Newsletter from 13.02.2026
Dear interested parties in the precious metals markets,
One step back, two steps forward - this is how you could describe the development of precious metal prices in recent days. While silver is still a long way from its record highs, gold has made up a large part of its recent decline. At the same time, we are hearing similar reports from the trade: Most customers have switched back to the buying side, and buying has become a side business. Both can be seen as a strong sign from investors: They are not prepared to sell their physical precious metals at the current price level because they expect significantly higher prices for gold and silver.
Meanwhile, analysts are positioning themselves with new forecasts: Daniel Oliver, founder and managing member of the hedge fund Myrmikan Capital. He derives a target price for gold of between 8,395 and 12,595 dollars per ounce. Sounds far-fetched - but who would have thought that the forecasts of 4,000 or 5,000 dollars per troy ounce would come true sooner than even some gold bulls would have liked?
The arguments of the analyst, who now even expects a five-digit price level for gold, are surprisingly factual: with regard to US monetary policy, Oliver expects a dilemma for the US Federal Reserve - it cannot cut interest rates significantly, but at the same time it cannot reduce the size of the central bank's balance sheet. And no matter which market commentary you read at the moment - all analysts agree: as long as countries around the world continue to produce unimaginable amounts of money, gold is and will remain a necessary „safe haven“.
From now until the ZFE 2026, we will inform you once a week about the most important developments relating to the event and the precious metals markets.
With best regards from Frankfurt
Wolfgang Wrzesniok-Roßbach & Corinna Schmitz
for the organization team of the FutureForum Precious Metals
Topic of the week: Consequences of the gold rush - how is purchasing behavior changing?
The price of gold has recovered from the turbulence at the end of January and is once again well above EUR 4,200 per troy ounce. And silver is also working on a comeback. So investors will probably have to get used to the current price level - but how will they react? The accessories manufacturer "Lighthouse", the global market leader for collecting accessories with a growing range for precious metal investors, has now presented its first trend report. In it, the company identifies specific trends based on demand for its accessory products. One important development is that precious metal investors are apparently increasingly switching to smaller blister packs instead of ounce coins.
The rise in the price of precious metals has apparently led to a change in buying behavior among investors: Originally, the ounce was the measure of all things in the world of precious metal investments, but with the jump in the price of gold above the threshold of EUR 2,000 per troy ounce (up to this limit, gold purchases in Germany are possible anonymously), demand for gold ounces also fell slightly. With a gold price of over 4,000 euros per troy ounce, even half an ounce is now above the limit for anonymous purchases, so that investors are increasingly switching to small denominations and instead of coins to bars. Small bars with a blister as a security feature are very popular, as are the matching accessory products - for example, a storage box for bar blisters is becoming a kind of new money box.
Speaker of the week: Joachim Dünkelmann, Managing Director of the German Jewelers' Association (BVJ)
The jewelry industry is entering 2026 with a difficult set of framework conditions: Calculations will become more challenging for jewelers and manufacturers as a result of the massive rise in the price of gold and also due to short-term extreme spikes - not only because of material costs, but also because of the question of how quickly price signals can be passed on to end customers without choking off demand. At the same time, jewelry is gaining a second role as an „asset“ among some customers - further blurring the traditional distinction between luxury and investment logic.
Reliable figures from the World Gold Council (WGC) are available for 2025: Global demand for gold from the jewelry industry (jewelry consumption) fell to 1,542.3 tonnes - a drop of 18 % compared to 2024 and a five-year low according to the WGC. At the same time, the value of this jewelry demand rose to a record USD 172 billion (+18 %), which describes the central tension of the market: fewer pieces/grams - but higher sales, driven by price levels and partly value-oriented buying motives.
The decline was particularly significant in the two highest-volume markets: India fell to 430.5 tons in 2025(2024: 563.4 tons), China (Mainland) to 360.1 tons (2024: 479.1 tons). No reliable figures are yet available for 2026 - although this can be deduced from the WGC classifications: The environment remains characterized by geo-economic uncertainty, which supports the gold price and investment demand - while jewelry demand tends to remain under pressure when prices are high (volume) and tends to be resilient via value.
