Gold, Silver Pullback Not End of Bull Market, Says Sprott Executive

Sprott executive Maria Smirnova doesn't think the recent pullback in gold and silver marks the end of their bull market. She believes this is a cyclical correction within an ongoing bull run.

The decline, which saw gold prices drop to around $4,000 per ounce and silver fall back to the $55-$60 range, was largely driven by short-term factors such as a strong dollar and tightened policy expectations.

Smirnova points out that sovereign debt continues to balloon, fiscal deficits remain high, and many central banks are diversifying reserve assets. The fragmented global geopolitical landscape also offers robust support for gold, which has seen new all-time highs in 2026.

Silver benefits from industrial demand, particularly in the photovoltaic sector, power grid construction, AI infrastructure, and high-end electronics. Smirnova notes that mine supply growth is sluggish, leaving the market in a supply-demand deficit for years to come.