Analysis by Johnny Tieves at UBS: Gold could surpass $5,000 in the first half of 2026

In a market environment filled with uncertainty and global economic anxiety, the movements in precious and base metal prices attract the attention of both specialists and investors alike. Joni Tefs, a strategist specializing in precious metals at the giant UBS, has revealed her relatively optimistic outlook on the price trajectory of these commodities in the coming months.

Global Uncertainty Drives Demand for Precious Metals

Joni’s analysis indicates that the main driver behind the rapid rise in gold prices is investors’ desire to diversify their portfolios. Not only individuals and institutional investors are following this trend, but central banks around the world are also increasing their gold reserves as a safeguard against potential crises and ongoing economic pressures. This unified investment behavior reflects rising concerns about global economic stability and the ability of fiat currencies to maintain their value.

Gold: Strong Upside Momentum in the Coming Months

Joni Tefs from UBS emphasizes that gold still maintains strong upward momentum in the early part of this year. According to her assessment, continued doubts and fears about the independence of the U.S. Federal Reserve could increase the likelihood of gold surpassing the $5,000 per ounce mark. This price level represents a significant milestone in the market, and surpassing it could open the door to new higher levels for the price.

Silver and Copper: Benefiting from Improved Demand

Regarding silver, Joni sees it directly benefiting from the ongoing rise in gold prices. Additionally, narrowing the gap between supply and demand for silver provides a solid foundation for its price increase, with the white metal potentially challenging the $100 per ounce level this year. As for the copper market, the situation is also developing positively. With accelerating demand for copper driven by the global transition toward clean and renewable energy, the supply-demand balance is becoming more intense and tighter, indicating expectations of rising average copper prices.

Joni Tefs Emphasizes the Importance of Investment Diversification

Joni’s perspective from UBS combines a deep understanding of macroeconomic conditions with a precise grasp of the metals market dynamics. She believes that investment diversification involving precious and base metals has become an urgent necessity for investors seeking to preserve the value of their assets in this turbulent period. Based on this comprehensive analysis, Joni Tefs’ outlook appears to reflect a plausible market scenario grounded in actual economic developments and current investment trends.