Gold

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...

Today, China appears to be the absolute master of the silver market. The directives recently published by Beijing clearly show its intention to retake full control of this market and revalue the metal to levels many multiples above its initial price.

This week, we will look at how two Gold ratio charts are telegraphing a secular bull market that has a great deal of fuel left in the tank and in fact may just be getting started.

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.

As it does at the start of every year, Saxo Bank has unveiled its “Outrageous Predictions”: Beijing would launch an offshore yuan indexed to gold, which would thus become a trusted currency for trade and reserves, competing directly with the dollar.

With an increase of nearly 150% last year, silver is making a spectacular comeback. It remains to be seen whether this momentum will continue in 2026, as the white metal remains strategic.

Gold closed the year at $4,325 and Silver at $71.47. The significance of these annual closing values cannot be overstated — they are truly historic. And as we'll see in the following charts, the party has just begun!

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.