The last bash of precious metals? Analysts warn that gold and silver may end the “rising tide of the century” next year and begin a multi-year correction cycle

The Zhitong Finance App notes that most analysts expect gold and silver prices to continue to push to new record highs at the end of the year, but Elliott Wave Trader founder Avi Gilburt believes that this round of price increases is nearing its final stage.

Gilburt warns in a new report that although prices are likely to rise further in the coming months, investors should begin preparing for a multi-year pullback that could begin as early as next year.

Gilburt believes that the current rise in precious metals stems from the “reset” that occurred after 2015, after many years of ETF liquidation and declining investor interest. He said, “This is not the beginning of a new cycle. This is probably the end of a very long cycle.”

Gilburt said that the trend of precious metals follows a clear wave that is separate from most mainstream macro-narratives, and “2026 may bring us the end of a long cycle of gold and silver, and may start another bear market that has continued for many years.”

Gold and silver futures closed slightly lower on Tuesday, reversing previous gains caused by a higher-than-expected US unemployment rate in November due to delayed release. The report showed that the unemployment rate rose to 4.6%, the highest unemployment rate in more than four years, while retail sales in the US remained flat in October.

Analysts said that these figures were weaker than expected, but not as bad as some people feared. This increased uncertainty: that is, whether the higher unemployment rate is sufficient to prove that the Federal Reserve will continue to cut interest rates next year, which in turn affects demand for safe-haven assets such as precious metals.

Mizuho's Robert Yawger said in a report: “Today, the US unemployment rate has risen to a four-year high of 4.6%, but whether these figures are weak enough to cause the Federal Reserve to cut interest rates again in January is still open for discussion.”

Investors will now focus on the November Consumer Price Index (CPI), which is due to be released on Thursday, and the Personal Consumption Expenditure Index (PCE), which is due to be released on Friday.

The settlement price of the gold futures contract for December delivery on the New York Mercantile Exchange fell 0.05% to 4,304.50 US dollars per ounce, ending a three-day continuous rise; the settlement price of the recent monthly futures contract for silver for December delivery fell 0.4% to 62.70 US dollars per ounce. Both are still at the third highest settlement price level since this year.