Gold price

Gold hit a record high of close to US$5,600 per ounce at the end of January before sliding into one of the largest price drops in decades, dipping as low as US$4,400 as February kicked off.

Over the past week, the metal has oscillated between slumps and cautious recovery. The spot price lost the battle to remain above the key US$5,000 mark in morning trading on February 12, falling to an intraday low of US$4,907.41. February 13 saw gold rebound slightly and trade in a tight range between US$5,000 and US$5,040.

Gold couldn’t hold that level on Monday (February 16), and the next day it began sliding below the US$4,900 support level. Wednesday (February 18) brought some relief, with gold once again fighting to stay above US$5,000.

Gold price chart, February 12, 2026 to February 18, 2026.

The primary drivers for gold this past week are:

• Seasonal liquidity is also at play this week as the Lunar New Year holiday, which runs from February 16 to 23, typically results in lower trading volumes.

In other gold news, the 2026 TSX Venture 50 list was released on Wednesday, with several gold companies named as top performers. The top five gold stocks on the list are: 1911 Gold (TSXV:AUMB,OTCQB:AUMBF), TDG Gold (TSXV:TDG,OTCQX:TDGGF), Omai Gold Mines (TSXV:OMG,OTCQB:OMGGF), Prospector Metals (TSXV:PPP,OTCQB:PMCOF) and Goldgroup Mining (TSXV:GGA,OTCQX:GGAZF).

Silver price

Silver has broadly tracked gold’s price movements over the past week.

However, the white metal has exhibited significantly higher volatility, and the silver spot price is far outside of striking range of its all-time high of more than US$121 per ounce, which it reached on January 29.

Silver fell by more than 9 percent on February 12 as it followed gold on the downtrend, falling from around US$83 to US$75. On Friday the 13th, silver managed not to scare investors as it traded mostly sideways at the US$77 level.

For most of Monday and Tuesday (February 17), silver continued to limp along this trend line, but has managed to gain ground, rising from the US$75 level to an intraday high of US$78.24 as of 11:00 a.m. PST on Wednesday.

Silver price chart, February 12, 2026 to February 18, 2026.

In addition to the macro factors influencing gold, volatility in the silver market has also come from the ups and downs in the artificial intelligence (AI) sector. Silver, the most electrically and thermally conductive metal on the planet, is considered a key material for AI tech, particularly in data centers and high-performance computing.

Over the past week, the Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ) has slid from approximately US$50.55 to US$49.94 as of midday on Wednesday, reflecting broader weakness in the sector.

In other silver news, in its latest annual outlook, published on February 10, the Silver Institute reported that it expects macroeconomic and geopolitical conditions to remain broadly supportive for silver in 2026.

Platinum price

On February 12, platinum was trading as high as US$2,136 per ounce in early morning trading, but soon followed its precious metals sisters on a downward slide to an intraday low of US$1,982.50. The metal was back above US$2,070 the next day, and for the first part of this week it’s managed to trade above the US$2,000 level.

Wednesday was a recovery day for platinum as it reached an intraday high of US$2,122.90 as of 11:00 a.m. PST.

Platinum price chart, February 12, 2026 to February 18, 2026.

Platinum is one of the top-performing metals over the past year, reaching 12 year highs in recent weeks. Demand is being driven by the metal’s essential role in the emerging hydrogen economy. It’s also still seeing robust demand from the auto sector despite the emergence of electric vehicles and uneasy consumer confidence in the economy.

On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer, South Africa, continues to be plagued by power shortages and operational disruptions.

This week, Johnson Matthey (LSE:JMAT,OTCPL:JMPLF), Sibanye-Stillwater (NYSE:SBSW) and Valterra Platinum (LSE:VALT,JSE:VAL,OTCPL:AGPPF) launched a multimillion-dollar partnership to develop new platinum-group metals clean energy and industrial technologies outside of the auto sector.

Palladium price

Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.

On February 12 it followed the precious metals pack down from US$1,741 to as low as US$1,664.

After a rebounding above to US$1,783 level on Monday, the following trading today brought much volatility to the metal, which traded in the US$1,670 to US$1,720 range. Platinum managed to to make gains to the upside on Wednesday with an intraday high of US$1,774 as of 11:00 a.m. PST.

