BlackRock has expressed confidence that the bull market for gold and silver is far from over, despite recent volatility. Kristy Akullian, Head of Investment Strategy for iShares Americas at BlackRock, highlighted that gold prices have surged approximately 75% over the past year, surpassing $5,000 per ounce for the first time in January. Silver also saw significant gains, rising 148% in 2025 and an additional 19% in January. The ongoing bull trend is driven by factors such as increasing global government debt, geopolitical uncertainty, and rising industrial demand. Akullian noted that U.S. federal debt now exceeds 120% of GDP, with other major economies also experiencing high debt levels, enhancing the appeal of precious metals as a store of value. Central banks worldwide have been key drivers of demand, holding about 20% of all mined gold reserves and increasing their holdings consistently from 2022 to 2025. Notably, Tether, a stablecoin issuer, has acquired approximately 140 tons of gold, becoming one of the largest gold reserve holders globally. For silver, BlackRock points to its industrial applications, with 60% of consumption linked to electronics, solar panels, and semiconductors. As trends in data center construction, AI computing, and electrification grow, industrial demand for silver is expected to rise. BlackRock suggests that including both gold and silver in investment portfolios offers diversification benefits, with gold providing a long-term store of value and silver offering potential upside during economic expansion.