Price Correction Strengthens Long-Term Outlook for Gold and Silver – Sprott’s Smirnova

Maria Smirnova of Sprott sees the recent declines in gold and silver prices as a standard correction within a bull market, not a trend reversal. Rising debt levels, fiscal deficits, central bank purchases and geopolitical tensions keep supporting gold, while silver gains from tight supply and expanding industrial demand. Gold advanced more than 64.58% in 2025 and silver rose 147.95%, reaching fresh highs by late January 2026 before retreating to roughly $4,000-$4,100 per ounce for gold and $55-$60 for silver. Both metals stay well above prior-year levels and have started climbing again amid Middle East tensions and inflation concerns. Smirnova notes the pullback reflects cyclical forces rather than eroded fundamentals. Mining firms hold healthy balance sheets and strong cash flows. Silver faces structural deficits as demand from solar, electronics and electrification outstrips mine supply.