• 5 min read • Author: Fabian Dawson • Print • Privacy & Disclaimer

Gold and Precious Metals: 2025 Surge Sets the Stage for a Strategic 2026

In the first of our seven-part year-end series, we start with gold and precious metals. The sector saw strong highs in 2025 and is now settling into a steadier range. The next move will depend on how companies position themselves for 2026.

As we close out 2025, the move in gold has become one of the defining stories in global markets. This year provided more than a rally. It revealed a shift in how investors, institutions, and governments think about strategic reserves, currency stability, and risk management.

From where I sit, the most important takeaway is not the number of new highs we saw, but the consistency of demand behind them. Gold became the asset investors kept coming back to during a year shaped by geopolitical shocks, uneven economic recoveries, and volatile interest-rate expectations.

A Year Shaped By Instability

Conflict in the Middle East, escalating tensions in the South China Sea, the Russia-Ukraine crisis, and a patchwork of global elections created a steady risk premium across asset classes. Supply chains that had begun to heal earlier in the year faced intermittent pressure again from Trump tariffs, particularly in shipping, energy, and industrial inputs.

At the same time, global growth slowed. Europe flirted with recession, China struggled to stabilize its property markets, and U.S. data oscillated month to month as the Federal Reserve navigated conflicting signals on inflation and employment. Yields rose, fell, and rose again. In that environment, investors were forced to make more defensive choices.

Gold became the beneficiary of that uncertainty.

Price Strength Supported By Real Flows

Gold set new all-time record highs at least 45 times in 2025, with prices surpassing $4,000/oz in October, before settling into a steadier range, reported the World Gold Council. But what mattered was what happened beneath the surface.

Central banks purchased 220 tonnes of gold in the third quarter alone, a 28% increase from the previous quarter. This pushed year-to-date buying to one of the highest levels seen outside of the COVID-19 pandemic crisis years. Several emerging-market central banks continued to diversify away from the U.S. dollar, while others replenished reserves as insurance against geopolitical shocks.

ETF flows reinforced that trend. Funds in North America and Asia have now seen five consecutive months of inflows, pushing aggregate holdings back toward the record levels set in 2020. That tells the capital markets that retail and institutional buyers were aligned in treating gold as a strategic position rather than a short-term hedge.

Looking ahead to 2026, major institutions have responded with higher forecasts. Goldman Sachs now expects gold to reach roughly US$4,900 per ounce by the end of 2026, driven by central bank demand, geopolitical instability, and the likelihood of lower real rates as global growth moderates.

A higher floor, and room for more

Most analysts agree that gold has established a higher structural floor. That floor is supported by:

  • persistent central bank accumulation
  • long-term diversification away from single-currency reserve dominance
  • volatile interest rate expectations
  • heightened geopolitical risk
  • industrial demand trends that continue to support silver

The question for 2026 is not whether gold can hold current levels. The question is how investors should position themselves if the metal begins another upward phase.

“2025 proved the market’s resilience. Demand held steady through pullbacks. If real rates ease in 2026, gold can move higher, and the companies that strengthened their balance sheets this year will be the ones that benefit,” said Ryan Iverson, Portfolio Manager at CEM Partner's Fund.

That has been the story all year. The companies that treated 2025 as an opportunity to advance assets, improve operations, and manage capital with discipline now stand in the strongest position.

To illustrate that, I turn to three companies recognized at the 2025 CEM Events as Top Picks or Honourable Mentions during the Investor Breakout Exchange, hosted by Iverson. Each company sits at a different stage of the mining cycle. Taken together, they show the breadth of opportunity available as the sector enters 2026.

Integra Resources

Integra Resources (TSXV: ITR) is a North American producer anchored by its Florida Canyon mine in Nevada, supported by the DeLamar project in Idaho. The company spent 2025 doing the things operators need to do in a volatile market. It generated cash. It improved its fleet. It expanded its leach capacity. And it focused on lowering costs and improving consistency.

More than 20,000 ounces of quarterly production reflected stability. The growing cash balance reflected discipline. These are the characteristics investors seek when the macro backdrop is unstable.

“Investors want reality, not runway. Integra is showing that execution builds confidence. When a mine uses cash flow to make itself stronger, it earns the right to talk about growth,” said Iverson.

Integra offers investors a combination of near-term cash flow and longer-term leverage as DeLamar advances. That blend becomes more valuable in a higher-gold environment.

Skeena Resources

Skeena Resources (TSX: SKE) is moving toward construction at Eskay Creek, one of the most prominent development-stage projects in Canada. The project’s grade profile, cost competitiveness and funding structure have made it a standout among builders.

Through 2025, Skeena focused on regulatory progress, engineering work and preparations for a full construction decision. The company benefits from a credible financing package that reduces execution risk, something investors have prioritized this year.

“Eskay Creek represents the kind of project that can change the scale of a company. When funding is secured and early costs look competitive, investors can see a real path forward,” said Iverson.

If gold holds firm in 2026, the early production years at Eskay Creek could generate meaningful free cash flow and set up the company for a stronger mid-term valuation.

Amarc Resources

Amarc Resources (TSXV: AHR) is advancing the JOY District, a large-scale copper and gold system in British Columbia, in partnership with Freeport-McMoRan. The Freeport partnership gives Amarc both technical backing and a structured earn-in pathway that limits dilution.

JOY continues to deliver broad mineralized zones with near-surface geometry, offering potential scale in a province known for long-life porphyry systems. For explorers, the challenge is always balancing capital needs with geological opportunity. Amarc’s model solves part of that problem by pairing exploration upside with major-company support.

“When a major commits funding, that commitment speaks to the geology. Amarc has set itself up so the drilling can continue and long-term value stays intact,” said Iverson.

Given the global focus on copper supply deficits heading into the 2030, Amarc sits in a favourable position within the cycle.

Positioning for 2026

The gold and precious metals sector enters 2026 with stronger fundamentals than it had a year ago. Policy uncertainty continues. Central bank demand remains elevated. Investors are looking for clarity, durability and disciplined growth.

Integra offers operational stability.Skeena offers near-term transformational growth.Amarc offers district-scale discovery potential supported by a global partner.“This market is rewarding companies that stayed focused through the volatility. We are not looking for slogans or hype. We are looking for companies that know what they are building and have the discipline to see it through,” said Iverson.

As 2026 begins, that discipline will be the difference between companies that simply track the gold price and those that capture the full benefit of the next upward phase.

Next Week in the Investor Breakout Newsletter...

We’ll be taking a closer look at how Copper and Critical Minerals performed through 2025 and what the projections signal for 2026.

Warm Regards and Happy Investing,
Fabian Dawson

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Weekly Insight

Each week, CEM Partner and Portfolio Manager Ryan Iverson spotlights the ideas and companies sparking investor interest from emerging growth stories to the Top Picks featured across CEM’s Capital Events. This series brings real insights from the innovators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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