2026 Markets at a Glance: How Wall Street Sees Gold, Bitcoin, and Beyond — A Fresh Look at the Major Forecasts

The Safe-Haven Rally: Why Gold and Silver Are Drawing Serious Attention

The commodity complex is expected to deliver contrasting narratives in 2026. Gold, which surged 60% in 2025 — marking its best year since 1979 — shows no signs of losing momentum. Major financial institutions project further upside, with the World Gold Council outlining scenarios where prices could climb an additional 5% to 15% under normal conditions, or even 15% to 30% if the Fed aggressively cuts rates amid economic uncertainty.

Goldman Sachs targets $4,900 per ounce by year-end 2026, while Bank of America forecasts a push toward $5,000 — equivalent to approximately $6,650 CAD per ounce (converting at 4500 USD to CAD parity rates). These price targets reflect expectations of sustained central bank purchases and a weaker U.S. dollar environment.

Silver presents an even more compelling case, with structural supply deficits intensifying. The Silver Institute notes persistent undersupply driven by industrial demand recovery and constrained supply growth. UBS raised its 2026 silver forecast to $58–60 per ounce, with upside potential to $65/oz, while Bank of America aligns with this $65 target. The gold-silver ratio compression that fueled silver’s outperformance in 2025 is expected to persist.

Crypto Divergence: Bitcoin Consolidates While Ethereum Eyes Bigger Moves

The digital asset space tells a more mixed story heading into 2026. Bitcoin, after reaching historic highs before retreating to end 2025 nearly flat, faces divided analyst opinions. Standard Chartered revised its BTC target downward to $150,000 — citing reduced expectations from corporate treasury adoption — though it acknowledges ETF inflows will remain supportive. At $93.75K currently, Bitcoin maintains meaningful upside if institutions prove the skeptics wrong.

Bernstein argues Bitcoin has broken its traditional four-year cycle and is entering an elongated bull market, projecting $150,000 in 2026 and $200,000 in 2027. Morgan Stanley contradicts this thesis, contending the cycle remains intact and the bull run is maturing.

Ethereum, despite modest performance last year, generates more bullish consensus. JPMorgan emphasizes the transformative potential of tokenization on Ethereum’s infrastructure, positioning ETH as a key beneficiary of the next wave. Tom Lee forecasts $20,000 for Ethereum in 2026, arguing the asset bottomed in 2025 and faces significant upside. Current ETH trading around $3.28K (+3.45% in 24 hours) represents just a fraction of these longer-term targets.

Stock Markets and Tech: The AI-Driven Upswing Continues

U.S. equities appear positioned for sustained strength in 2026, driven by persistent artificial intelligence investment. The Nasdaq 100, which posted 22% gains in 2025, is expected to reach 27,000+ according to analyst consensus. JPMorgan highlights that hyperscale operators — Amazon, Google, Microsoft, Meta — will maintain elevated capital expenditure on data centres over coming years, with spending potentially reaching hundreds of billions cumulatively by 2026.

Deutsche Bank presents an even more optimistic scenario, with the S&P 500 potentially approaching 8,000 by end-2026, contingent on robust earnings and AI-driven investment cycles. NVIDIA, AMD, and Broadcom emerge as key beneficiaries of this capex wave.

Currency Tensions: Dollar Weakness Shapes FX Markets

The 2026 outlook for foreign exchange hinges heavily on U.S. monetary policy divergence. EUR/USD surged 13% in 2025, and most institutions expect further upside supported by the ECB holding rates steady while the Fed cuts. JPMorgan and Nomura target 1.20 by year-end 2026, with Bank of America more aggressive at 1.22. However, Morgan Stanley offers a cautionary view: EUR/USD could rise to 1.23 in early 2026 before retreating to 1.16 if U.S. economic data strengthens.

USD/JPY presents the starkest disagreement. JPMorgan and Barclays expect appreciation to 164 by end-2026, citing priced-in BOJ hikes and Japanese fiscal expansion. Nomura counters that narrowing rate differentials will erode yen carry trade appeal, forecasting a drop to 140 if U.S. macro indicators soften.

Energy: Oversupply Fears Weigh on Crude

Crude oil markets face headwinds from expanded OPEC+ output and robust U.S. production, which drove prices down ~20% in 2025. Goldman Sachs sketches a bearish scenario where WTI averages $52/bbl and Brent $56/bbl in 2026. JPMorgan similarly highlights downside risks, projecting WTI near $54/bbl and Brent around $58/bbl if supply surpluses persist and demand growth moderates.

The consensus across asset classes reflects a market bracing for monetary easing, currency volatility, and a continued bifurcation between safe-haven commodities and growth-oriented equities in 2026.