All Four Metals Are Moving: What 2025 Just Told Us About 2026

The Morgan Report Weekly Perspective – December 26th, 2025

Key Concepts:

• Debasement Trade: Investing in assets like precious metals due to concerns about currency devaluation.
• Safe Haven Assets: Investments held during times of economic or political uncertainty (e.g., gold, silver).
• Industrial Demand: The use of metals in manufacturing and industrial processes.
• Supply Deficits: Situations where demand for a metal exceeds its available supply.
• Price Discovery: The process of determining the true market value of an asset.
• LBMA & COMEX: The London Bullion Market Association and the Commodity Exchange Inc., major trading platforms for precious metals.
• Geopolitical Risk: Risks stemming from political instability or conflicts.
• Real Yields: Nominal interest rates adjusted for inflation.

I. 2025 Market Review – A Year of Extraordinary Gains

David Morgan reviews the performance of precious metals in 2025, highlighting an exceptionally strong year, particularly for silver and platinum. He notes the information overload in the current environment and cautions against relying solely on AI-generated content, warning of potential propaganda containing 80% truth and 20% misinformation designed to influence investors.

• Gold: Experienced a strong year as a safe haven asset, rising approximately 70-75% and reaching all-time highs above $400. Key drivers included expectations of US rate cuts in 2026, geopolitical risks, economic uncertainties, and consistent central bank buying. The year was described as one of gold’s strongest since 1979, driven by “macro stress, currency debasement fears, yield dynamics, and of course the word debasement has become debasement trade.”
• Silver: Significantly outperformed gold, gaining roughly 150% year-to-date and approaching $80 per ounce. This surge was attributed to its dual role as both a safe haven and an industrial metal, coupled with persistent supply deficits and market tightness. The report mentions activity in Asian markets, specifically Hong Kong and China, with China tightening legislation regarding silver outflows starting January 1st.
• Platinum: Described as the “quiet giant,” platinum experienced a massive move, more than doubling in value (up approximately 240% to around $2400). Morgan attributes this to its undervaluation relative to mining costs (around $1200/oz from South African mines), a structural shift, tight supply, widening deficits, renewed industrial interest (particularly in the hydrogen economy), and increased jewelry demand in Asian markets. Historically, platinum has often traded at a premium to gold, but was at a discount during this period.
• Palladium: Showed a similar rebound to platinum, closely tied to the automotive industry.

II. Market Dynamics & Asian Influence

The report highlights the increasing dominance of Asian markets in the precious metals trade, with significant physical metal flows through Hong Kong and China. The Anglo-American influence, represented by the LBMA and COMEX, is noted as potentially shipping metal back and forth, suggesting market manipulation or balancing of supply. The upcoming legislation in China regarding silver outflows is expected to be detailed in the next issue of The Morgan Report.

III. 2026 Outlook – Continued Bullish Sentiment

Morgan presents a bullish outlook for 2026, outlining the factors expected to continue driving the market.

• Gold: Remains very bullish, driven by institutional, industrial, sovereign, and retail demand, anticipated rate cuts, and lower yields. Deutsche Bank and others predict a trading range of $4,000 - $5,000, with potential for further upside. However, potential risks include stronger-than-expected economic data delaying rate cuts and a stronger dollar.
• Silver: Technical breakout suggests “price discovery” beyond previous resistance levels (around $50). While volatility is expected, the $88 target is considered within reach, potentially reaching $100. Market equilibrium and physical demand in Asian markets will be crucial factors.
• Platinum: Supply tightness is expected to continue, despite some forecasts predicting a surplus or balanced supply in 2026. The outlook remains bullish.
• Palladium: Demand recovery in the autocatalyst market is anticipated, but the growth potential may be limited by the increasing adoption of electric vehicles and recycling initiatives.

IV. Key Macro Factors for 2026

The following macro factors are identified as critical for the 2026 market:

• Monetary policy
• Direction of the US dollar
• Geopolitical stress
• Industrial rotation
• Supply fundamentals

V. Synthesis & Conclusion

Morgan concludes that 2026 remains bullish for precious metals, but with varying dynamics. Gold is expected to consolidate with upside potential, silver will benefit from strong industrial tailwinds, platinum will continue to rise due to supply tightness and demand, and palladium will experience moderate gains tied to automotive demand. He emphasizes the importance of staying informed and adapting to changing market conditions.

Notable Quote:

“Great propaganda is 80% truth and 20% distorted misinformation or disinformation trying to lead you one way or another selling a product or service.” – David Morgan

Technical Terms Explained:

• Autocatalyst: A device used in vehicles to reduce harmful emissions.
• ICE (Internal Combustion Engine): Traditional gasoline or diesel engines.
• Sovereign Demand: Demand from central banks for gold reserves.
• Yield Dynamics: The relationship between interest rates and investment returns.

The concluding segment of the broadcast is an advertisement for The Morgan Report, emphasizing the need for independent research and a clear-eyed view of the financial landscape in the face of rising debt, currency instability, and economic uncertainty. It highlights the report’s focus on precious metals, mining stocks, global debt, and monetary policy, offering strategies for wealth protection and growth. The advertisement notes the US national debt exceeding $37 trillion and warns against relying on mainstream financial advice.