EY’s Theo Yameogo on Gold, Silver and the Global Critical Minerals Market

Key Takeaways

• Geopolitical instability fuels gold price spikes
• Silver demand rises from industrial uses like solar panels
• Critical minerals definitions vary; energy and food focus essential
• Investment shifting to India, Peru, Argentina for copper, lithium
• AI adoption boosts mining productivity and data-driven decisions

Summary

At PDAC 2026, EY’s metals leader Theo Yameogo explained that gold’s price is driven more by geopolitical turmoil and deeper mining challenges than by forecasting models. He noted silver’s dual appeal as a safe‑haven and an industrial metal, especially for solar and medical applications. Yameogo highlighted the divergent national definitions of critical minerals, emphasizing those tied to energy and food security, while pointing to emerging investment hotspots in India, Peru and Argentina for copper and lithium. Finally, he stressed AI’s growing role on mine sites and the sector’s need for a better public reputation.

Pulse Analysis

Gold’s recent rally is less about speculative forecasting and more about macro‑level risk perception. When geopolitical tensions rise, investors flock to the metal as a hedge, while the physical scarcity created by deeper, costlier extraction adds a structural price floor. This combination of sentiment and supply constraints creates a feedback loop that can sustain elevated gold levels, even as central banks adjust monetary policy. For portfolio managers, monitoring geopolitical hotspots and mining cost curves offers a clearer lens than traditional price models.

Silver, meanwhile, is evolving from a pure store of value into a hybrid asset with significant industrial demand. The metal’s high conductivity makes it indispensable for photovoltaic cells, while its antimicrobial properties drive usage in medical devices. As renewable energy projects accelerate, the need for silver in solar panel manufacturing expands, supporting price resilience independent of gold’s movements. Simultaneously, investors focused on the electric‑vehicle supply chain are broadening their view to include copper and lithium deposits, especially in regions like Peru and Argentina where generational‑type resources are emerging.

Technology is reshaping mining operations at an unprecedented pace. Artificial intelligence is being deployed for ore‑body modeling, predictive maintenance, and workforce optimization, delivering higher productivity and lower environmental footprints. Yet the sector still battles a perception gap; many stakeholders underestimate mining’s role in everyday products and critical infrastructure. By leveraging AI-driven transparency and communicating the strategic importance of critical minerals—particularly those underpinning energy transition and food security—companies can improve their social license and attract diversified capital. This convergence of market dynamics, resource geopolitics, and digital innovation defines the next phase of the global mining landscape.