Core Viewpoint - The surge in precious metals prices is expected to be capped in 2026, with forecasts indicating a potential decline from current all-time highs due to waning investor demand [1][2]. Group 1: Price Forecasts - Capital Economics predicts that copper prices will decrease from approximately $13,200 per ton to around $10,500 per ton by the end of 2026, representing a 20% decline [1]. - Gold is expected to end 2026 at about $3,500 per ounce, indicating a 21% decrease from current levels [2]. Group 2: Demand and Supply Dynamics - The recent price increases in metals like silver and copper are attributed to a supply-demand imbalance, with rising demand from sectors such as data centers and AI infrastructure [3]. - High prices are likely to encourage more recycling of metals and increase overall supply, which may lead to price normalization [4]. Group 3: Market Sentiment and Technical Indicators - Analysts note that some metals, including gold, are showing signs of being overbought, with gold's Relative Strength Index indicating it is the most overbought it has ever been [6]. - Silver is also reported to be "overheated," as indicated by its RSI reading [7]. - The excitement among investors is expected to fade, leading to a potential slowdown in the rally of precious and industrial metals [8].