Wall Street investment banks are all proposing outlooks for 2026. Goldman calls it a “structural reallocation of capital,” Morgan Stanley describes it as a “dual-speed global economy,” and UBS emphasizes “the strongest capital expenditure cycle in over two decades.” Despite differing language, the conclusion remains the same: 2026 will be a pivotal turning point where hard assets reclaim center stage, with AI-driven capital spending exceeding ### trillion dollars sparking commodity demand, leading gold and silver prices to continue rising.

AI-driven CapEx Surge Sparks Commodity Demand

The decisive force shaping the 2026 landscape is indisputable: AI-driven capital expenditure. Data centers, advanced computing, grid expansion, power generation, cooling systems, and copper-intensive electrification are no longer marginal investments; they are becoming the physical backbone of the modern economy. Goldman estimates that by 2027, AI-related investments could reach nearly ### trillion dollars annually, comparable to the scale of early 21st-century internet infrastructure. UBS describes this trend as “a multi-year capital expenditure shock that will permanently reshape supply chains and asset valuations.”

But its impact extends far beyond tech stocks. As Gold & Silver Club senior strategist explains: “AI is not just a technology cycle but a supercycle of inflation. It simultaneously intensifies energy demand, metal consumption, and supply constraints. That’s why it exacerbates inequality and why hard assets will ultimately benefit.” In fact, AI acts both as a catalyst and an accelerator, intensifying every structural imbalance already present in the system.

The construction demand for AI data centers highlights the critical role of hard assets. Each large data center requires thousands of tons of copper for wiring and cooling systems, continuous and reliable power supply to support 24/7 operations, and advanced cooling technology that consumes vast amounts of water. As global tech giants race to build AI infrastructure, competition for copper, electricity, and water resources will push these hard assets’ prices higher. This demand is not cyclical but a structural, ongoing long-term trend.

AI-Driven Hard Asset Demand Explodes

Copper Consumption Soars: AI data centers, EVs, and grid upgrades are consuming copper stocks at a pace far exceeding global mining capacity.

Power Gap Widens: AI computing demands are driving investments in oil, natural gas, and nuclear energy, putting upward pressure on energy prices.

Silver’s Dual Demand: Solar expansion and electrification are simultaneously boosting industrial silver demand, coupled with safe-haven buying creating a perfect storm.

CapEx Cycle: UBS describes this as “the strongest capital expenditure cycle in over twenty years,” comparable in scale to the early 2000s dot-com bubble.

(# Wealth Divide in a K-Shaped Economy

The divergence that emerged in the early post-pandemic period has evolved into a complete macroeconomic paradigm. Asset owners, corporations, and capital-intensive industries continue to accelerate wealth creation, while labor-dependent households and consumer-driven companies fall further behind. This is the K-shaped economy, and by 2026, this gap is expected to widen further. Morgan Stanley describes it as a “dual-speed global economy,” with the wealthy holding stocks, real estate, and hard assets experiencing inflation, while middle-class purchasing power shrinks due to reliance on wages.

In this K-shaped market structure, capital flows into scarcity assets, options, and physical assets. Investors who early position in hard assets will benefit from one of the most asymmetric macroeconomic environments in modern financial history. This divergence is not driven by interest rates or politics but by deeper structural shifts: the global economy is shifting from a consumption-driven model to one led by capital-intensive industries, from financial assets dominating to physical assets returning to prominence.

History offers sobering examples. Periods when commodity prices are significantly discounted relative to equities often precede strong market reversals. Currently, this ratio is approaching levels seen before past commodity booms. Similar valuation disequilibrium occurred in the early 2000s and the 1970s, followed by a long supercycle of commodities. 2026 may mark the beginning of a new supercycle.

)# Gold at $8,000, Silver Doubles, Copper at Decade-Low Valuation

![高盛2026展望]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-99fdaa39ff-153d09-6d5686.webp

(Source: Youtube)

Gold has been the first to move. Central bank purchases, deteriorating fiscal conditions, and geopolitical divisions have driven gold prices to new highs. Increasing institutional models forecast that during the next supercycle, gold prices could reach $6,000 to $8,000 per ounce. While this may seem ambitious—current prices around $3,700, requiring a doubling to reach $8,000—the logic of gold as the ultimate safe-haven asset under inflationary and monetary crisis conditions remains highly compelling.

Long overshadowed by gold’s shine, silver may reveal even greater significance. Positioned at the intersection of AI infrastructure, electrification, and solar expansion, silver exhibits a rare dual demand profile in modern markets. If the gold-silver ratio narrows sharply from around 85 to the historical average of 60 or lower, silver’s upside could surprise even seasoned traders. With current prices near $32, if the gold-silver ratio drops to 60 and gold reaches $6,000, silver could target $100, implying over 200% gains.

Copper remains the most pressured asset in this system. AI data centers, EVs, and grid upgrades are depleting copper inventories at rates far surpassing global mining capacity. Several hedge funds now describe copper as “the most mispriced asset of the decade.” The global copper mining cycle, from exploration to production, typically takes 10 to 15 years, meaning even massive investments today won’t alleviate supply shortages by 2026. Structural supply-demand imbalance will push copper prices higher.

Oil also quietly returns to the market’s radar. Years of underinvestment have tightened energy supplies, and with AI-driven electricity demand colliding with geopolitical risks, crude oil prices could spike unexpectedly, echoing the shocks of 2008 and 2022. When data center power needs compete with industrial and residential electricity, upward pressure on energy prices will be inevitable.

The Window for Wealth Transfer Is Closing

This is not merely routine wealth rotation but an intergenerational transfer. As Hansen summarizes: “The next decade belongs to hard assets. AI is building the future, but commodities are what you pay to realize that future.” The message for 2026 is clear: the window for optimal entry is closing faster than most realize, and asset segmentation has already begun. History will not favor those waiting for consensus; when the trend toward hard assets becomes universally accepted, the best buying opportunities will be in the past. The only question now is whether you will act decisively to seize the 2026 supercycle in hard assets or watch this generation’s enormous wealth transfer pass you by.