Joachim Dünkelmann provides a classification from the perspective of the trade at the Precious Metals FutureForum. The managing director of the Federal Association of Jewelers, Jewelry and Watch Specialists e.V. focuses on the operational aspects of volatility: pricing, warehouse strategy, margin management, product range depth and the question of how customer expectations change in a high-price environment - from the classic gift business to the „value purchase“ logic.
His contribution focuses on more than just a price debate: How does the German jewelry and watch trade react to rapid price movements? What role do alloys, weights, design decisions and purchasing rhythms play when the raw materials side „goes crazy“? And how does advice change when customers ask more for value stability while the absolute price threshold rises?
Why this topic shapes the framework of the FutureForum Precious Metals
The WGC data for 2025 shows the downside of the gold boom - and a trend that will remain relevant for 2026: Price records are driving value records - and at the same time depressing the volume of the jewelry industry. It is precisely this friction that is crucial for the classification of the market, because it explains why „good figures“ and „difficult situation“ in the jewelry segment can be true at the same time.
Our partners: Austrian Mint AG (Gold Partner)
The Austrian Mint AG based in Vienna, is one of the most traditional and innovative mints in Europe. As a subsidiary of the Oesterreichische Nationalbank, it is able to achieve a high degree of entrepreneurial flexibility on the basis of its strong state roots. Its core competencies include the production of Austrian circulation coins, the issue of collector and investment coins and the industrial production of blanks for international mints. The company became internationally known in particular for the Vienna Philharmonic, one of the world's most successful gold bullion coins. The portfolio is complemented by silver, platinum and occasionally special editions in innovative formats.
One of the key unique selling points of Münze Österreich AG is its strong international market position in the bullion segment, particularly in the eurozone. The Vienna Philharmonic is one of the few globally significant bullion coins with a face value in euros and benefits from high liquidity, global recognition and a clear brand management that has been consistent for decades.
At the same time, the company has an exceptionally long minting tradition dating back to the 12th century and combines this with modern security and minting technologies. And last but not least, the Austrian Mint is regarded as a driver of innovation in numismatics, as evidenced by regular awards at the "Coin of the Year" awards.
The FutureForum Precious Metals as a forum - for you too!
The FutureForum Precious Metals offers companies and institutions the opportunity to present themselves as partners and play an active role in shaping the event. Partnerships enable visibility in front of a highly relevant specialist audience, prominent placement in the communication channels and access to exclusive exchange formats. Would you like to help shape the future of the precious metals market and contribute your expertise in a professional environment? We look forward to hearing from you and will be happy to introduce you to the various models.
- Be there as a partner or exhibitor: Find out more about the ZukunftsFoum Edelmetalle 2026.
Dinner Cruise: Relaxed networking with a view of the Frankfurt skyline
We cordially invite the participants of the FutureForum Precious Metals 2026, which will take place on March 23 and 24, 2026 with a preliminary program on March 22, to the conference dinner, which will take place this year as a dinner skyline cruise on the Main. After an atmospheric evening at the Senckenberg Museum last year, we will meet for networking on the MS Nautilus in 2026.
Guests will be picked up on March 23 at 6:30 p.m. by comfortable shuttle buses directly in front of the "nhow" conference hotel. They will board the ship at 7 pm. A welcome drink will be served there, followed by dinner at 8 pm. The choice of main courses (fish, meat, vegetarian) will be available soon. Starters and desserts will be vegetarian, vegan dishes are available on request.
The ship docks again between 11.00 and 11.15 p.m. - the MS Nautilus first sails up the Main (including the lock) and then a little further down, so that an unforgettable view of the Frankfurt skyline in the dark is possible.
Participation in the dinner on March 23 is limited to 300 places and is included in the price of a company ticket.
Keeping an eye on things: News from the FutureForum Precious Metals
Whether new trends in the precious metals market, exciting background reports or information on upcoming events - we keep you informed throughout the year about everything that moves the industry.
On our LinkedIn channel we regularly publish exclusive insights, event information, expert interviews and the latest market observations. Follow us to make sure you never miss a post and stay in touch with the community.
Our newsletter is even more direct: here you receive selected first-hand information - compact, up-to-date and relevant for anyone who deals with precious metals either professionally or privately.
Partners - News from our supporters
We would like to expressly thank our strong industry partners at the FutureForum Precious Metals 2026, whose commitment has made an active contribution to being able to offer participants a program that is unique in this form in the DACH region.
