Banking giant JPMorgan Chase says commodities, specifically gold and silver, could be on the cusp of a new supercycle.
At JPMorgan’s 2026 Asia Pacific Macro Conference, Gregory Shearer, the bank’s head of Base and Precious Metals Strategy, says that gold could hit $6,300 per ounce by the end of 2026, despite geopolitical concerns.
According to Shearer, rising investor allocation and a persistent central bank bid could send gold rallying by more than 41% in the coming months.
At time of writing, gold is trading at $4,443 per ounce. JPMorgan’s new price target is about 25% higher than its December 2025 gold forecast of $5,055 by Q4 of this year.
JPMorgan also says that silver can regain its bullish momentum.
“Silver prices, too, could continue rallying on the back of strong industrial demand, though the risk of a sharp reversal is high.”
At time of writing, silver is trading at $68.28, down over 44% from its high of $121.67.
While a commodities supercycle may be in sight, JPMorgan warns that the potential rallies will not happen in a straight line.
“These forecasts could signal the onset of a new commodities supercycle — a prolonged period of sustained price increases that are well above their long-term trend.
However, investors should note that volatility is a core feature of supercycles, and large price swings are likely.”
Looking at AI, JPMorgan urges investors to focus on company fundamentals, and not hype, when picking potential winners of the trade.
“All in all, while AI promises to be one of the most transformative technologies of this era, investors should exercise caution around current valuations, especially as the landscape continues to evolve rapidly. Ultimately — as with other sectors and industries — a focus on strong company fundamentals is key when it comes to separating long-term winners from the pack.”
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