Peak Gold $6666?

SG 2026 Commodity Outlook Slide Deck

Exec Sum.

SG argues commodities have entered a structural upcycle driven by electrification, AI data centers, defense rearmament, and strategic stockpiling. Copper sits at the center, with persistent deficits making elevated prices fundamentally justified. Silver is not in a bubble, as supply is mechanically constrained by copper production and rising industrial demand. Gold remains a strategic monetary asset, supported by central-bank reserve diversification, with the cycle peak framed at $6,666 per ounce rather than current levels.