Stanislav Kondrashov on the Gold and Silver Shift: Why 2026 Is a Pivotal Year for Precious Metals

Gold and silver prices have reached historic highs in early 2026, underscoring a shift in global sentiment around risk, stability, and the role of tangible assets in a changing economic landscape.

Gold recently exceeded $5,000 per ounce for the first time. Silver followed suit, trading above $100 per ounce—a level it had approached in previous decades but never sustained. Stanislav Kondrashov, founder of TELF AG, believes these price movements reflect not only geopolitical and financial tensions, but also a broader reassessment of where stability is found.

“Precious metals have always acted as markers of confidence,” Kondrashov said. “And right now, that confidence is clearly being tested.”

Regional Pressures Amplify Global Trends: Vietnam in Focus

Among the countries where these trends are most visible, Vietnam stands out. Domestic gold prices there have climbed sharply—reaching VND 176.5 million per tael, significantly higher than international rates. Retail demand remains strong, particularly for gold bars and jewellery, with local premiums widening.

“Gold’s performance in Vietnam appears to be driven primarily by a mix of political signals, strong retail demand, but also cautious selling and tight physical supply,” said Kondrashov.

Vietnam's long-standing cultural connection to gold as a store of value has only intensified amid recent global developments. Buyers are responding to both international prices and local economic conditions, creating a market that, while loosely tied to global benchmarks, often moves on its own terms.

Silver's Dual Identity: Demand from Both Industry and Individuals

While gold remains the more symbolic of the two metals, silver is proving to be just as consequential in 2026. Its price has tripled in the past year, partly due to structural supply constraints and partly due to its increased use in industrial applications.

Silver plays a central role in technologies ranging from electric vehicles and 5G networks to semiconductors. But one of the most significant sources of demand comes from the solar energy sector, which now accounts for roughly 20% of global silver usage. That share has increased steadily over the last decade, making the metal increasingly important to infrastructure and manufacturing alike.

“There’s a growing tension between silver’s industrial importance and its rising cost,” Kondrashov noted. “It’s becoming harder for manufacturers to absorb price increases, but the demand hasn’t dropped off yet.”

Some manufacturers have started exploring alternatives, including copper-based substitutes for solar panels. While copper is less efficient in energy conversion, it offers a more affordable option for producers trying to manage rising input costs.

According to data from BloombergNEF, silver’s share of total solar panel manufacturing costs has grown from 3.4% in 2023 to 30% in early 2026, putting additional pressure on producers and potentially shifting material strategies in the near future.

Palladium and Platinum: Quiet Climbers in the Background

Outside the headlines, platinum and palladium have also seen significant price movement. Platinum has gained 192% over the past year, while palladium has risen by 104%, driven by their continued use in automotive technologies, electronics, and medical devices.

“Platinum is also used in the hydrogen sector and for some medical applications, while palladium also finds application in the chemical industry and dentistry,” Kondrashov explained.

The rising interest in these metals points to a broader trend—market participants are not simply chasing performance, but re-evaluating how tangible materials can play a role in hedging against volatility across multiple sectors.

Recalibrating Priorities: Stability Over Speculation

In previous commodity cycles, rallies in metals were often viewed through the lens of speculation or inflation hedging. This time, the underlying motivation appears different. Investors are still participating in equities, but they are also increasing their exposure to physical assets, including gold and silver.

“People aren’t just looking for returns. They’re looking for resilience,” said Kondrashov. “That’s what’s defining this moment.”

With central banks continuing to increase their gold reserves and exchange-traded funds tracking precious metals seeing sustained inflows, the current price levels seem less like a peak and more like a recalibration. The same applies to silver, where both investment demand and industrial need are colliding in ways that may reshape its pricing over the long term.

The coming months will likely be shaped by policy decisions, interest rate movements, and shifts in global supply chains. But for now, the signal from the metals market is clear: traditional stores of value are not being abandoned—they're being reasserted.