**[BlackRock: The Bull Market for Gold and Silver is Far from Over, New Demand is Reshaping the Market]** BlockBeats News, March 11 – BlackRock stated that despite recent heightened volatility in the precious metals market, the upward trend for gold and silver is far from over, as emerging demand is reshaping the market structure. Kristy Akullian, Head of iShares Investment Strategy for the Americas at BlackRock, pointed out that gold prices have risen approximately 75% over the past year and surpassed the $5,000/ounce mark for the first time in January this year. Silver saw a 148% increase in 2025 and rose another 19% in January this year. Although there has been a subsequent pullback, the overall bull market trend remains intact. She believes the main factors driving the rise in precious metals include the continuous climb in global government debt, safe-haven demand driven by geopolitical uncertainties, and growing industrial demand. Currently, U.S. federal debt has exceeded 120% of GDP, while major economies such as Japan, the UK, France, and Canada also have debt levels generally exceeding 100% of GDP, enhancing the appeal of precious metals as a store of value. On the demand side, the continued accumulation of gold by central banks has also become a key driving force. Data shows that global central banks hold about 20% of the mined gold reserves and have been consistently increasing their holdings from 2022 to 2025. In 2025, the proportion of gold in global reserves surpassed U.S. Treasury bonds for the first time. Additionally, new groups of buyers are emerging. For instance, stablecoin issuer Tether now holds approximately 140 tons of gold, making it one of the world's top 33 gold reserve holders. As for silver, BlackRock noted that its demand is closely tied to industrial applications, with about 60% of consumption coming from sectors such as electronics, solar panels, and semiconductors. With the growth of data center construction, increased demand for AI computing power, and the advancement of electrification trends, industrial demand for silver is expected to continue rising. BlackRock believes that allocating both gold and silver in an investment portfolio can achieve risk diversification: gold serves as a long-term store of value and defensive asset, while silver offers greater upside potential during periods of economic expansion and industrial growth.