Os três grandes de Wall Street unem-se! 2026 será o Ano dos Ativos Tangíveis, com ouro a 8000 e prata a duplicar

Wall Street investment banks are increasingly projecting 2026 outlooks, with Goldman Sachs describing it as a “structural reallocation of capital,” Morgan Stanley calling it a “dual-speed global economy,” and UBS emphasizing “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 regain center stage, AI capital expenditures exceeding 1 trillion USD will trigger a commodities demand surge, and gold and silver will continue to rise.

AI capital expenditures exceeding 1 trillion USD trigger commodities demand

The decisive force shaping 2026 is now undisputed: AI-driven capital expenditure. Data centers, advanced computing, grid expansion, power generation, cooling systems, and copper-intensive electrification are no longer fringe investments; they are becoming the tangible backbone of the modern economy. Goldman estimates that by 2027, AI-related investments could approach 1 trillion USD 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.”

However, the impact extends far beyond tech stocks. As Gold & Silver Club senior strategist explains: “AI is not just a technological cycle but a supercycle of inflation. It simultaneously intensifies energy demand, metal consumption, and supply constraints. This explains why it exacerbates inequality and why hard assets will ultimately be the beneficiaries.” In fact, AI acts both as a catalyst and an accelerant, intensifying existing structural imbalances within the system.

The demand for AI data center construction highlights the critical role of hard assets. Each large data center requires thousands of tons of copper for cables and cooling systems, necessitates continuous and stable power supply for 24/7 operations, and consumes large amounts of water for advanced cooling technologies. As global tech giants compete to build AI infrastructure, the competition for copper, electricity, and water resources will push up prices for these hard assets. This demand is not cyclical but a structural, persistent long-term trend.

AI-driven hard asset demand explosion

Copper consumption surges: AI data centers, electric vehicle and grid upgrades are consuming copper inventories at rates far exceeding global mining capacity

Power gap widens: AI computing drives investments in oil, natural gas, and nuclear energy, putting upward pressure on energy prices

Silver dual demand: Solar expansion and electrification simultaneously boost industrial silver demand, stacking with safe-haven demand creating a perfect storm

Capital expenditure cycle: UBS describes this as “the strongest capital expenditure cycle in over twenty years,” comparable in scale to the early internet bubble

Wealth divide under K-shaped economy

The bifurcation that emerged early post-pandemic has evolved into a complete macroeconomic pattern. Asset owners, corporations, and capital-intensive industries continue to accelerate wealth creation, while labor-dependent households and consumer-driven companies lag 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 under reliance on wages.

Within this K-shaped market landscape, capital flows toward scarcity assets, options, and tangible assets. Investors who position early in hard assets will benefit from one of the most asymmetric macroeconomic setups in modern financial history. This divergence isn’t driven by interest rates or politics but by deeper structural changes: the global economy shifting from consumption-driven to capital-intensive industries, from financial assets dominating to physical assets reasserting prominence.

History offers sobering examples. Periods when commodities traded at significant discounts to equities often presage strong market reversals. Today, this ratio nears levels seen before past commodity booms. Similar valuation imbalances occurred in the early 2000s and the 1970s, followed by a decade-long supercycle in commodities. 2026 may mark the start of a new supercycle.

Gold at 8000, silver doubling, copper at decade lows

(Source: Youtube)

Gold has taken the lead. Central bank purchases, deteriorating fiscal conditions, and geopolitical splits have driven gold prices to new highs continuously. Increasing institutional models forecast that in the next supercycle, gold prices could reach between 6000 and 8000 USD per ounce. While this target may seem ambitious—current gold prices hover around 3700 USD—doubling to 8000 USD remains plausible amidst inflation and currency crisis scenarios, given gold’s status as an ultimate safe haven.

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 characteristic in modern markets. If the gold-silver ratio narrows significantly from current levels of about 85 to a historical average of 60 or lower, silver’s upside could surprise even seasoned traders. At roughly 32 USD per ounce, if the ratio drops to 60 and gold reaches 6000 USD, silver’s target price could hit 100 USD, representing over 200% gains.

Copper remains the most pressured component of this system. AI data centers, EVs, and grid upgrades are consuming copper inventories at speeds far exceeding global mining capacity. Several hedge funds now label copper as “the most irrationally priced asset of the last decade.” The global copper mining cycle—from exploration to production—typically takes 10 to 15 years, meaning even significant new mining investments won’t alleviate shortages by 2026. Structural supply-demand imbalances will continue to push copper prices upward.

Oil is also quietly returning to market focus. Years of underinvestment have tightened energy supply, and with AI-driven power demand colliding with geopolitical risks, crude prices could surge unexpectedly, reminiscent of shocks in 2008 and 2022. As data centers compete with traditional industries and residential power demands, upward price pressures will be unavoidable.

The window for wealth transfer is closing

This isn’t just routine wealth rotation but a generational transfer. As Hansen summarizes: “The next decade belongs to hard assets. AI is building the future, but commodities are the price you pay for realizing it.” The message for 2026 is clear: the window to buy is closing faster than most realize, and asset bifurcation has already begun. History won’t favor those waiting for consensus; once the trend in hard assets is widely recognized, the best entry points are gone. The only question now is whether you act decisively to seize the 2026 supercycle or watch this massive transfer of wealth slip by.