The 2026 Winter Olympics are about to begin, and, while being recognized as one of the best athletes in one’s respective sport is undoubtedly valuable, no price can be placed on that accomplishment. This year, however, those athletes who stand on the podium will be wearing medals, made of metals, which have never been worth more! Of course, you’re not reading this for our insights into who will be the fastest downhill skier, you’re reading for our perspective on the market. Where do these intertwine? It’s with the prices of Gold, Silver, and Bronze (which is mostly copper).
While the topic has been a ‘hot commodity’ (pun intended) for a few years, the price action really picked up steam starting in August 2025. Our chart for the month illustrates the price appreciation of the three metals since then.
The only interruption to the upward movement was on the final day of January, coinciding with the nomination of Kevin Warsh as the new Fed Chair. Warsh is widely viewed as being “hawkish,” favoring tighter monetary policy. This helped trigger the sharp selloff across the metals complex at the end of the chart, which had been rallying, almost unimpeded, for quite some time.
What is driving this?
Primarily, all of these are commodities, which are going to see price movement based upon the dynamics of supply and demand. This differs from a stock, which is a claim on a specific company’s future assets, earnings, and cash flows. If the supply of the metals does not keep pace with the demand, then the economics would point towards higher prices. In this environment, demand has been strong while supply growth cannot keep up given the primary supply of each metal requires slow-to-act mining operations.
More specific to each:
- Gold: Demand is being driven by Global Central Banks, which have increased their desire to own following Russia’s invasion of Ukraine in early 2022. Continued geopolitical uncertainty and increased retail appetite have kept demand moving.
- Silver: Clearly the leading price mover in the chart, the dynamics can be exacerbated by silver’s smaller market. As London is the primary hub for silver, fears of tariffs on the metal sparked a rush to import physical silver into the U.S. This created a shortage in London, which meant that those ‘leasing’ silver were getting squeezed as they then had to obtain physical silver to make delivery. Thus, lack of liquidity is a key component to the price surge.
- Copper: This has the broadest applicability to industrial use cases, and one aspect of strong demand is related to the needs of the AI data center buildout. The second aspect is tied to fears over tariffs, with those in need driving short-term demand to build stockpiles.
Understanding the variables that drive any asset’s price is a critical aspect of investing and something all investors should be aware of. And maybe as you tune into the upcoming Olympics coverage, you’ll view the medals with a little different context. As fun trivia, it is worth pointing out that the Gold Medal is made mostly of silver – it is only coated with ~6 grams of gold1.
1. Are Olympic Medals Gold? (Britannica)
2025 Tax Guide
Form 1099 Tax Information
As a reminder, BNY Pershing has increased the frequency of production and delivery of Form 1099 tax statements, which will be delivered weekly beginning January 28, 2026. When you receive your Form 1099 depends on the holdings in your account.
Mailing Schedule
January 28, 2026: accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding stocks, bonds, and options.1
February 4, 2026: accounts that include mutual funds, REITs and certain equities for which issuers have finalized reporting and BNY Pershing has completed processing.1
February 11, 2026: delivery will continue for accounts that include mutual funds, REITs and certain equities for which issuers have finalized reporting and BNY Pershing has completed processing after the February 4 delivery.2 Pending 1099 Notices will be delivered for accounts where BNY Pershing is still waiting data from issuers or in cases where BNY Pershing has not completed processing and review of all information. The notice will list investments that are awaiting information from issuers or trustees or final review and will indicate the possible delivery date of an investor’s 1099.
February 18, 2026: delivery will continue for accounts that include mutual funds, REITs and certain equities for which issuers have finalized reporting and BNY Pershing has completed processing after the February 11 delivery.3
February 25, 2026: delivery will continue for accounts that include mutual funds, REITs and certain equities for which issuers have finalized reporting and BNY Pershing has completed processing after the February 18 delivery.3
March 4, 2026: delivery will continue for accounts for which BNY Pershing can now include information that has been finalized from issuers of mutual funds, REITs, and remaining unit investment trusts (UITs) and BNY Pershing has completed processing after the February 18 delivery.3
March 11, 2026: all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. This delivery will also include accounts holding complex non-equity securities, such as real estate mortgage investment conduits (REMICs), WHFITs and UITs.3
For more detailed information regarding the timing, review page 3 of the 2025 Tax Guide from BNY Pershing.
Corrected 1099 Form will be delivered as needed.
You may receive a corrected Form 1099. There are several reasons for this—for example, issuers of securities held in your account may provide updated or additional information after your Form 1099 is delivered to you. The IRS requires financial organizations to send corrected forms with revised information as it becomes available.
Want quicker access to your Form 1099? Enroll in electronic delivery (eDelivery). Log-in to your account to sign up for access or contact Lynne Davidson for assistance at 316-776-4633.
1. Financial organizations, like BNY Pershing, are responsible for Form 1099 reporting and must rely on issuers of securities for your tax information. BNY Pershing provides tax reporting services on behalf of your financial organization. Holding only these types of securities does not guarantee that your tax statements will be delivered on the indicated date.
2. BNY Pershing’s annual practice is to request and obtain an extension from the IRS to the February 15 date on which we are required to deliver IRS Form 1099 (B, DIV, INT, OID and MISC).
3. BNY Pershing’s 30-day extension to the delivery requirement will accommodate these delivery dates.
