The start of trading in 2026 has given the precious metals market a blow. Gold and silver prices both rose, continuing their strongest annual performance since 1979. What do you think of this wave of market? Market voices are actually divided.

Tim Waterer, chief market analyst at KCM Trade, is relatively optimistic - the trend of precious metals basically continues the pace of 2025, and the selling pressure at the end of the year has eased. However, Daniel Ghali, senior commodity strategist at TD Securities, warned that the Comex silver market could see a sell-off of up to 13% of total open interest in the next two weeks, which would directly push up volatility. Post-holiday liquidity is already relatively thin, and this sell-off may have knocked prices apart.

However, from the perspective of the attitude of banking institutions, bullish gold prices are still the mainstream voice this year. The logic behind it is not difficult to understand - the Fed is expected to continue to cut interest rates, which is naturally good for safe-haven assets such as precious metals. Coupled with the fact that the U.S. leadership is adjusting the Fed's policymakers, market expectations for the next policy direction are still rising. Goldman Sachs even gave an aggressive forecast: the price of gold is expected to rise to $4,900 per ounce.