After a remarkable 2025, gold and silver have surged to new highs in early 2026, driven by a complex mix of geopolitical developments and speculative flows. What is fuelling this rally, can it continue, and how should investors position themselves in these volatile markets?

In this episode of Moving Markets – The View Beyond, Bernadette Anderko is joined by Julius Baer’s Carsten Menke, Head of Next Generation Research, and Christopher Irwin, Head of FX and Precious Metals Trading, to dissect the forces behind the explosive moves in gold and silver. The discussion covers the impact of US political dynamics, the role of central bank and ETF flows, the unique characteristics of the silver market, and the macro factors investors should monitor. The episode concludes with practical guidance for managing risk and navigating heightened volatility in precious metals.

(00:00) - Introduction
(01:26) - Key catalysts behind the gold and silver rally
(03:12) - Trading flows, speculative positioning, and physical demand
(04:25) - The role of the Shanghai Futures Exchange and silver market dynamics
(04:58) - Silver – currency or commodity?
(07:00) - Geopolitics and the persistence of the rally
(08:43) - Erosion of confidence in US assets and implications for gold and silver
(09:06) - Silver’s acceleration and trading behaviour
(10:35) - Fundamental differences between gold and silver
(11:59) - Macro factors to watch: interest rates, inflation, and the US dollar
(13:09) - What investors should focus on now – gold
(14:10) - What investors should focus on now – silver
(15:02) - Key takeaways from trading
(16:00) - Closing remarks

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The View Beyond: Is the precious metals mania set to continue?

Moving Markets

The View Beyond: Is the precious metals mania set to continue?