December had a string of all-time highs, ending with a strong close across precious metals. Which set us up perfectly to open the year with historic price levels in both gold and silver.

In our January edition of AuAg Elements, we’ve summarised some of the developments that shaped the metals and mining markets over the past month. We also outline some factors that are influencing the market as 2026 begins.

We cover, among other things:

• Gold and silver price performance into year-end
• Developments in mining equities relative to underlying metals
• Global macro and geopolitical trends affecting metal demand

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