2026 certainly started on quite a note.
What happened in Venezuela on 3rd Jan 2026 has effects on many fronts, among which are safe-haven metals (gold and silver). In the initial market reaction, gold rose ~2%, while silver and platinum jumped ~6%, as investors priced geopolitical uncertainty and headline risk.
Last year, gold rose more than 60%, while silver jumped 160%, partly driven by global geopolitical instability.
What It Means for Minerals Supply Chains (Beyond Politics)
1. Precious metals are pricing uncertainty, not a physical shortage.
The jump in gold and silver reads as classic safe-haven positioning after a geopolitical shock. For supply chains, the immediate effect is usually financial (hedging costs, margin calls, price resets) rather than a sudden inability to source metal.
2. Expect paperwork pressure upstream, not just price volatility downstream.
When markets turn risk-off, buyers and intermediaries typically tighten documentation standards (origin statements, chain-of-custody, counterparty checks).
The driver here is straightforward: in volatile periods, firms reduce “unknowns” in procurement because the cost of a surprise (delivery failure, reputational exposure, payment friction) rises.
→ Geopolitics and global supply chain are two sides of the same coin, we've discussed this in The Tocco 2025 Materials Review. Don't miss out.
