Former Goldman Sachs Managing Director and renowned economist Nomi Prins has attracted market attention with multiple accurate gold price predictions. By combining global supply and demand patterns with geopolitical situations, she has provided a core bullish outlook for precious and industrial metals in 2026 — silver becoming the leading variety for the year, with gold and copper following closely to welcome structural upward opportunities.
The silver rally has been realized ahead of schedule, with institutions providing clear target prices.
The leading silver market has been realized ahead of schedule at the beginning of 2026, with spot silver rising over 37% since the start of the year. On January 23, it broke through $99.01 per ounce during intraday trading, setting a new historical high. As of January 29, the latest quote for London silver has reached $113.619 per ounce.
Based on the latest predictions for 2026 from authoritative financial institutions such as Xueqiu and JPMorgan, the target price range for silver for the year is $100-120 per ounce, indicating potential for phased price increases within the year based on current prices.
Three core drivers support the bullish logic for silver:
The sustained rise in silver is not a short-term trend, but an inevitable result of a combination of supply-demand gaps, strategic attributes, and financial characteristics, all supported by clear market data:
The structural supply-demand shortage continues to worsen.: The global silver market has been in a state of supply-demand imbalance for five consecutive years, with the supply-demand gap reaching 3,660 tons in 2025, and this number is expected to expand to 7,000-8,000 tons in 2026. Silver inventories at major precious metals exchanges in Shanghai, London, and elsewhere have fallen to a ten-year low, and the market for deliverable spot silver is extremely tight. Additionally, over 70% of silver is derived from copper, lead, and zinc polymetallic ores, with independent silver mines having a low proportion and a production expansion cycle lasting 5-10 years, indicating no short-term relief on the supply side.
The core strategic value of the electric power era.: Silver is currently the best-known conductive metal, and with the rapid development of three major sectors: photovoltaics, new energy vehicles, and AI computing power, its industrial demand has risen to 58%. In the photovoltaic field alone, the global silver consumption is expected to reach 7,560 tons by 2025, making it the world's largest 'silver consumer', and silver's core position in the electric power industry chain is irreplaceable.
The core target of the global monetary landscape.: The global monetary landscape is currently undergoing adjustments, with the US dollar shifting from traditional 'oil binding' to 'electric metal binding'. As a core electric metal, silver's pricing power has become a key focus in the power games between major countries. At the same time, the Federal Reserve has officially begun its rate-cutting cycle, and the expectation of a long-term weakening of the US dollar has been further strengthened, compounded by silver's own financial hedging properties, driving its price to continue rising.Gold and copper are both bullish, with differing emphases in their upward logic.
Besides silver, gold and industrial metal copper are also favored by institutions and industry experts, with clear upward logic for both and explicit price predictions and market support:
Gold: Nomi Prins has clearly predicted that the gold price will reach $5,000 per ounce by the end of 2026. The current latest quote for London gold is $5,303.05 per ounce. Although there may be fluctuations in the short term, the long-term bullish trend is clear. Core support comes from the actions of global central banks increasing their holdings; currently, 95% of central banks worldwide plan to continue increasing their gold holdings, and with ongoing geopolitical risks, the hedging and reserve value of gold is further highlighted.
Copper: As the 'king of industrial metals', copper is experiencing a surge in demand due to the development of the new energy industry and the advancement of global power grid renovation projects. It has been assigned a new label as 'technology food'. According to JPMorgan's latest forecast, copper prices will rise to $12,500 per ton in the first half of 2026, making it a core bullish variety among industrial metals.
The ranking for bullish commodities in 2026 is clear, with crude oil temporarily at the bottom.
According to the 2026 commodity outlook reports from mainstream authoritative institutions such as JPMorgan and Xueqiu, the core ranking of bullish varieties is: silver > copper > gold > platinum.#美联储利率决议 #代币化白银热潮 $XAG
