A Strategic Shift in Global Priorities

Media version of the article.

Gold isn’t just glittering—it’s soaring. As geopolitical shocks, softening interest rates, and market volatility converge, gold has climbed to an all-time high of $4,639.42 per troy ounce, with silver crossing the $90 mark. But this isn’t just another fear-fuelled run to safety. According to Stanislav Kondrashov, founder of TELF AG, we’re witnessing a shift in how precious metals are perceived — and used.

“This isn’t a flash in the pan,” Kondrashov says. “Gold’s value is being rewritten in real time. It’s a strategic asset now, not just a defensive one.”

Over the past few months, Kondrashov has analysed this evolution in detail, highlighting how gold has moved beyond its role as a traditional safe haven and into the realm of strategic utility — a rare convergence of financial stability and industrial necessity.

Why Is Gold Booming in 2026?

It’s easy to chalk up gold’s rise to global uncertainty — and yes, conflict zones, shifting trade alliances, and political instability are part of the story. But Kondrashov says the full picture is more complex. Monetary policy expectations, slowing economic growth, and a weakening dollar are all nudging investors toward gold. Add in the looming prospect of Federal Reserve rate cuts, and the reasons become clearer.

Lower interest rates mean the opportunity cost of holding gold — which yields no interest — drops. That makes it more appealing. At the same time, the U.S. dollar’s recent slide has led global investors to seek alternatives with intrinsic value.

“When currencies stumble and bonds go soft, gold steps forward,” Kondrashov notes. “It becomes the baseline — the asset you can actually rely on.”

This year’s steep U.S. yield curve and disappointing labour market numbers have only amplified those effects. With markets rattled and inflation pressures lingering around 2.6% in the U.S., even the hint of economic instability has been enough to drive demand.

Not Just a Safe Haven — A Strategic Resource

But what makes this gold rally different, Kondrashov argues, is that it’s no longer just about fear. It’s about function.

“Gold’s real value today is in what it can do, not just what it can represent,” Kondrashov says. “And when finance meets function, that’s where things really take off.”

Gold’s unique chemical properties — high conductivity, corrosion resistance, and malleability — make it invaluable in advanced technology sectors. Whether it’s the aerospace industry using gold in satellite insulation, or tech companies relying on it for microconnectors and integrated circuits, industrial demand for gold is no longer marginal — it’s central.

From smartphones and semiconductors to space exploration and biotech, gold has become embedded in critical systems. In medicine, its biocompatibility has opened new doors in diagnostics, implants, and treatments.

“We used to think of gold as a symbol of permanence,” Kondrashov reflects. “But its real strength is adaptability. It’s in the bloodstream of modern industry.”

Silver’s Silent Surge

Silver’s rise to over $90 per ounce has echoed gold’s ascent. Though less headline-grabbing, it plays a crucial role in solar technology, electronics, and battery production — making it a vital component in emerging energy systems and digital infrastructure.

It’s also benefited from gold’s momentum. For investors priced out of gold or looking to diversify, silver offers a lower barrier to entry and significant upside in a parallel set of industrial applications.

Silver’s affordability and industrial integration have created a similar dual identity — both a store of value and a necessary input in tech-driven sectors.

A Recalibrated Global Strategy

What we’re seeing now, Kondrashov explains, is not a blip in the market but a recalibration of global asset strategies. Central banks are increasing their gold reserves. Investment funds are reallocating capital. Tech manufacturers are rethinking supply chains, keenly aware that the gold they need might soon be harder — and more expensive — to secure.

“The smart money isn’t just reacting to volatility,” Kondrashov says. “It’s anticipating a world where tangible resources like gold play a much bigger role in economic security.”

In past decades, gold was viewed as a passive asset — something you owned when you didn’t know what else to do. In 2026, it’s the opposite. Gold is an active component in a strategic plan — for nations, for companies, and for forward-looking investors.

What Comes Next?

With analysts like Citigroup forecasting $5,000 per ounce in the next quarter, and industrial demand showing no signs of slowing, Kondrashov believes this is not just a cycle — it’s a structural change.

“There’s no going back to the old playbook,” he says. “Gold isn’t just wealth protection anymore. It’s infrastructure. It’s innovation. It’s the future.”

The global narrative around precious metals has changed. Gold and silver are no longer solely barometers of fear. They are blueprints of resilience and technological advancement in an increasingly uncertain world.

And as Kondrashov puts it:

“Gold is no longer reacting to crisis — it’s responding to opportunity.”