Palladium price chart, February 12, 2026 to February 18, 2026.

The palladium price is being held down by a slump in demand for electric vehicles and a looming oversupply situation. Analysts at Heraeus Precious Metals predict that the palladium market may move into a surplus in 2026 as secondary supply from recycling increases by 10 percent.

On that note, an announcement shaping the outlook for palladium on the supply side this past week came from the US Department of Commerce, which issued a preliminary statement of support for anti-dumping duties of approximately 133 percent on unwrought Russian palladium imports.

This follows a petition from Sibanye-Stillwater over allegations that Russian metal is being sold in the US at less than fair value. A final decision is expected in the case by June of this year.

Investor Insight

Earthwise Minerals is a data-driven Canadian gold explorer advancing the fully permitted Iron Range gold project in southeastern British Columbia. Backed by more than $8 million in historical data and a 51.6 million-share structure, the company offers strong leverage to discovery. A staged earn-in and defined drill targets position Earthwise for efficient, high-impact exploration.

Overview

Earthwise Minerals (CSE:WISE,FSE:966) is a Vancouver-based exploration company focused on advancing the Iron Range Gold Project in southeastern British Columbia. The project lies within the Purcell Supergroup along the Iron Mountain Fault Zone, a major regional structure in the same metallogenic belt as the historic Sullivan deposit, providing a strong geological context for structurally hosted gold-dominant mineralization.

The company’s strategy centers on integrating historic datasets with modern exploration technologies to efficiently generate drill-ready targets. More than $8 million in historical exploration work — including airborne geophysics, soil geochemistry and drilling — gives Earthwise a significant technical head start and reduces early-stage exploration risk.

Earthwise controls its flagship project through an option agreement with Eagle Plains Resources, allowing it to prioritize exploration spending over acquisition costs. This staged structure provides a disciplined pathway toward discovery while preserving capital.

Company Highlights

• Tight Capital Structure:51.6 million shares fully diluted, providing strong leverage to exploration success without excessive dilution
• District-Scale Flagship Asset: The Iron Range Gold Project spans 21,437 hectares along a major regional structure with more than 50 kilometres of strike length
• Extensive Historic Database: Over $8 million in past geophysics, geochemistry and drilling creates a robust dataset for modern targeting
• Low-Cost Earn-In: Option to earn 70 percent interest over four years through staged payments and exploration totaling $4 million, plus a further 10 percent (to 80 percent) for a $1-million payment within 120 days
• Infrastructure Advantage: Property is road accessible, crossed by Highway 3 and serviced by rail, power, natural gas and water
• Advanced Permitting: Multi-year area-based permit allows drilling, trenching, geophysics and road access without annual approvals
• Experienced Leadership: Management and board combine technical discovery experience, capital markets expertise and digital strategy capabilities

Key Project

Iron Range Gold Project

The Iron Range Gold Project is Earthwise’s flagship asset, covering 21,437 hectares just northeast of Creston, British Columbia. The property is underlain by the Iron Mountain Fault Zone and hosts structurally controlled mineralization associated with a key stratigraphic horizon known as the Lower–Middle Aldridge Contact. Infrastructure is exceptional, with Highway 3 crossing the project, rail access via Canadian Pacific, power supplied by BC Hydro and nearby natural gas and water.

Historic exploration has outlined multiple mineralized zones supported by geophysical and geochemical anomalies. A 2004 VTEM survey identified conductive trends coincident with the fault zone, while soil surveys defined multi-element anomalies including arsenic, lead, zinc and gold. Induced polarization surveys completed in 2017 outlined a down-plunge chargeability anomaly at the Talon/Canyon Zone, later confirmed by drilling in 2018.

Mineralization styles are polymetallic but gold dominant, occurring within brittle shear and breccia zones ranging from one metre to several tens of metres wide. Historic drill intercepts include:

• 56.5 m grading 1.9 g/t gold, 0.44 percent lead, 0.59 percent zinc and 19.7 g/t silver
• 14.0 m grading 5.1 g/t gold, 1.86 percent lead, 2.1 percent zinc and 75.3 g/t silver
• 2.0 m grading 12.8 g/t gold, 4.18 percent lead, 5.06 percent zinc and 122.5 g/t silver

Recent fieldwork has also returned surface samples grading up to 13.4 g/t gold, 27.2 g/t silver and 2.7 percent lead, supporting the project’s discovery potential. Mineralization remains open along strike and at depth, with overlapping geophysical and geochemical vectors indicating potential for additional shoots.

