Over the next 12 months, I see gold's primary driver as macro uncertainty rather than pure inflation. Slowing global growth, rising geopolitical risks, and the growing need for portfolio hedges are pushing central banks and long-term investors to hold more gold. Even if the Fed doesn't cut aggressively, the market is already pricing in a world where real rates struggle to stay restrictive for long, which remains supportive for gold.

I view the recent strength in both silver and gold as fundamentally healthy, not speculative excess. Gold is acting as the anchor—benefiting from safe-haven demand and central bank buying—while silver is expressing a higher-beta version of the same thesis, amplified by industrial demand tied to energy transition and electronics. This combination suggests the move is broad-based rather than driven by a single narrative.

In the near to medium term, I do expect silver to continue outperforming gold, but with higher volatility. Silver tends to lead when precious metals enter a momentum phase, especially when investors rotate from defensive positioning into reflation or growth hedges. That said, silver's outperformance usually comes in bursts, so pullbacks should be expected even within a strong trend.

As for gold reaching $5,000 in 2026, I think it's possible but not my base case yet. That level would likely require a clearer global slowdown, policy missteps, or renewed financial stress. If growth deteriorates meaningfully and confidence in fiat stability weakens, $5,000 becomes realistic. Until then, I see gold continuing to trend higher with volatility—less about chasing price targets, and more about its role as a long-term strategic asset.

As a retail investor, I focus mainly on the US and Singapore markets, combining a mix of technical trading and long-term investing strategies. I enjoy analyzing charts, spotting patterns, and making calculated moves based on both market sentiment and fundamentals. While I'm not a professional, I treat my portfolio seriously and continue to learn and grow with each trade. If you're also navigating the markets and enjoy discussing stocks, options, or market trends, feel free to follow me. Let's learn and grow together as a community. 

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# Silver Short Squeeze? Hold or Shift to Gold?

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  • nizzmo
    ·12-18 16:19
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    [强] Solid macro analysis! Silver's volatility makes it fun to trade
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    • Shyon
      Silver really bullish this year
      12-18 23:37
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