Theme 2: Gold and silver demand to buoy bullion
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We expect gold buying by central banks and retail investors to persist in 2026. Following a healthy consolidation phase, gold could resume its rally and potentially test the $US4500 ($6800) resistance level.
This move is likely to be catalysed by the US Federal Reserve’s return to cutting interest rates in early 2026. We view gold as the most effective hedge against lingering economic and geopolitical tail risks heading into 2026, while structural drivers such as sustained central-bank accumulation and resilient ETF demand underpin an exceptionally constructive backdrop for gold.
We also expect silver to resume its strong momentum into next year, albeit at a more measured pace than the aggressive rally we have seen in 2025. Rising demand from the energy transition and next-generation chip technologies is colliding with a supply deficit, reinforcing silver’s long-term investment appeal.
Its long-standing relationship with gold should also provide a supportive tailwind, particularly as we expect gold to outperform over the next 12 months.
The price of gold has skyrocketed this year.Credit: Bloomberg
Theme 3: Bitcoin adoption to broaden
While precious metals have been key beneficiaries of volatile geopolitics, trade tensions and inflationary concerns, 2025 also marked an evolutionary year for Bitcoin as it began staking its own claim as a store of value.
This is not to say Bitcoin has shed its speculative characteristics or is anywhere near replacing gold, and recent shakes highlight the cryptocurrency asset class remaining volatile. But demand is high enough, including from institutions, to warrant a second look at aspirations of Bitcoin becoming “digital gold” in 2026.
Theme 4: Real assets to provide resilience
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A related theme is that investors may seek assets that can preserve real value in an environment of persistent fiscal risk and economic uncertainty.
While gold remains a core expression of this view, commodities more broadly are likely to play an important role in 2026, with copper and uranium likely to build on their strong gains in 2025. Lithium prices could build on their strong rebound, potentially taking ASX-listed lithium miners with them.
The growing electric vehicle sector explains some of the demand; the sector is entering a more favourable and profitable phase. Healthier automakers are likely to reinvest in next-generation battery production, all of which supports stronger visibility for battery providers, lithium producers and the entire battery value chain.
As profitability returns to the top of the stack, the upstream ecosystem stands to benefit, creating a more compelling opportunity across batteries, materials and the broader electrification theme.
Theme 5: Investing in growth companies backed by attractive valuations
Investing in growth equities backed by attractive valuations and earnings could be important to achieve equities outperformance in 2026. A GARP strategy, or Growth at a Reasonable Price, is one of the best-performing equity factors over the last 20 years.
GARP investing captures companies with strong, sustainable earnings growth, but without overpaying for it. While the US still leads in innovation and profitability, the story is broadening.
Europe is stabilising as energy and investment programs gain traction, Japan continues to benefit from corporate reform and an undervalued currency, and Asian companies are showing strength through supply chain diversification and rising domestic consumption.
Billy Leung is a senior investment strategist at ETF provider Global X.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions.
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