By Billy Leung
Publication Date: 2025-12-09 03:14:00
Theme 2: Gold and silver demand driving bullion
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We expect gold purchases by central banks and retail investors to continue in 2026. After a healthy period of consolidation, gold could continue its rally and potentially test the $4,500 ($6,800) resistance level.
This move is likely to be accelerated by the Federal Reserve’s return to interest rate cuts in early 2026. We view gold as the most effective hedge against persistent economic and geopolitical tail risks in 2026, while structural drivers such as continued central bank accumulation and robust ETF demand underpin an exceptionally constructive environment for gold.
We also expect silver to resume its strong momentum next year, albeit at a more moderate pace than the aggressive rally we saw in 2025. Rising demand from energy transitions and next-generation chip technologies is colliding with a supply deficit, reinforcing silver’s long-term investment appeal.
His long-standing relationship with gold…
