On February 23rd, both gold and silver prices surged at market open. As of 7:15, spot gold was trading at $5,148.75 per ounce, up 0.74% for the day. Spot silver in London rose nearly 2% intraday. Looking ahead for gold, ANZ forecasts the price will reach $5,800 per ounce in the second quarter of this year. UBS provided a more aggressive projection, suggesting it could climb as high as $6,200 per ounce by mid-year, driven primarily by central bank and investment demand, expanding fiscal deficits, falling US real interest rates, and geopolitical risks. Jefferies has raised its 2026 gold price forecast from $4,200 to $5,000, noting that against a backdrop of inflation and a depreciating US dollar, investors and central banks "effectively have only one choice – hard assets." According to reports, "Dr. Doom" Peter Schiff predicted the gold price could surge to $7,000, replacing the US dollar as a new anchor asset. He cited driving forces including increased gold holdings by central banks globally and the expanding US fiscal deficit. Schiff believes the soaring gold price signals that the US is headed for a compound crisis far exceeding the 2008 financial crisis, stemming from a convergence of sovereign credit, US Treasury bond, and US dollar crises. Additionally, he stated that the new Federal Reserve Chair could become a puppet of Donald Trump, labeled cryptocurrencies a Ponzi scheme, and advised investors to continuously increase their holdings of gold and silver.