Gold and silver look poised to push to fresh all-time highs. Strong fundamentals and clear technical momentum suggest both metals remain well positioned for further gains in the months ahead.
Federal Reserve policy will be closely watched in 2026. Markets currently price only a 16% chance of a quarter-point rate cut at the January 28th meeting, rising to 41.4% by March 18th. Overall, expectations point to three quarter-point cuts during the year. Focus is also shifting to President Donald Trump’s choice of a new Fed Chair. Leading candidates Kevin Hassett and Kevin Warsh are seen as favouring lower rates should inflation stay subdued or labour markets weaken.
Global central banks continue to accumulate gold as part of a broader move away from reliance on the US dollar, a trend showing no signs of slowing. Silver’s fundamentals are particularly compelling. Physical supply is extremely tight as industrial demand accelerates, driven largely by green energy applications. The disconnect between physical and paper markets is widening, with physical silver reportedly trading at premiums of $3–$10 per ounce above spot prices. This reflects genuine scarcity and ongoing price discovery, further amplified by rising investment demand.
Geopolitical risks are adding another layer of support. President Trump’s recent actions toward Venezuela signal a more assertive foreign policy stance, with speculation extending to other strategically important regions, including Greenland. Such tensions typically favour precious metals, reinforcing the bullish outlook for both gold and silver.
Technically, both metals remain in strong uptrends with momentum intact. Gold looks set to re-test and break above its recent all-time high, with $4,750 per ounce likely in the near term and $5,000 in sight during the first half of the year.
Silver continues to surge, with volatility increasing sharply. A recent spike to just under $84 per ounce was quickly sold off amid claims of paper-market suppression as some banks struggle to source physical metal. A decisive break appears likely, opening the door to $100 per ounce. Traders should expect heightened volatility, with frequent double-digit daily price moves as prices climb.
Further reading: London Loves Business | Gold and silver primed for fresh all-time highs
Disclaimer: This blog is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.
