UBS Strategist Joni Teves Predicts Gold Could Surge to $5,000 Amid Market Uncertainty

As macroeconomic turbulence reshapes investor strategies, precious metals have emerged as a focal point for portfolio protection. Joni Teves, a precious metals strategist at UBS, recently outlined a compelling thesis on where the gold market is headed. The core narrative driving current price movements centers on institutional demand for diversified reserves, with investors across all categories—from large institutions to retail participants to central banks—actively accumulating bullion holdings to hedge against systemic risks. This collective shift toward tangible assets reflects deepening concerns about economic stability and currency depreciation in a volatile global environment.

The Golden Path Forward: Teves’ Bullish Case

Teves projects sustained upward pressure on gold prices throughout the first half of 2026, with a particularly aggressive target in focus: the psychological barrier of $5,000 per ounce. This breakthrough would materialize if concerns surrounding Federal Reserve independence intensify, triggering a flight to safety among institutional investors. The strategist’s analysis suggests that geopolitical tensions, persistent inflation worries, and policy uncertainty are reinforcing gold’s appeal as a safe-haven asset. The convergence of these factors creates a compelling environment for precious metals appreciation.

Opportunities Across the Precious Metals Complex

Beyond gold, Teves’ outlook encompasses a broader precious metals complex showing promise. Silver prices are gaining momentum from two converging forces: the coattails of gold’s rally and a tightening supply-demand balance that reflects constrained output relative to industrial demand. This configuration positions silver to test the $100 per ounce level during the year ahead. Meanwhile, the copper market faces a structural tightening that reflects global energy transition investments. As renewable energy infrastructure accelerates worldwide, copper demand from electrical grids and manufacturing continues climbing, while mine supply faces headwinds. This structural mismatch is expected to lift the copper price center higher, rewarding those positioned for the energy revolution.