[Ariana Chiu speaking throughout]
[Music in background]
[Animated glitches containing various letters flip to spell out the following financial terms]
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Bear Market
Business Cycle
Risks
Bull Market
Fixed Income
Inflation
Equities
Diversification
Interest Rates
Opportunities
Geopolitics
Market Catalysts
Market Decode™
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Please see important information at the end of this program. Recorded on 1/14/2026.
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Ariana Chiu
Investment analyst
Chief Investment Office
Merrill and Bank of America Private Bank
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In 2025 gold saw its strongest performance since 1979.
Source: Bloomberg
2025 was a landmark year for gold. Prices skyrocketed about 65%, marking its strongest performance since 1979, according to Bloomberg. But will gold and other precious metals keep their shine in 2026?
At its peak last year, gold hit a high of more than 45-hundred dollars per ounce. And the Chief Investment Office believes this bull market could continue for gold, silver, and other precious metals in 2026.
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Gold is often viewed as a safe place for investors to park money during economic uncertainty.
That surge reflects a classic market reaction: during periods of economic or political uncertainty, investors tend to head toward the perceived safety of precious metals.
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Central banks hold roughly 20% of all the gold ever mined.
Sources: World Gold Council, Bloomberg. Gold reserves data through Q3 2025.
But the recent run has also been driven by global forces including: Persistent inflation expectations, elevated sovereign debt levels, and central banks' portfolio diversification. Central banks now hold about 20% of all gold ever mined as some institutions aim to diversify their holdings.
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Silver rose 148% in 2025.
Source: Bloomberg
It's not just a gold story either. Silver rose by 148% last year per Bloomberg. In January of 2026, silver continued to surge, driven in part by its role in industrial manufacturing and the build-out of AI infrastructure.
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Platinum and palladium have more than doubled in price from the start of 2025 through early January 2026.
Source: Bloomberg
Other precious metals, including platinum and palladium, have gone up as well… each more than doubling in price from the beginning of last year through early January. And it's not just precious metals. Our outlook is bullish on base metals like copper too given higher demand and constrained supply.
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Risks to investing in precious metals:
Lack of yields or dividends
Market volatility
Liquidity concerns
Despite their popularity during times of volatility, there are risks to investing in precious metals, including lack of yields or dividends, inherent market volatility, and potential liquidity concerns.
Still, for investors looking to further diversify their portfolios, our outlook remains positive on these precious metals as many of last year's same tailwinds persist. In 2026 these assets could keep their shine and act as a hedge against economic and political crosscurrents.
And that's the Market Decode.
On screen disclosures:
Important Disclosures
The opinions expressed are as of 1/14/2026 and are subject to change.
Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Investments have varying degrees of risk. Investing in gold or other metals involves special risks, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes, and the impact of adverse political or financial factors.
This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
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Gold. The precious metal's surge was one of the storylines of 2025, seeing a 65% jump in price and marking its strongest performance since 1979.Footnote 1 But the story doesn't end there. Other precious metals are seeing their value rise as well. "Gold, silver, and other precious metals are having their moment," says Ariana Chiu, investment analyst in the Chief Investment Office, Merrill and Bank of America Private Bank. Gold and other hard assets are generally seen as hedges in times of economic volatility and political strife because they are tangible, scarce resources that can help diversify portfolios and hold value when uncertainty arises.
In the video above, Chiu explains what's driving the rise in gold, the potential risks at hand, the market forces at play and why the Chief Investment Office is bullish on these precious metals for the year ahead. "Central banks are a key driving force here — and we wouldn't expect that to end in 2026," notes Chiu.