Frank Schallenberger

Demand for gold will remain high in 2026 as political uncertainty will keep the safe haven attractive. But I doubt that ETCs will come close to the amount they bought in 2025. Furthermore, central banks will buy less because of the high price level. Jewellery demand will even be worse than in 2025. So, the gold rally will come to an end in 2026. The three most important drivers for gold in 2026 are: 1. ETC buying will be much weaker than in 2025 (negative) 2. Jewellery demand will be even lower than in 2025 (negative) 3. But demand for a safe haven will remain high (positive)

This is something like a bubble on the silver market right now. With a gold silver ratio of just 55, silver is definitely too expensive compared to gold. ETCs will not buy as much silver as in 2025. Jewellery demand will be lower than last year. And because of low worldwide economic growth industrial demand will also not look too good. Finally the bubble will burst and silver will come down again!

With the higher price level of platinum, jewellery demand will finally come down again. And with continuing problems in the automotive industry, industrial demand won’t be too strong in 2026.

ETCs will not buy as much palladium in 2026 as in 2025. And demand from the automotive industry will be lower than in 2025. There is even a chance that we will see a supply surplus on palladium markets in 2026.