Gold, Silver and Platinum Shine as Safe-Haven Rally Extends into 2026

Gold, silver and platinum have been a shimmering success this year, with prices rising to multi-year highs and forecasts suggesting the rally could continue into 2026 and beyond. Investors have sought safe havens as the dollar’s traditional status as the world’s primary reserve currency wanes, a shift many analysts say is structural. Ole Hansen, head of commodity strategy at Saxo Bank, describes the mood as a 'persistent structural bid for security' that could keep gold, silver and platinum buoyant even as other assets wobble.

Since the start of the year, the price of gold has risen by 60 percent to $4,321, rebounding from a setback in October. Silver has staged a parabolic leap, climbing 121 percent to $63, supported by a supply crunch. The strength has been reflected in stock markets as well: Fresnillo, the FTSE 100 miner that produces both gold and silver, is up about 379 percent from the start of the year. Platinum has advanced 104 percent to $1,913, driven in part by shortages and gains in demand for catalytic converters and other automotive components as the pace of electric-vehicle adoption remains slower than some forecasts.

Looking ahead, several banks are constructive on the metal complex. Goldman Sachs has cautioned that gold could reach $4,900 in 2026, arguing that the precious metal remains relatively inexpensive as geopolitical risks and inflation pressures persist. Demand signals are strong from the official sector as central banks continue to accumulate bullion. In addition, exchange-traded funds backed by physical metal have drawn roughly £396 billion in net inflows this year, underscoring investor appetite for liquidity and diversification. Central-bank purchases are vast, with estimates suggesting official-sector gold holdings around £3.7 trillion. As de-dollarisation accelerates, countries such as Madagascar, Serbia and South Korea have joined the ranks of gold buyers, signaling a broader shift in reserve diversification.

Silver, once dismissed as the 'forgotten asset,' is increasingly described as the 'new gold' by market watchers. Some analysts forecast prices up to $100 in the coming year, aided by a US stockpile built in case tariffs or other trade measures threaten supply. Platinum is likewise gaining interest as an undervalued asset, underscored by its use in catalytic converters and engine components. The metal’s price resilience is partly linked to a slower-than-expected transition to full EV saturation, maintaining demand for platinum-containing catalysts. Central-bank diversification, together with industrial demand from electronics and solar industries, has supported platinum’s pricing despite broader geopolitical frictions. Saudi Arabia’s central bank has taken stakes in silver-focused funds such as the iShares Physical Silver and Global X Silver Miners, illustrating how sovereign buyers are widening exposure beyond traditional gold.

The supply and demand mix for platinum has also benefited from a revival in automotive catalysts and a steadier outlook for traditional petrol and hybrid vehicles, which keeps platinum relevant even as the world explores alternatives. Valterra, the South African platinum group firm that joined the London market this year, has seen its shares surge about 104 percent to around ZAR 1,913, signaling strong investor appetite for the metal’s potential upside.

Yet the rally in precious metals is not without caveats. The Swiss-based Bank for International Settlements has warned that gold’s ascent may reflect speculative buying by private investors driven by FOMO (fear of missing out), even as central-bank purchases remain a more persistent driver. Some investors worry a material correction could follow if macro conditions improve or if inflation expectations recede. Notwithstanding the concerns, high-profile investors have continued to advocate meaningful exposure to gold. Ray Dalio has advised clients to allocate as much as 15 percent of portfolios to gold, while many UK wealth managers typically recommend allocations around 4 to 5 percent as part of a diversified strategy.

For investors weighing how to gain exposure, there are several options. Physical gold bars and coins can be acquired through the Royal Mint or private dealers, but such purchases come with delivery, insurance and secure-storage costs. A simpler route for many is a low-cost exchange-traded fund backed by physical metal, such as funds offering gold, silver or platinum exposure. Invesco Physical Gold and Invesco Physical Silver, as well as WisdomTree Core Physical Silver and Invesco Physical Platinum, are common choices for those seeking diversified, liquid exposure. Gold mining shares can provide leverage to metal prices but can amplify downside during market corrections. Newmont, the world’s largest gold miner, has risen about 165 percent this year and trades near $102; analysts broadly rate it a buy as the company aims to deliver stronger returns under its new leadership. Barrick Gold is another widely watched name, viewed as a buy by many brokers, while Fresnillo carries a hold rating as investors assess whether this year’s outsized gains can be repeated. For investors preferring an allocation via a fund, Bestinvest’s Jason Hollands has highlighted Jupiter Gold & Silver and Ninety-One Global Gold as strong candidates for diversified exposure.

As readers chart potential allocations, it is important to consider risk tolerance, currency exposure and the role of each metal within a broader portfolio. Physical bullion offers a direct hedge and diversification, while ETFs remove some storage and liquidity frictions. Mining stocks can deliver upside in rising-price environments but carry company-specific risks and sensitivity to production costs. The evolving macro landscape, including shifts in reserve management and the pace of de-dollarisation, suggests that the precious-metal complex could remain in focus for investors seeking balance between liquidity, hedging and potential upside over the coming years.