1. Total Metals Corp (TSXV:TT, FSE: O4N)
Total Metals Corp. is focused on advancing high-grade gold projects to production.
The precious metals market has continued its rally at the beginning of 2026. Driven by strong safe-haven demand, the spot price of gold set another record high on Wednesday, January 14, while the price of silver surged past the $90 per ounce mark, significantly outperforming gold.
Spot gold reached a peak of $4,641.29 per ounce, marking a year-to-date gain of 6%. The price of silver soared to a record high of $92.23 per ounce, with a year-to-date increase exceeding 14%, continuing to outpace gold.
This explosive rally in precious metals is fueled by multiple factors. Alex Ebkarian, Chief Operating Officer at Allegiance Gold, stated, “All roads are leading to gold and silver.” He believes that demand from diverse buyers indicates the market has entered a structural bull phase.
On one hand, rising geopolitical tensions worldwide are driving investors towards traditional safe-haven assets like gold. On the other hand, concerns over currency depreciation due to ballooning government debt, particularly in the context of recent U.S. developments, are intensifying. This week, the Trump administration’s renewed criticism of the Federal Reserve and attempts to interfere with monetary policy have further deepened these concerns.
Hao Hong, Chief Investment Officer at Lotus Asset Management, commented, “When gold moves first, it usually signals declining trust in fiat currencies. When everything is measured against gold, most assets look cheap right now, which provides a strong tailwind for commodities, especially metals.”
Additionally, growing market expectations for Federal Reserve interest rate cuts within the year have lowered the opportunity cost of holding non-yielding assets like gold, providing further support.
As for silver, while riding the tide of gold’s rise, it also faces a unique supply tightness. The prospect of potential U.S. import tariffs on silver, especially after its inclusion on the critical minerals list, has prevented some metal from leaving the U.S. and entering the dominant spot trading hub in London, leading to severe market shortages.
Andrew Matthews, Global Head of Precious Metals Distribution at UBS Group, noted that the white metal is in a “perpetual state of backwardation.” He explained: “Tighter availability of metal generally results in higher prices, and speculators buy into that strength, creating a chicken-and-egg effect. That’s certainly what we’re seeing right now.”
The rapid surge in gold and silver prices so far this year is approaching or has already exceeded forecasts from several major banks. Citigroup recently raised its three-month price targets for gold and silver to $5,000 per ounce and $100 per ounce, respectively.
Despite the strong start to 2026, and following impressive gains of 65% for gold and 150% for silver last year—their best annual performance since 1979—some analysts are warning of potential pullback risks. Joni Teves, Precious Metals Strategist at UBS, suggested that “it would be healthy” for the precious metals market to see some consolidation before the next leg higher.
