2026 outlook: Fed risks, debt pressures and a new era for gold

Precious metals are entering 2026 with extraordinary momentum. Gold has already smashed through the $4,000 barrier, silver soared past $60, and platinum group metals tightened dramatically — but according to TD Securities, the rally isn’t done.

In a wide-ranging outlook interview, Daniel Ghali, senior commodities strategist at TD Securities, explains why the world is shifting toward a “wartime economy” defined by industrial stockpiling, fractured supply chains, and a weakening US dollar as a store of value.

These forces, he argues, are powerful enough to push gold toward a new quarterly record near $4,400 next year, while setting up platinum and palladium as standout trades for 2026.