Gold and Silver Hit Historic Highs as Copper Breaks Out — Are We Entering a New Global Metals Super‑Cycle?

1/29/2026 • 7 min read • by Kelvin Jones

"Gold and Silver Hit Historic Highs as Copper Breaks Out — Are We Entering a New Global Metals Super‑Cycle?"

🧠 Executive Summary

Gold and silver have surged to fresh all‑time highs, breaking through earlier price targets and forcing macro economists to update their models. Copper is now joining the rally, signaling a broader shift across global hard‑asset markets.

Economists increasingly view this as a structural repricing, not a short‑term spike — driven by central bank accumulation, supply constraints, geopolitical fragmentation, and long‑term industrial demand.

The synchronized breakout across monetary and industrial metals has revived discussions of a new global metals super‑cycle.

🏦 Gold: A Structural Repricing, Not a Rally

Gold’s move has exceeded earlier projections, pushing well beyond prior targets and prompting economists to shift from short‑term forecasting to long‑term structural modeling.

Updated macro projections:

• Goldman Sachs now frames gold’s move as a “multi‑year valuation reset,” with upside scenarios reaching $6,000–$6,500/oz under continued central bank diversification.
• UBS Global Wealth Management sees potential toward $6,300, driven by a weaker USD and expectations of further rate cuts.
• JPMorgan Macro Strategy models a new equilibrium band that could extend toward $6,800 if global liquidity improves.
• Debt‑cycle economists highlight fiscal dominance and long‑term sovereign debt concerns, suggesting gold could overshoot $7,000+ before stabilizing.

Key drivers:

• Central bank accumulation at record pace
• Rising geopolitical risk premium
• Long‑term real rate compression
• Currency debasement hedging
• Persistent fiscal stress

Gold is no longer trading like a commodity — it is trading like a global monetary hedge.

🏦 Silver: Dual‑Engine Demand Pushing Toward Triple Digits

Silver is outperforming gold on a percentage basis, driven by both monetary and industrial demand.

Updated economist projections:

• Citi sees silver tracking toward $90–$110/oz under strong industrial demand.
• Bank of America models potential upside toward $120/oz as solar and battery demand accelerates.
• Independent macro analysts note silver’s tendency to overshoot gold’s percentage gains during structural cycles.

Drivers:

• Solar and battery technology expansion
• Electronics and semiconductor demand
• Monetary hedging alongside gold
• Tightening supply conditions

Silver’s rally is unusual because it is being powered by both safe‑haven flows and industrial growth.

🏦 Copper: The Red Metal Confirms a Global Demand Shift

Copper’s breakout is being treated by economists as a macro confirmation signal, not a speculative move.

Updated projections:

• Goldman Sachs reiterates a decade‑long structural deficit, projecting $6.50–$7.00/lb over the next 12–18 months.
• CRU Group highlights supply shortfalls that could exceed 300,000 tons, with upside toward $15,000/ton.
• Macquarie notes that AI data center buildouts and electrification are creating non‑cyclical demand, with potential for $8.00/lb in high‑demand scenarios.

Drivers:

• Underinvestment in mining infrastructure
• Electrification and renewable energy
• AI‑driven industrial demand
• Supply disruptions in key producing regions

Copper’s rise signals real economic demand, distinguishing it from purely monetary metals.

🏦 Are We Entering a New Global Metals Super‑Cycle?

The simultaneous breakout in gold, silver, and copper is historically rare. Economists are increasingly describing this as:

• “A global hard‑asset repricing”
• “Metals super‑cycle 2.0”
• “A new commodity monetary regime”

Shared macro forces:

• Geopolitical fragmentation
• Central bank diversification
• Long‑term supply shortages
• Fiscal stress and currency debasement
• Industrial demand from electrification and AI

This alignment across monetary and industrial metals suggests a multi‑year structural shift, not a temporary rally.

🏦 What This Means for Markets

The metals complex is signaling:

• Rising demand for non‑sovereign stores of value
• Long‑term pressure on fiat currency systems
• Structural supply shortages in industrial commodities
• A potential rotation toward hard assets across portfolios

For crypto markets, the implications are clear:
BTC and ETH increasingly trade as digital commodities, and their long‑term positioning may benefit from the same macro forces driving metals higher.

Published January 29, 2026. Last updated January 29, 2026.