:
The launch of our annual Gold Outlook Report comes at an unusual moment.
January delivered one of the most volatile openings to a year that gold and silver markets have ever seen. Prices surged, making new all-time highs almost daily before reversing sharply. Many market historians said it was the single-most volatile trading day in the metal’s history, ever.
But beneath the noise, the fundamentals tell a far more grounded story.
That story—along with our award-winning macroeconomic analysis, commentary and proprietary basis and cobasis analysis—is now available in this year’s Gold Outlook Report 2026.
We discuss:
- Why prices move the way they do
- What is driving increased demand for gold and silver, and whether the demand is monetary or industrial
- How gold and silver are evolving from static assets into functional, productive, dynamic monetary alternatives.
- Whether or not silver really is in a structural deficit
- Who is buying in size right now, and who isn’t
Also, we include exclusive intra-day analysis of the price action during the last week of January. Speaking of…
What the heck happened last week?!
In the final week of January, gold surged nearly 30% in less than a month, reaching an intraday high near $5,600—before falling sharply the very next day. Silver followed with even more dramatic swings, reaching as high as $120, before finishing the week just above $80.
Wow.
Most market commentary stops at the price chart. But as regular readers of our analysis know, there is no monolithic price. There is only bid and offer, carry, and de-carry, basis and cobasis.
Changes in the price you see on your screen occur at the margins of these bids and offers.
And that’s precisely what we drill into in this year’s report.
But the Gold Outlook 2026 goes even further, presenting exclusive intraday fundamental analysis that examines what was actually traded—metal or futures—and how supply and demand behaved during the most violent moves of the month.
This kind of analysis is rarely published because it requires both the data and the monetary framework to interpret it correctly. It is also why price alone can be misleading—especially during fast-moving markets.
Download the Gold Outlook Report 2026 for free to unlock this exclusive analysis.
Monetary competition, not collapse
Beyond January’s volatility, the Gold Outlook 2026 places the metals within a broader macro framework: this is not an era of imminent financial collapse, but one of intensifying monetary competition.
Currency markets are converging around a dominant winner—the U.S. dollar. Monetary markets are doing the same and gold and silver are increasingly winning the competition for savings and investment, as retail, institutional, and sovereign investors seek out the precious metals.
At the same time, innovation is upgrading gold’s role. Tokenization, modern custody, and yield-bearing structures are eliminating the false tradeoff between owning gold and earning yield on gold.
Download the full Gold Outlook 2026 report here
What the 2026 Outlook covers:
The full report provides:
- A macroeconomic framework focused on competition, not crisis
- Analysis of how debt, interest rates, and monetary policy continue to put pressure on currencies
- A deep dive into gold and silver fundamentals, including basis and cobasis analysis
- A detailed review of January 2026’s extreme volatility, with exclusive intraday charts of our proprietary indicators
- Monetary Metals’ gold and silver price price predictions for 2026
Last year’s outlook correctly identified the forces driving metals higher. This year’s builds on that work with sharper tools and real-time evidence from one of the most turbulent months on record.
Download the full Gold Outlook 2026
The Gold Outlook 2026 is designed for investors who want to understand what is happening beneath the surface—and what it means for gold and silver in the year ahead.
