Precious Metals After Record Highs: What Should Investors Expect?

Gold and silver have surged to record highs, raising questions about what lies ahead for investors. While equities have faced pressure from fund flows shifting toward precious metals, the outlook for gold and silver remains nuanced. Gold continues to act as a store of value amid global uncertainty, central bank buying and declining trust in fiat currencies. Silver, on the other hand, behaves more like an industrial metal, driven by emerging use cases and tighter demand-supply dynamics. However, sharp price spikes often attract financial investors, increasing volatility, especially in silver. With broader metals like copper and aluminium also gaining traction, the key question is whether precious metals consolidate or extend gains into 2026. Investors may need to balance conviction with caution as the cycle evolves.