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Question asked 23/01/2026

Precious Metals

I have a real interest in ETPMAG (Silver); ETPMPD (Palladium); ETPMPM (Precious metals basket) and ETPMPT (Platinum) as 3 month or so investments, especially if IKO (Korea as a 50% weighting in my portfolio) falls over. I have read a long article by Sprott Asset Management - who you may have come across, as like you they are very sophisticated analysts, and the future of silver looks very positive. What do you think? I'm keen to be able to sleep at night, particularly as their rise has been so rapid, I get apprehensive about a bigger pull back than you mention in your notes on ETPMAG. Looking for some guidance here as I'm well aware I'm a late entrant into this groups of precious metals. I'm interested in your outlook for these metals, especially as for a very short time - about 3 weeks - I was kicking myself for not having a position in precious metals. Not today though (30 Dec) as at 11.10 am silver down 8.6%, palladium down 9.8% and platinum down a mere 13.1%. With the rapid rise, one could only expect a rapid decline, but as I prefer not to be on the computer 24/7 I invested heavily in Asia instead. So what next in 2026 in your opinions?

Answer

Hi Bill,

The rally by precious metals over the last few months has been parabolic, its looked extended on a number of occasions but often 24-hours later they’ve been significantly higher. In this answer we’ve focused on silver which hasn’t been all one-way traffic on a day-to-day basis, silvers corrected 18%, 16%, and 17% on occasions over the last 9-months – great for the traders who adopted a “buy the dip” strategy.

We do know Sprott well and have met with them several times, mainly around Uranium. Important to note, they do have deep market insight, but they are also talking up their own book, with two investment funds in Silver (and various other commods).

Bigger picture, industrial demand for silver remains important in solar, electronics, and EVs while investor/speculative demand has surged since late 2025, just as it has for gold. Silver trades with greater volatility than gold, which delivers sharper pullbacks and larger rallies. At MM we’ve gone out on a limb a few times with gold and silver, including trimming our gold exposure into new highs on Wednesday. Here goes again:

We believe the next 15-20% pullback is close at hand and would not be chasing strength at current levels.
However, we still like buying the dip but it could easily be another deep washout – look out for alerts if this pullback unfolds.

MM is bullish silver in the medium term, but not at current levels.

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Silver Spot ($US/oz)

LAST UPDATED 22/01/2026 13:46

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