Project Highlights

• 21,437 hectare district-scale land package
• More than 50 km of prospective structural strike
• Over $8 million in historical exploration data
• Fully permitted for multi-year drilling and exploration
• Phase 1 drill program (~2,500 m) planned to test down-plunge extensions and parallel structures
• Earn-in to 80 percent ownership with only a 1 percent NSR retained on part of the property

Management Team

Mark Luchinski — Chief Executive Officer and Corporate Director

Mark Luchinski is an entrepreneur and capital markets specialist with two decades of experience managing public companies and advancing exploration assets. He has guided multiple firms through financings, acquisitions, exploration programs and listings. He also serves as a director of Aeonian Resources.

Mateo Arcila — Director

Mateo Arcila is an engineer with over 10 years of experience in business development and digital strategy. He oversees corporate outreach, digital initiatives and investor engagement for Earthwise. His background includes marketing analytics, data strategy and international business.

Karen Mate – Director

Karen Mate is a senior capital markets professional with more than 30 years of experience in the Canadian investment industry, specializing in institutional equity sales and capital markets advisory. She has held senior roles at leading investment banks, including Director of Global Institutional Equity Sales at Scotia Capital, as well as leadership positions at Casimir Capital, Dundee Capital Markets, Marleau Lemire Securities and National Bank Financial. Known as a trusted advisor to institutional investors and corporate management teams, she has guided clients across multiple market cycles with strategic market insight and execution expertise.

Ikavinder Deol — Chief Financial Officer

Ikavinder Deol is a CPA with more than six years of experience in financial reporting and compliance for junior mining companies. She specializes in IFRS reporting and regulatory filings. She is also affiliated with Cross Davis & Company, which focuses on public resource issuers.

Andy Randell – Geological Advisor

Andy Randell, P.Geo, is a professionally registered geoscientist with more than 20 years of experience spanning mineral exploration, technical leadership, consulting and industry governance. He has held senior geological roles on gold-focused projects in Canada and internationally, including project geologist and chief geologist positions, and brings expertise from grassroots through advanced-stage exploration. His work emphasizes structural geology, disciplined target generation and responsible exploration practices.

Silverco Mining (TSXV:SICO) is a production-stage silver company targeting opportunities in Mexico’s Sierra Madre Occidental belt. Its primary technical focus is optimizing the wholly owned Cusi Mining Complex in Chihuahua, an 11,665-hectare district-scale property. The site benefits from established, institutional-quality infrastructure—such as direct access to the national power grid and paved roads—significantly lowering the capital requirements for restarting operations.

The company is undertaking a definitive transition toward mid-tier producer status through a binding agreement to acquire Nuevo Silver. This deal gives Silverco control of the La Negra mine in Querétaro, a currently producing asset that delivers immediate top-line revenue. By pairing the near-term restart of the Cusi 1,200 tpd mill with ongoing production at La Negra, Silverco is effectively bypassing the multi-year development cycle typically faced by junior miners.

This “buy-and-build” strategy is driven by a technical team with specialized expertise in Mexican epithermal vein systems and complex underground mine engineering, positioning the company to accelerate growth while maintaining operational discipline.

Company Highlights

• The $62.5 million upsized bought deal financing (closing Q1 2026) and Eric Sprott’s $10 million lead order provide cornerstone validation from a legendary mining investor and the necessary liquidity to fast-track production restarts.
• The updated Mineral Resource Estimate of 41.2 million ounces of silver equivalent (AgEq) in the Measured and Indicated category establishes a high-confidence geological foundation at Cusi, supporting long-term mine planning.
• The dual-track growth strategy involving the Cusi restart and the Nuevo Silver/La Negra acquisition provides immediate production scale and a diversified cash-flow profile across two distinct Mexican mining jurisdictions.
• Pure-play silver exposure with significant de-risking is achieved via the 1,200 tonne-per-day (tpd) Cusi mill, which was producing as recently as 2023, ensuring that surface infrastructure is ‘warm’ and capable of a rapid return to service.
• Imminent exploration catalysts exist following the completion of a 15,000-metre drill program at Cusi; results are currently pending and are expected to define high-grade extensions at the San Miguel vein.

