Gold, Silver Or Stocks? The 2026 Return Gap Is Staggering

Spot gold prices gained more than 3% over the past 24 hours, climbing to a new high of $5,595 per troy ounce, while silver prices touched a new high of $120.44.

• Essentially, if you had invested $10,000 in gold and silver a year ago, your investment today would have been worth $20,000 and $38,300, respectively.
• A similar investment in the DJIA, S&P 500, and Nasdaq Composite indexes would have been worth $10,962, $11,554, and $12,152, respectively.
• Analysts at ING Think ascribed the surge in gold prices to several factors, including geopolitical tensions.

Precious metals are staging one of their strongest rallies, with gold and silver far outperforming U.S. equities. The performance gap is only widening in 2026 so far amid rising geopolitical tensions and investor demand for safe-haven assets.

Spot gold prices gained more than 3% over the past 24 hours, climbing to a new high of $5,595 per troy ounce. Gold futures maturing in February gained 4% to rise to $5,515.

Spot silver prices also rose similarly, touching a new high of $120.44 per troy ounce, rising more than 3% over the previous day. Silver futures maturing in March rose by nearly 4% to $118.56.

But how does the rally in these two precious metals compare to equities? Here’s a quick rundown:

Particulars	Year-to-date change	1-year change
Gold	29.7%	100%
Silver	68.9%	283%
Dow Jones Industrial Average	1.98%	9.62%
S&P 500	1.94%	15.54%
Nasdaq Composite	2.65%	21.52%

Essentially, if you had invested $10,000 in gold and silver a year ago, your investment today would have been worth $20,000 and $38,300, respectively.

A similar investment in the DJIA, S&P 500, and Nasdaq Composite indexes would have been worth $10,962, $11,554, and $12,152, respectively.

What’s Fueling The Gold And Silver Rush?

Analysts at ING Think attributed the surge in gold prices to several factors, including geopolitical tensions after President Donald Trump stated on Wednesday that a “massive armada” is headed to Iran, the latest sign that tensions between the Middle Eastern country and the United States heating up.

“Geopolitical tensions, a weaker dollar, and investor rotation out of currencies have boosted the precious metal,” the firm said.

Mohamed El-Erian, Chief Economic Advisor at Allianz, chimed in on the surge in gold prices, stating in a post on X that the yellow metal could now hit $6,000 per troy ounce in 2026.

“We are likely to see $6,000 in 2026, though I expect the climb to be a lot more volatile from here,” he said.

Analysts at ING Think added that, despite market volatility, the broader backdrop remains supportive of both gold and silver. The firm cited geopolitical tensions, central bank buying, and structural supply deficits for both metals as the reasons behind its positive outlook for gold and silver. 

The SPDR Gold Shares ETF (GLD) was up 2.95% at the time of writing, while the iShares Gold Trust ETF (IAU) was up 2.93%. The GLD and IAU ETFs have both surged around 25% year-to-date, with retail sentiment on Stocktwits around both ETFs trending in the ‘extremely bullish’ territory.

The iShares Silver Trust ETF (SLV) was up 2.78% at the time of writing, while the abrdn Physical Silver Shares ETF (SIVR) was up 2.61%. 

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