Have you noticed that the logic of the precious metals market has completely changed in the past two years? It’s no longer just pure speculation or bubbles; there are deeper structural supports at play behind the scenes.

Let's start with gold. Its true turning point was in 2022. When the Russia-Ukraine conflict erupted, the US and its allies began using the dollar as a weapon—by imposing sanctions to target Russia. This move unexpectedly changed the strategy of global central banks. Price was not the main consideration; central banks were aggressively buying gold to hedge political risks. This policy shift appears to be long-term because global central bank gold reserves remain relatively low, leaving significant room for accumulation.

Now, look at silver. Its story has only recently begun to unfold—basically, this bull market only really took off this summer. Why? Simply put, there is a scarcity of readily available silver in the global market. How significant is liquidity pressure? There are currently no simple or blunt solutions. But that’s not a bad thing; strong industrial demand will continuously support silver, just as central bank buying supports gold.

By 2026, the market’s pace will noticeably slow down. If 2025 is a breakout year, then 2026 should return to a rational growth track. Gentle increases and gradual progress—that’s the healthy trend. Don’t mistake volatility for a warning signal; it’s inherent to these assets—ups and downs are normal.

In summary, the reshaping of the precious metals market is not a flash in the pan but a process of re-establishing its position in global investment portfolios. The necessity of hard assets has been fully recognized by the market, and this logical framework will guide the market trends in the coming years.