The Quiet Revolution in Commodities: Why Tungsten and Silver Are Surpassing Gold
For years, gold dominated headlines as the ultimate safe-haven asset. However, 2026 is witnessing a subtle yet powerful shift in commodity markets, with investors increasingly allocating capital to silver and, surprisingly, tungsten. This isn’t simply about fear; it’s about recognizing that silver and tungsten are becoming the hard currencies of technological sovereignty.
Beyond a Safe Haven: The Industrial Logic of Silver
While gold has traditionally served as a psychological anchor, silver offers a dual role as both a precious metal and a critical industrial component. This gives it a higher potential for growth. Silver isn’t just about shine; it’s integral to solar panels, electric vehicles, and high-frequency technology. Analysts point to this industrial demand as a key driver of its increasing value.
Tungsten: The Geopolitical Game Changer
The real “game changer” in modern investment portfolios is tungsten. With the highest melting point of all metals and a hardness approaching that of diamond, tungsten is foundational to modern defense and heavy industry. It’s essential for modern weapons systems, efficient mining tools, and heat-resistant components for aerospace.
The Fragility of Supply Chains and China’s Dominance
Global supply chains for these strategic metals are fragile. For decades, China has dominated the tungsten market. However, trade restrictions and the growing trend of “friend-shoring” are forcing Western industries to develop independent sources. Tungsten is no longer just a commodity; it’s a political instrument.
Almonty Industries: Securing Supply from South Korea and Portugal
Almonty Industries (WKN: A414Q8, ISIN: CA0203987072) is positioning itself as a key player in this shift. The company’s recent production start at the Sangdong tungsten mine in South Korea marks a turning point, not just for Almonty, but for Western strategies to secure critical raw materials. With China controlling over 80% of global tungsten production, the need for independent supply chains is critical.
Almonty aims to provide approximately 40% of tungsten production outside of China, focusing on supplying industries vital to security, and defense. The company is also advancing the Panasqueira mine in Portugal and exploring resources in Montana, USA, aligning with Western reshoring and security strategies.
American Tungsten & Antimony: A Breakthrough in Nevada
American Tungsten & Antimony (ATA) (WKN: A41XT2, ISIN: AU0000445603) is gaining attention with operational breakthroughs in Nevada. Recent reports document significant tungsten discoveries from underground sampling. What we have is particularly noteworthy due to the region’s mining-friendly environment and legal stability, positioning ATA as a potential pillar for greater supply security.
Price Dynamics: A Perfect Storm
Market data indicates that tungsten concentrate prices are at record levels globally. Stricter environmental regulations in Asia are leading to mine closures, while global inventories are at historic lows. For companies like ATA, this means that any progress in exploration and future production meets a market hungry for material. The combination of rising prices and increasing resource base creates a dynamic that gold currently lacks.
Silver’s Renaissance: Powering the Energy Transition
Alongside tungsten, silver is experiencing a resurgence. Experts view silver as the “big brother of transformation.” As the global energy transition accelerates, the demand for silver in photovoltaic infrastructure is higher than ever. Silver’s price trajectory is closely correlated with the demand for strategic industrial metals, both benefiting from the real economy, not just inflation fears.
FAQ
Q: Why is tungsten becoming more important than gold?
A: Tungsten’s unique properties are essential for defense, aerospace, and heavy industry, making it strategically vital in a world focused on technological sovereignty.
Q: What is “friend-shoring”?
A: Friend-shoring is the practice of sourcing critical materials from politically aligned countries to reduce reliance on potential adversaries.
Q: What role does Almonty Industries play in this shift?
A: Almonty Industries is working to establish significant tungsten production outside of China, aiming to supply 40% of the global market from non-Chinese sources.
Q: Is investing in these metals risky?
A: As with any investment, We find risks. Commodity prices can be volatile, and the success of mining companies depends on exploration, production, and market conditions.
The companies mentioned, American Tungsten & Antimony and Almonty Industries, are examples of companies positioning themselves to benefit from this changing landscape.
For further information, contact Dr. Eva Reuter at [email protected].
