Supply & Demand

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.

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.

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.

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,......

The bull market in gold that began 25 years ago appears to have more legs, and its most impulsive price action might just be ahead of us.

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.

On Friday, a buyer reportedly placed an order representing nearly half of the world's annual silver production.