Precious metals don't «fly» on a whim - they talk.
In one year, gold has risen by nearly 80 %, silver by 150 % and copper by more than 40 %. Three markets, three uses, one conclusion: it's not metals that are rising, it's fiat currencies that are collapsing. To reduce this historic shift to a speculative fad or a geopolitical episode is to refuse to see the essential point: a silent global referendum is underway, and it is targeting the heart of the current monetary system.
At the start of 2026, the figures are indisputable - and no longer just speculative anecdotes.
- Gold : +70 % since the beginning of 2025, +80 % over one year, above 4 500 USD/oz by the end of 2025, with projections of around 5,500 USD/oz from early 2026.
- Silver : +150 % over 2025, exceeding 110 USD/oz in January 2026 after a decade of underperformance.
- Copper : +43 % in 2025, the best performance since 2009, with peaks above USD 11,700/tonne.
These movements are neither synchronised by chance, nor can they be explained by simple geopolitical tension or an industrial cycle. They all point to the same cause: the structural loss of credibility of the fiat monetary system.
What metals really say
Gold and silver are not growth assets.
They are units of measurement.
When they set record after record, it is not they who are “creating value” - it is the decree currencies that are "creating value". are losing real purchasing power under the cumulative effect of perpetual debt, out-of-ground money creation and fiscal headlong rush.
At every peak, it is clear that the monetary promise is no longer being kept.
Money: the thermometer we tried to break
If silver has underperformed for a long time, it is not by chance.
- Physical rarity geological gold/silver ratio ≈ 1 for 15, This is a far cry from the paper market ratios that have been artificially imposed for years.
- Strategic metal This is essential for electrification, photovoltaics, advanced electronics and defence - official US recognition came decades late.
- The end of the paper illusion Demand for physical delivery, particularly in Asia, is leading to persistent price differentials between Western and Asian markets - a symptom of a fractional market that is running out of steam.
- Tension over reality When contract holders demand metal rather than cash settlements, the fiction disappears.
Silver is not catching up with gold: he frees himself.
Manipulation: established facts, no alternative thesis
The repeated convictions of major investment banks for manipulating gold, silver and copper are documented.
When these practices cease - or become untenable - the price does not skyrocket: it joins physical reality.
The signal from the major players
When the world's largest asset managers are focusing on exposure to metal supplied This is not opportunistic speculation.
It's a change of regime.
The market no longer trusts claims on metal. It demands metal.
Copper: the next systemic constraint
After monetary metals, strategic industrial metals follow the same logic:
chronic under-investment, incompressible mining lead times, exploding needs for electrification, data centres and critical infrastructure.
The rise in copper is not cyclical. It is structural.
What's collapsing is not a price, but a system
The simultaneous surge in gold, silver and copper is no fad.
It is a silent global referendum against :
- unlimited debt,
- money created by decree,
- confiscation of purchasing power through dilution.
Precious metals promise nothing.
They do not govern.
They take note.
And their verdict is now clear: confidence has left the fiat system.