A very Happy New Year to you, and to the start of 2026.
We have no doubt that the year ahead will be an interesting one indeed, and we look forward to speaking with many of you over the coming months about precisely that. If the opening weeks are any guide, this is already shaping up to be a year that will reward close attention rather than casual optimism.
You may have noticed that this is our first email of the year. While we have been quiet in your inbox, the markets have offered little opportunity for complacency. In particular, it would have been hard to miss what has happened to silver. What an eventful few weeks it has been.
For some, the move has been a cause for celebration. For others, it has arrived against a backdrop of broader concern. Rising prices are rarely just about enthusiasm, and this moment feels less like exuberance and more like a market grappling with forces that extend well beyond sentiment alone.
Silver’s behaviour over the opening weeks of 2026 has felt unfamiliar. Prices have moved decisively, but what has unsettled many observers is not simply the magnitude of the move. It is the sense that the market itself is responding to a changing environment, shaped by policy, geopolitics and shifting assumptions about how resources are accessed, priced and prioritised.
At the same time, the geopolitical backdrop has become more explicit. Access to resources is no longer treated as a background economic issue, but increasingly as a strategic one. That shift has implications not just for silver, but for the wider financial landscape in which it trades.
We have just released a new video that explores these developments in detail. It is not a price forecast, nor an attempt to declare where silver goes next. Instead, it is an effort to make sense of why this market feels different to previous cycles, and why the current environment warrants a more considered reading than headline prices alone can offer.
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