According to the Swedish asset manager AuAg Funds, gold and silver are in an exceptionally strong long-term uptrend. In its 2026 outlook, the firm describes an environment in which both metals could benefit from profound macroeconomic changes – albeit accompanied by significant price fluctuations.
In their 2026 outlook, the experts state that they expect a sustained increase to over $6,000 per ounce for gold and $133 per ounce for silver. In the coming years, AuAg Funds even anticipates an increase to $10,000 and $300 per ounce, respectively!
The past months have already shown how dynamic the development can be: After the gold price temporarily rose to around $5,600 per ounce, a rapid correction of about 20% followed. Meanwhile, the precious metal has stabilized again at around $5,000. Such movements are not uncommon in a pronounced bull market, the analysts emphasize. Swings of 20 to 30% are rather part of the typical pattern.
Gold in Focus: Debt, Monetary Policy, and the Question of Trust
From AuAg Funds’ perspective, the global debt, which is now approaching the $350 trillion mark, is at the center of the positive long-term scenario for gold. In combination with the expectation of falling interest rates and possible new bond-buying programs by central banks, an environment is emerging in which real returns could come under pressure.
In such a scenario, gold is increasingly perceived as an alternative global currency, especially if confidence in traditional fiat currencies gradually wanes. The decisive factor is less the officially reported economic performance than the relationship between money supply growth and real value creation. If the money supply increases faster than economic substance, this will be reflected in the gold price in the long term.
According to AuAg Funds, the capital rotation towards gold is already accelerating. The firm cites the comparatively low correlation to equities, the absence of counterparty risk, and the potential for high capital appreciation in an environment where bond markets are becoming increasingly difficult to navigate as reasons.
Silver with Additional Industrial Tailwinds
In addition to gold, silver is also increasingly coming into focus for analysts. While the metal also functions as a monetary store of value, it also has a strong industrial demand base. Precisely this combination could play a central role in the coming years.
The silver market has shown a structural supply deficit for several years. Should this develop into a physical shortage, AuAg Funds believes it has the potential to significantly alter price formation. Demand is also considered relatively inelastic: even with rising prices, a significant decline in consumption is not expected, as silver is difficult to replace in many applications due to its special properties and usually accounts for only a small proportion of the total cost of a final product.
Against this backdrop, analysts see above-average catch-up potential for silver compared to gold. A declining gold-to-silver ratio would further underscore this scenario.
Gold and Silver Mines: Valuation as Another Factor
Not only the metals themselves are in focus, but also the shares of the producers. Gold mining stocks had already gained significantly in 2025, yet AuAg Funds continues to see a discrepancy between current valuations and the underlying metal prices.
Should the current price level for gold hold or rise further, the existing valuation models of many companies would not yet fully reflect the higher revenue potential. Historically, mining stocks tended to disproportionately track the development of the underlying metal.
A similar situation applies to silver producers, according to analysts. Since silver is still valued lower relative to gold, this is also reflected in the valuations of the corresponding mining companies.
Outlook: Long-Term Trend with Strong Fluctuations
Despite the clearly bullish stance, AuAg Funds emphasizes the importance of volatility. Pullbacks are an integral part of the market cycle and could continue to occur, for example, when speculative positions are unwound or major market participants reorient their commitments.
In the long term, however, the firm sees an environment in which both gold and silver are supported by structural factors: rising debt levels, expansive monetary and fiscal policies, and a growing importance of real assets in the global financial system.
Thus, the gold price, like the silver price, remains closely tied to major macroeconomic trends. From this perspective, the precious metals sector as a whole is facing a market that is likely to be characterized by significant short-term fluctuations, but whose long-term dynamics are supported by fundamental developments.
