As is often the case, silver underperformed, trading within a range of around $10. It recorded lows below $73 an ounce and highs above $82.
In addition to daily price movements, there is a lot of focus right now on how gold and silver will perform in 2026, and I want to spend some time looking at what experts see coming.
When it comes to gold, I now often see $5,000 mentioned, with several market watchers calling for that level to be reached as early as the first quarter.
The consensus is that all the factors driving gold are either staying put or strengthening, including strong central bank buying, geopolitical tensions and easy money policies.
Here it is Alain Corbani of Montbleu Finance explain why $5,000 gold makes sense:
“Between the end of QT and the end of QE, gold usually doubles or triples, which means that in a perfect world gold could rise… from $4,000 to $6,000 – this is basically the bull number. So when we say $5,000, that’s only 10 percent more than what we’re trading at today.”
Silver is more difficult to predict. The white metal is known to be volatile, and its strong performance at the end of 2025 means that some experts’ price calls for 2026 were reached before last year even ended.
So where does silver stand as the year begins?
I heard about it this week David Morgan of the Morgan Reportwho didn’t give a specific forecast, but said he believes silver is currently in ‘price discovery’ mode:
“I said we’re still in price discovery mode – I really believe that. What the actual price of silver is in US dollars, Canadian dollars, I don’t know. I think in US dollar terms it’s north of $100, but it could be a lot higher than that.
I also talked about silver with Doug Casey of InternationalMan.com. He said $100 or even $200 silver is possible, but for him the metal itself is not a speculative instrument:
“Is silver at a new high where it will stay there? Yes, that’s entirely possible – not a prediction. But I’m not selling my silver. I mean, why would I sell it? I’m holding it as an asset, not a speculative instrument. So does it go to $100 or $200? It’s possible. I don’t really care because… I don’t use either my silver or my gold as speculative vehicles. That’s not what they’re about. for me.”
Andy Schectman of Miles Franklin made a similar statement, saying that while he is certainly bullish on silver, 2025 has shown how unpredictable it can be:
“Rather than pick a price, I say we live in a world of probabilities. The likelihood that we see silver well above $100 is quite high to me. Could it be as high as $200 or higher? Certainly. But to say that would be a gamble, and an optimistic gamble.
“But look, if I told you last year that we’d see silver at $80, you’d say, ‘You know, that’s a pretty big statement, Andy.’ Yes, it certainly is. A gain of 150 percent in one year is quite large. So instead of continuing with that, I’d just say higher than most people probably think possible.”
Bullet briefing – Rio Tinto and Glencore reopen merger and acquisition talks
Commodities giants Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Glencore (LSE:GLEN,OTCPL:GLCNF) say they have restarted talks about potentially joining forces.
The two major miners previously spoke in 2024, but failed to reach an agreement. This time, they say their preliminary talks are focused on merging some or all of their businesses, and possibly Rio Tinto’s takeover of Glencore.
The news was first reported by the Financial Timeswith both companies confirming the story in press releases shortly afterwards. According to the news source, the combination would create a massive mining company with an enterprise value of more than $260 billion.
Both companies have said there is no guarantee a transaction will go through. However, it is worth noting that Rio Tinto has changed leadership since talks ended in 2024, with Simon Trott now at the helm. Glencore, in turn, has reorganized its coal assets.
Thursday’s (January 8) Financial Times article also notes that Glencore CEO Gary Nagle last month spoke about the importance of size in the mining sector, saying larger companies are better able to create synergies and attract talent and capital.
In any case, the regulations require Rio Tinto to announce its intentions before February 5 this year.
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