In the Press

Philip Newman, Managing Director of independent research consultancy Metals Focus, told pv magazine the fact prices have recovered quite well after the end-January correction demonstrates the underlying strength of investor interest in silver. By Patrick Jowett for PV Magazine

“We expect prices to remain volatile, even though the conditions remain for further significant upside this year,” said Philip Newman, director at consultancy Metals Focus. Gold prices could exceed the $5,500 level, he added. Volatility has been more acute in silver with its slump from Thursday’s record high of $121.6 per ounce, due to the smaller size of the market. Its January rally was led by momentum trading and large inflows from retail investors. By Reuters

The experts at Metals Focus describe the development as understandable: given the pace at which the gold price had previously risen, a countermovement was practically inevitable. The market had to “let off steam.” In the first weeks of 2026, according to Piggott, gold marked a double-digit number of new all-time highs in less than three weeks – silver temporarily increased by up to 200% year-on-year. By Björn Junker for Gold Invest

Despite the extreme volatility, a chorus of bullish outlooks emerged from major financial institutions. JPMorgan, Société Générale (SocGen), and consultancy Metals Focus all argue the sell-off represents a severe correction rather than the end of the bull market, maintaining aggressive price targets. By Sunlight Xiang for NAI 500

Matthew Piggott, director of gold and silver at Metals Focus, emphasized that “it’s not any single geopolitical instance but rather a gradual migration from a rules-based global system to a world where America is more focused on American interests” that has been gradually pushing gold prices higher. By Liubov Georges for S&P Global

“We expect further upside (for gold). Our current forecast suggests that prices will peak at around $5,500 later this year,” said Philip Newman, director at Metals Focus. “Periodic pullbacks are likely as investors take profits, but we expect each correction to be short-lived and met with strong buying interest,” Newman added. By Kavya Balaraman for Reuters

Silver may also be subject to supply shortages. About three-fourths of new silver isn’t mined directly but rather is created as a byproduct of mining other metals such as lead, zinc, and copper. That means a rise in silver prices doesn’t immediately translate into increases in supply. Silver demand has outstripped supply every year since 2018. The deficit last year was 18%. Another shortfall is likely in 2026, according to Metals Focus managing director Philip Newman. By Ian Salisbury for Barron’s.

“Looking ahead, as the Trump administration holds off on critical minerals tariffs and seeks to negotiate agreements with foreign partners, worries about tariffs are likely to subside, at least for the time being,” they said in a note this week. By Josh Chiat for Stockhead

Metals Focus projects that many of these dynamics will persist into 2026. “Looking ahead, we anticipate further price upside across the precious metals complex, as persistent economic and geopolitical uncertainties continue to support portfolio diversification. For the white metals, U.S. tariff uncertainty and favorable underlying fundamentals are likely to provide an additional boost to prices.” By Mike Maharrey for FX Street

Central banks are on ​track to buy 850 tons of gold in 2025, down from 1,089 tons in 2024, ​said Philip Newman, managing director at consultancy Metals Focus. “It’s still a very healthy figure in absolute terms,” he added. By Thomson Reuters

Philip Newman, Managing Director of Metals Focus, is also bullish on gold, forecasting that prices could surpass $5,000 per ounce before the end of 2026. He views the current consolidation as a positive sign, indicating the market is comfortable at these levels and that any correction is likely to be short-lived. By CNBC TV18

Metals Focus says these advances have been fuelled by uncertainty surrounding the US trade policy and mounting worries over the global growth outlook. Related to this uncertainty, exchange for physical market breakouts have also at times led to liquidity squeezes. By Bruce Montiea for Mining Review Africa

While industrial demand has been weak, the survey shows that investment demand has more than made up for the drop. Philip Newman, Managing Director at Metals Focus, the British research firm behind the annual Silver Survey, said that inflows into exchange-traded funds (ETFs) have increased by 187 million ounces so far this year. By Neils Christensen for Kitco News

he global silver market is on track to record its fifth consecutive structural deficit in 2025, with tightening supply, surging investor demand and record prices underscoring one of the most volatile years the metal has seen in more than a decade. Presenting at the Silver Institute’s yearly industry dinner in New York this week, Metals Focus MD Philip Newman and director of mine supply Sarah Tomlinson outlined a market shaped by liquidity stress, geopolitical uncertainty and an increasingly bullish investor base. By Creamer Media Reporter

In a recent interview with Kitco News, Matthew Piggott, Director of Gold and Silver at Metals Focus, said that even if the global economy slows, industrial consumption should continue to provide solid support for silver. By Neils Christensen for Kitco News

On India’s jewellery demand, Chirag Sheth, Principal Consultant–South Asia at Metals Focus said the bridal segment remains resilient while daily wear demand has softened. “People are waiting for prices to fall further,” he said, but added that wedding-related buying could lift demand in the near term. By Manisha Gupta for CNBC