2026 begins with a focus on commodities, not crypto.
• Institutional money at the beginning of the year is prioritizing light defense.
• Gold maintains its position as an 'insurance asset' in the context of geopolitical tensions.
• Silver benefits from the industrial + solar narrative.
• Oil is not rising sharply but is more stable compared to 2025.
• USD has not shown clear signs of slowing down, making it difficult for risk assets to gain momentum.
Main narrative:
Money flows before entering growth → often go through safety + defense first.
Great points for crypto:
Crypto rises the most when the market believes it has moved past the 'insurance phase'.
If 2026 continues to be the year of commodities → does crypto follow or wait for the next cycle?
#Macro #Commodity #GOLD #Silver #DXY
