Citi Research Metal Matters January 30, 2026 Gold outlook update – valuation and retail/investor breadth are red flags Maximilian LaytonAC Global Head | Commodities max.layton@citi.com +44 20 7986 4556 Kenny Hu, CFAAC Commodities kenny.x.hu@citi.com +65 6657 3873 Viswanathrao KintaliAC Commodities viswanathrao.kintali@citi.com +91 22 4277 5092 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Fir ...

Core Viewpoint - Silver prices have experienced significant growth, with a 17% increase in January and a forecasted rise to $150 per ounce, driven by strong industrial demand and supply constraints [1][2]. Group 1: Silver Market Dynamics - Silver's price surged 103% in 2025, contrasting with a mere 117% increase over the previous nine years [1]. - Heavy industrial demand for silver is driven by its use in electric vehicles, solar panels, AI data centers, and defense equipment, making it the top conductor of electricity among elements [2]. - China's tighter export controls are limiting silver supply, even as the country aims to expand its clean energy capacity significantly, with each solar panel containing approximately 0.64 ounces of silver [3]. Group 2: Investment Opportunities - **iShares Silver Trust**: This ETF reflects silver's performance and holds physical silver bullion, with an expense ratio of 0.50%, lower than the category average [5][6]. The ETF has returned 19% in 2026 so far [6]. - **First Majestic Silver**: This mining company derives 57% of its revenue from silver, achieving record production of 4.2 million ounces last quarter, with a year-to-date share increase of 25% [8][10]. It pays a small dividend of 0.08% [11]. - **Wheaton Precious Metals**: This firm provides financing for mining projects and has a profit margin of 54.7%, with quarterly earnings up 123% year over year. Its shares have increased by 109% over the last 12 months [12][14].

Financial markets churned on Friday as investors tried to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates.U.S. stocks fell, with the S&P 500 down 0.4% after sinking as much as 1.1% earlier in the day. The Dow Jones Industrial Average dropped 179 points, or 0.4%, and the Nasdaq composite lost 0.9%.The value of the U.S. dollar rallied, but only after swiveling a couple times following Trump’s nomination of Kevin Warsh. And some of the wildest actio ...

Core Viewpoint - Gold Royalty Corp. (NYSE:GROY) is recognized as one of the best gold stocks to invest in for 2026, with positive ratings and price target increases from major financial institutions [1][2][3]. Group 1: Analyst Ratings and Price Targets - Scotiabank has maintained an Outperform rating on Gold Royalty Corp. and raised its price target from $5 to $6, citing geopolitical threats and economic uncertainties as factors influencing gold and silver prices [2]. - Maxim has reaffirmed its buy rating for Gold Royalty Corp. and increased its price target from $5 to $7, adjusting its valuation model based on recent acquisitions and rising gold prices [3]. Group 2: Recent Developments - On December 8, 2025, Gold Royalty Corp. announced a deal to acquire a royalty on the Pedra Branca mine for $70 million in cash, indicating active expansion in its royalty portfolio [4]. - The company specializes in precious metals and provides financing solutions to the mining and metals market, positioning itself strategically within the industry [4].

Precious metals suffered a catastrophic collapse on January 30 as gold plunged over 12% below $5,000 an ounce while silver recorded its largest intraday drop in history, falling as much as 36%, according to Bloomberg. Source: Bloomberg The selloff was triggered by President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair, which sent the dollar soaring and sparked massive profit-taking across commodities markets. The crash wiped out more than $15 trillion from the gold and silver marke ...

Group 1 - Barrick Mining Corporation is considered one of the most undervalued large-cap stocks currently, with a significant discount compared to its global peers [1] - JPMorgan initiated coverage of Barrick Mining with an Overweight rating and a price target of $68, citing strong demand for gold driven by central bank activities and US policy uncertainty [1] - Canaccord raised its price target for Barrick Mining to C$80 from C$70 while maintaining a Buy rating [2] - Bank of America increased its price target for Barrick Mining to $58 from $50, also maintaining a Buy rating, highlighting intensified macroeconomic factors affecting gold prices [3] Group 2 - Barrick Mining explores, develops, produces, and sells mineral properties, focusing on gold, copper, silver, and energy materials [4]

