Financial markets

In an environment marked by persistent inflation, geopolitical tensions, and record government debt, the historical reflex would have been to seek refuge primarily in gold. However, it is equity ETFs and passive strategies that are capturing most of the inflows. Not out of deep conviction, but ou...

The rise in financial optimism comes at a time when the real economy is beginning to turn around. Historically, this type of dynamic precedes recessions. In this context, gold does not reflect a past crisis; it insures against a loss of future visibility.

With volatility no longer allowed to play its warning role, investors seek protection outside the system, independent of options and timing. Gold captures this long-term monetary mistrust, while silver, which is narrower and more sensitive to marginal flows, reacts more explosively.

The evolution of the gold price in 2026 remains conditioned by the prospect of lower key interest rates in the United States, changes in liquidity and demand for investment, jewelry, and central banks.

2026 will be a year of truth: either the system absorbs the shock and reconfigures itself, or it breaks down. And it is in this rupture, rather than in continuity, that the real rotation of capital will take place.

We are facing an extremely rare situation: the VIX is close to its lowest level in a year, around 14, while the price of gold is reaching historic highs. Under normal circumstances, this coexistence does not exist.

Gold continues to trade at high levels, but it is silver that is attracting the most attention. Day after day, the silver price is reaching new highs, as if it were reflecting a latent tension and a growing need for protection in the face of an increasingly administered financial system.

When gold enters a phase of rapid acceleration, silver – historically more volatile and reactive – will logically have to rise even faster. And if we use the Fibonacci sequence, employed by many technical analysts to identify major market levels, the following theoretical levels would be: $34,......

Silver has just crossed a symbolic threshold – more than $60 to $61 per ounce for the first time in history – after jumping 100 to 110% since the beginning of 2025. This movement is spectacular, but it does not necessarily mark the end of the story.

By cutting domestic demand for cryptocurrencies, Beijing is automatically redirecting savings diversification toward the only officially approved alternative asset: physical gold.