In the Press

The Central Bank of the Republic of Turkey sold 52 tonnes of gold between Feb 27 and March 27, according to analysis by consultancy Metals Focus based on official data, bringing Turkey’s net central bank holdings to 440 tonnes, their lowest level in more than two years. By Leslie Hook and John Paul for Financial Times

After oscillating above $80 per ounce (oz) between Feb. 19 and March 13, silver prices now appear to have stabilized around $70/oz. “For the time being, silver prices seem to have found a new floor, supported by yesterday’s announcement of a pause in attacks on Iran,” Philip Newman, managing director of independent research consultancy Metals Focus told pv magazine. By Emiliano Bellini for PV Magazine

“Regardless of the outcome of the war, we have no doubt that it will contribute to the wider positive sentiment towards gold and its investment case” said Metals Focus, a UK-based precious metals research house. The failure to ensure regime change in Iran leading to a more adverserial government in Iran, and evidence of continued US unilateralism would heighten geopolitical activity and remain supportive of the metal, said Metals Focus. By David McKay for Mining MX

Wilma Swarts, director of PGMs at Metals Focus, predicts a deficit of 203,000 ounces in 2026. Supply remains ​structurally constrained because ​ruthenium is ⁠produced only as a by-product of PGM mining, largely in South Africa. By Anushree Ashish Mukherjee for Reuters

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