In a recent episode of the Money Metals podcast, host Mike Maharrey sat down with Philip Newman, Managing Director and founding partner of Metals Focus, to unpack the forces shaping gold and silver markets in 2026.
Drawing on Metals Focus’ widely respected data, which is used by organizations such as the Silver Institute and World Gold Council, Newman offered a detailed look at how geopolitics, monetary policy, and industrial demand are interacting in real time.
The discussion began with the Iran–U.S.–Israel conflict, which has introduced significant volatility across global markets. While many expected a strong safe-haven surge in gold and silver, Newman explained that the metals have not responded as dramatically as some anticipated.
A key reason is the sharp rally leading into late January 2026, when both metals reached record highs before correcting. That pullback left some investors cautious about re-entering the market.
More importantly, the dominant influence has shifted toward Federal Reserve expectations. Before the conflict, markets were pricing in up to two rate cuts in 2026. After hostilities began, expectations quickly changed, at times even suggesting the possibility of a rate increase.
(Interview Starts Around 8:21 Mark)
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