worldwide hold about 20% of the mined gold reserves and have been increasing their holdings from 2022 to 2025. In 2025, gold’s share in global reserves has surpassed U.S. Treasuries for the first time. Additionally, stablecoin issuer Tether holds approximately 140 tons of gold, making it the 33rd largest gold reserve holder globally. Regarding silver, about 60% of consumption comes from industrial sectors such as electronics, solar panels, and semiconductors. As data center construction, AI computing power demand, and electrification trends grow, industrial demand for silver is expected to continue rising. BlackRock states that holding both gold and silver in a portfolio can help achieve risk diversification.