economy
February 18, 2026
Gold and silver have been on a wild ride. How you can add exposure to the metals in your portfolio
The metals have had a solid rally to kick off 2026, but a closer look reveals plenty of dramatic swings in prices from one day to the next.
TL;DR
- Gold futures are up over 15% year-to-date, and silver futures are up 10%, but both have experienced significant volatility.
- Gold may offer diversification benefits, especially during geopolitical shocks, with a recommended allocation of around 3%.
- Silver is considered more speculative than gold and may not improve risk-adjusted returns in a diversified portfolio.
- Investment options include mining stocks, ETFs holding physical assets, and ETFs holding futures contracts, each with different risk profiles.
- ETFs holding physical gold offer the most direct exposure, with prices directly linked to the metal's price.
- Tax treatment for precious metals ETFs can differ from equity ETFs, potentially involving higher capital gains rates (28%) for commodities ETFs holding physical assets.
- ETFs holding futures contracts may involve additional complexity, including Schedule K-1 tax forms and potential filing delays.
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