美国总统特朗普提名凯文·沃什（Kevin Warsh）出任美联储主席的消息，成为压垮贵金属市场的最后一根稻草，引发了数十年来最为惨烈的抛售。 周四刚刚齐创盘中历史新高的黄金和白银，在周五迎来了史诗级跳水，黄金盘中跌幅超过10%，创下四十多年来之最，而白银更是一度暴跌超 35%，创有纪录以来最大跌幅。这场突如其来的"血洗"不仅重创了贵金属市场，也波及到了整个金属领域，暴露了市场在连续上涨后的极度脆弱 性。 一、历史性暴跌：金银遭遇史诗级跳水 周四还在刷新历史新高的贵金属市场，在周五亚市早盘传出沃什提名的消息后瞬间逆转。黄金在周四盘中触及5586.2美元的历史高位，而到了周 五美股午盘时段，纽约黄金期货一度跌至4714.5美元，日内跌幅接近12%；现货黄金更是逼近4670美元，日内跌超12.7%，这一幅度超过了2008年 金融危机时的跌幅，创下了自上世纪80年代初以来四十多年盘中跌幅之最。 白银的表现则更为惨烈。周四刚刚首次突破120美元的白银，在周五欧股盘中跌破100美元，美股盘中一度跌至80美元下方，现货白银日内跌幅高 达35.5%，创有纪录以来最大盘中跌幅。工业金属也未能幸免，周四曾涨破1.452万美元的伦 ...

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, Jan. 30, 2026 (GLOBE NEWSWIRE) -- Highlander Silver Corp. (TSX: HSLV) (“Highlander Silver” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement with Mr. Eric Sprott (the “Private Placement”). Pursuant to the Private Placement, the Company issued an aggregate of 8,060,226 common shares in the capital of the Company (the “Offered Shares”) at a price ...

Core Insights - Gold and silver prices experienced significant declines as investors took profits following President Trump's nomination of Kevin Warsh to chair the Federal Reserve, easing concerns about potential presidential influence over the central bank [2][5][6] Price Movements - Spot gold fell approximately 10% to around $4,850 per troy ounce after reaching a record high of about $5,600 [3] - Silver prices dropped 28% to trade below $84 an ounce after hitting an all-time high above $120 [3] - Other precious metals also saw declines, with palladium prices down about 15% and platinum slumping 20% after substantial increases over the past year [9] Market Context - Over the past year, gold prices surged nearly 90% and silver prices increased about 250%, driven by geopolitical and economic uncertainties, as well as a weaker U.S. dollar [4][5] - The U.S. dollar index, which had reached a four-year low, rose about 0.7% as the dollar's weakness over the past year has increased foreign demand for metals priced in dollars [8] Investor Sentiment - The nomination of Kevin Warsh, viewed as an establishment-friendly candidate, reassured investors about the Federal Reserve's independence, which had been a concern under Trump's previous pressure for aggressive interest rate cuts [6] - Wall Street's relief was reflected in the rise of the 10-year Treasury yield to 4.25%, indicating expectations for a more balanced interest rate policy under Warsh [7]

Core Insights - Precious metals, traditionally seen as safe havens, are experiencing significant price movements, with gold recently surpassing $5,000 per ounce and silver exceeding $100 per ounce, indicating a shift in investor sentiment towards these assets [2][4]. Investment Trends - Retail interest in silver has surged, with a record inflow of $171 million into the iShares Silver Trust on January 26, marking the largest single-day purchase in history, nearly doubling the previous record from 2021 [3]. - The iShares Silver Trust has seen a remarkable increase of nearly 265% over the past year, reflecting a strong retail demand and speculative interest in silver [2]. Market Conditions - Current economic conditions, including extreme inflation, geopolitical tensions, and concerns about the U.S. economy, have created a favorable environment for precious metals to rally [5]. - The U.S. government's mounting debt and extensive money printing have raised fears regarding the dollar's value, further driving interest in precious metals as a hedge [5]. Silver's Unique Position - Silver's industrial applications, particularly in solar panels and electronics, position it favorably compared to gold, which does not have such uses [6]. - A noted shortage of silver has been recognized, with the U.S. Department of the Interior designating it as a critical mineral, which may enhance its investment appeal [6]. Market Reactions - Analysts and market strategists have been surprised by the intensity of silver's price movements, which have been significantly influenced by retail investor interest [7].