This Silverco Mining profile is part of a paid investor education campaign.*

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Yearly central bank gold purchases since 2019.

Chart via the WGC.

A record 95 percent of respondents to the WGC survey stated their belief that central banks will continue to grow their holdings, with 5 percent suggesting they would hold at current levels. For the second year in a row, no respondents expected reserves to decrease.

The Council found that sentiment was consistent across advanced and emerging economies and reflected the strategic role of gold amid dynamic economic and geopolitical uncertainty.

1. United States

Gold reserves: 8,133.46 metric tons

When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 metric tons of gold.

A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”

The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.

2. Germany

Gold reserves: 3,350.3 metric tons

The Bundesbank, Germany’s central bank, currently owns 3,351.53 metric tons of gold. Like many of the central banks on this list, the German national bank stores a significant portion of its gold in foreign central banks.

Today, just over half of Germany’s gold holdings are stored within Frankfurt, while internationally 1,236 MT of gold is stored in the vaults of the New York Federal Reserve, and 12 percent of its holdings are in London.

The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing. The German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating some of its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.

The economic upheaval and geopolitical volatility brought about by US President Donald Trump’s tariff wars and adversarial posturing toward Europe has led to calls for Germany to consider further repatriating its gold, reported The Guardian in January 2026.

3. Italy

Gold reserves: 2,451.9 metric tons

Banca d’Italia, the national bank of Italy, holds 2,451.84 metric tons of gold. The central bank began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT of holdings slowly grew into the large gold reserves it holds today.

Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 MT are in Switzerland and 1,061 MT are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.

4. France

Gold reserves: 2,437 metric tons

The Banque de France has 2,437 metric tons of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.

La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.

According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”

5. Russia

Gold reserves: 2,326.5 metric tons

The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 metric tons of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.

The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.

Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.

In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.

6. China

Gold reserves: 2,306.3 metric tons

The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 metric tons of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.

The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.

The PBoC was one of the top gold buyers of the world’s central banks for 2024 and 2025, purchasing 44 MT and 27 MT of gold during the years respectively. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November. As of January 2026, it has purchased gold for a further 15 consecutive months.

7. Switzerland

Gold reserves: 1,039.9 metric tons

The Swiss National Bank (SNB) holds the seventh largest central bank gold reserves. Its 1,039.94 metric tons of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve. The Swiss constitution allows the SNB to buy and sell gold with market trends, but it is not required to report the sales.

After years of opaqueness regarding the country’s golden treasure trove and increased selling in 2011 as prices rose, the Swiss Gold Initiative was launched in 2011.

The initiative called for an amendment to the constitution to add three new points to it. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.

This culminated in a national referendum in 2014 that failed to reach a majority of votes. However, the public conversation did prompt the bank to be more transparent.

According to a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.

8. India

Gold reserves: 880.2 metric tons

The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.

Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024. However, its 2025 purchases totaled just 4 MT, its lowest in eight years.

While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.

9. Japan

Gold reserves: 846 metric tons

The Bank of Japan currently holds 846 metric tons of gold. Public information about the Bank of Japan’s gold reserves is hard to come by.

In 2000, the island nation was holding approximately 753 MT of the yellow metal, and by 2004, the Bank of Japan’s gold store had grown to 765.2 MT. Its gold reserves remained at that level until March 2021, when the country purchased 80.76 MT of gold, bringing it to its current total.

10. Turkey

Gold reserves: 613.7 metric tons

The Central Bank of Turkey holds 613.7 metric tons of gold. Turkey has been a consistent gold buyer over the past several years, with its central bank adding 75 MT to its holdings in 2024. While the pace of the country’s buying slowed in 2025, the country accumulated another 27 metric tons through the end of November, making it the year’s fifth-largest gold buyer.

*11. International Monetary Fund

Gold reserves: 2,814 metric tons

The gold reserve held by the International Monetary Fund is the third largest in terms of size at 2,814 metric tons. The large gold reserve was amassed primarily during the founding of the international organization in 1944.

In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”

Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.