Precious Metals Set to Shine in 2026, Say Wealth Managers
Despite gold’s remarkable 60% rise so far in 2025, leading investment experts remain optimistic about its performance into 2026. Peter Boockvar, CIO at OnePoint BFG, highlights sustained central bank purchases and pent-up Western demand as key drivers. He anticipates Federal Reserve rate cuts and a softer US dollar to fuel further gains. Boockvar is also bullish on silver—up 99% this year—and platinum, which has gained 80%, citing favorable supply-demand dynamics.
However, copper’s outlook is more cautious due to slowing demand from China’s property sector stress, despite a 34% rise this year. Anshul Sharma of Savvy Wealth points to geopolitical tensions, steady real yields, and record central bank buying as catalysts for gold’s surge, expecting a more moderate but positive trajectory next year as the economy slows and the dollar weakens. He underscores that metals behave differently: silver tracks gold but with higher volatility, platinum and palladium tie closely to automotive demand, while copper remains critical for electrification and AI power needs.
Nolan Mauk from Orion emphasizes structural tailwinds for gold, including accelerated US money supply growth and strong foreign central bank buying aimed at reducing dollar dependency. In fact, central banks now hold more gold than US Treasuries as a share of reserves—a level unseen since 1996.
When it comes to portfolio strategy, experts suggest a balanced approach. Boockvar advocates owning precious metals not just for diversification but for expected price appreciation. Sharma views gold mainly as a risk-management tool against macro uncertainty, recommending modest allocations. Meanwhile, Mauk advises caution due to gold’s volatility, suggesting allocations between 0% and 5% to harness diversification benefits without excessive risk exposure.
Overall, 2026 looks promising for precious metals investors, especially those focusing on gold and silver. Industrial metals like copper and platinum offer thematic opportunities linked to broader trends such as electrification and infrastructure, though they require careful consideration of sector-specific risks and demand dynamics.
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