Teves' Bold Call: Gold Heads Toward $5,000 as Macroeconomic Fears Intensify

UBS’s precious metals strategist Joni Teves has made a compelling case for gold prices in 2026. According to recent analysis, if concerns about Federal Reserve independence persist, the precious yellow metal could test the $5,000 per ounce mark during the first half of this year. Teves’ outlook reflects a broader shift in how major market players are positioning themselves amid global economic uncertainty.

The Diversification Boom Driving Gold’s Rise

The surge in gold prices isn’t coming from a single source—it’s a coordinated move across multiple investor tiers. Institutional investors, retail traders, and central banks worldwide are all increasing their precious metal allocations as a hedge against macroeconomic risks. This diversification demand represents the primary force behind the ongoing rally, according to Teves’ analysis. Rather than viewing gold as a speculative bet, major players are treating it as essential portfolio insurance in an unpredictable environment.

The fears surrounding the Federal Reserve’s independence add another layer to gold’s appeal. Any perceived weakness in the central bank’s autonomy tends to trigger safe-haven flows into precious metals, potentially accelerating the climb toward the anticipated $5,000 level that Teves highlighted.

Silver Climbs Higher While Copper Tightens

Beyond gold, Teves sees strength in other precious and industrial metals. Silver is riding on gold’s coattails while benefiting from its own improving supply-demand dynamics. The white metal could challenge the $100 per ounce threshold before year-end, presenting another compelling opportunity for investors seeking exposure to precious metals.

Copper tells a different story but remains equally bullish. Driven by the accelerating energy transition demand—particularly from renewable energy infrastructure and electrification projects—the copper market faces a tightening supply situation. This structural imbalance is expected to support higher price levels for the red metal throughout the year.

Teves’ multi-metal outlook underscores a critical theme for 2026: precious and industrial metals are responding to fundamental shifts in how the world manages economic uncertainty and energy transition. Investors watching these commodities should keep a close eye on both macroeconomic indicators and central bank actions, as these will likely determine whether Teves’ gold forecast comes to fruition.