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Targets for precious metals?

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Question asked 31/01/2026

Targets for precious metals?

There are some mind-boggling targets being tossed around for the likes of gold, silver, aluminium, copper, platinum, palladium - you name it. Let's just stick with gold and silver. Would you like to offer your own realistic medium-term (12-24 months) targets for these precious metals? Of course, the reason for the question being: should I keep averaging up at these elevated valuations? Thank you once again, gents.

Answer

Hi David,

That’s a tough one with both gold and silver accelerating to the upside as we type. MM is bearish towards the $US over the next two years which as we saw on Tuesday night, following President Trumps comments around “not being concerned around the weakness in the $US” creates a huge tailwind for precious metals. Trump’s comments added fuel to what was already the dollar’s deepest drop since his tariff rollout sent markets into a tailspin last year, fanning fears that his erratic policy shifts would drive overseas investors to pull back from the US.

Assuming we are correct and the $US Index is headed towards the 90 area, even though we are neutral/cautious in the short-term towards precious metals given the parabolic moves, the bigger picture looks bullish:

For silver we can see ~$130/oz over the coming 2-years.
For gold we can see ~$US5,800/oz over the coming 2-years.

However, we reiterate precious metals are volatile, especially when the crowd is aggressively long and bullish as they are now, and we see another $US400-500 pullback at at least one stage in 2026 – we prefer to buy the dip as opposed to chase the strength during parabolic rallies.

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Gold Spot ($US/oz)

LAST UPDATED 28/01/2026 14:07

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