Silver, gold, uranium and copper.
Those are the top minerals to watch in the new year, according to Brooke Thackray, research analyst at Global X, who said those metals stand out because demand is growing faster than supply.
“I think it’s the major minerals at this point that are still going to lead the way for 2026,” said Thackray.
Silver stands out because there’s a structural supply deficit, he said, and there is a growing need for the metal in solar panels and other clean-energy technologies.
He expects gold to remain well supported as central banks continue buying.
He said North American investors have historically shown low interest in gold. Despite gold reaching all-time price highs in recent years, investors were actually selling their physical holdings, which could be seen by a decrease in ounces held by the major U.S. gold ETF, GLD, since its 2020 peak.
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“Over the last couple of months, we started to see that start to climb, because investors are becoming more interested in gold,” said Thackray.
Uranium remains another key metal to watch as electricity demand rises and there is renewed interest in nuclear power. While it can be volatile, the long-term trend is still strong, he said.
Copper, meanwhile, continues to benefit from electrification and long-term supply constraints, but it is more sensitive to the global economy. A major slowdown in China could temporarily pull prices back.
Why smaller critical minerals lag
While markets are focusing on those four metals, Canada is aggressively prioritizing a broader group of minerals as part of its critical minerals strategy.
Natural Resources Canada has identified 34 minerals as “critical,” citing their importance to economic security and clean energy.
Of those, the federal government is prioritizing six minerals for investment and policy support: lithium, graphite, nickel, cobalt, copper and rare earth elements.
Ottawa has framed the strategy as a generational opportunity to expand mining, processing and manufacturing across the country, while reducing reliance on foreign suppliers.
But many niche critical minerals are too early-stage, said Thackray.
“There isn’t a big enough market there yet, but I think it’s going to develop over time,” he said.
He said the big catalyst for these minerals will be when governments get more involved, similar to what happened in the uranium space, where the federal government provided loan support for nuclear development, including a $304 million loan to AtkinsRéalis to developing next-generation CANDU reactor technology.
What Canada should prioritize and why the “critical mineral” approach is flawed
Nickel, zinc, uranium, potash, rare earths, iron, gold and copper are all strong opportunities for Canada, according to Jack M. Mintz, public policy analyst at the C.D. Howe Institute.
He said Canada needs to focus on minerals it has large reserves of and is able to produce.
He gives the example of lithium, which is on Canada’s critical mineral list but is largely produced by Bolivia, Chile and Argentina, often called the “lithium triangle.” The three countries have the largest estimated lithium resources globally.
“That’s where people are looking for lithium. They’re not going to be looking at Canada for lithium,” said Mintz.
He said there are areas where Canada can have real success in production, but some of those minerals are not what the government defines as critical, or were only added recently, such as uranium and copper.
