Will the golden wave continue? What awaits investors in 2026

Gold, silver, and platinum have just exploded this year. While everyone was talking about artificial intelligence and stocks, these metals quietly made a real revolution in the market. Silver surged by 150%, platinum by 130%, and gold by 64%. For comparison: most AI stocks didn’t even come close to these figures. This is not a coincidence but a result of fundamental changes in the global economy.

Why are countries choosing metals instead of dollars?

The turning point occurred back in 2022 when the US imposed sanctions on Russia. Central banks around the world suddenly realized that dependence on the dollar system is like having all your capital with one intermediary. One decree — and your reserves can be frozen. Since then, a massive reorientation has begun: countries started reducing their holdings of American bonds and accumulating gold.

This is not just panic. It’s a systemic change in strategy. BRICS is developing alternative currencies with partial gold backing. Russia, China, India, and other countries are actively increasing their reserves of precious metals. This wave of de-dollarization is gaining momentum.

US debt: when paper promises lose value

The US federal debt has exceeded $38 trillion, and the figure is growing every year. The country cannot simply pay off this debt through traditional mechanisms — it’s mathematically impossible. The only way out: allow inflation to quietly devalue the debt. This is akin to a hidden tax on everyone holding dollars.

Over the past 5 years, the real value of the dollar has fallen by 20%. Since 2000 — by 40%. Americans feel this in their wallets: all prices have skyrocketed, wages are lagging behind. The younger generation has already learned to look skeptically at paper promises. Gold and silver, in this situation, become a logical choice — tangible assets that cannot be “printed.”

Metal supply: production crisis

Gold mining is an expensive endeavor with minimal new deposits. Regarding silver and platinum, they have been facing supply shortages for several years. Developing new deposits abroad takes years, while countries are simultaneously stockpiling these resources as key strategic assets. This mismatch between demand and supply will not disappear in the near future.

Even retailers like Costco have started actively offering gold and silver to ordinary households. In Q3 2025, gold in American ETFs increased by 160%. In the first half of the year, silver funds received 95 million ounces — more than all of 2024.

What’s next? 2026 will be interesting

Don’t expect a jump as wild as in 2025, but the gold wave is not over. If the Fed and other banks continue easing policies, and if the US government cannot manage its debt, concerns about inflation will remain acute.

During the Asian session on January 2, spot gold already rose by 0.65%. Its current price is $4,350.67 per ounce. Under these conditions, tangible assets will continue to serve as a “hedge” against the devaluation of paper money. It’s simply a matter of time.