Gold and Silver Fuel a New Super‑Cycle – Moroccan Miners Managem and SMI Poised for Growth

After an extraordinary 2025, gold has re‑established itself as a monetary safe‑haven while silver has surged into a strategic‑metal super‑cycle driven by the energy transition and high‑tech demand. In Casablanca, the rapid re‑rating of Managem and its subsidiary SMI reflects this global shift, positioning the two stocks at the heart of the “precious metals” theme. Gold’s rally above $4,000 per ounce was powered by record ETF inflows and central‑bank diversification, whereas silver’s 140 % annual gain stems from a tightening supply‑demand balance as industry consumption rises and production remains constrained. Both metals are set to stay on an upward trajectory in 2026, but for fundamentally different reasons.

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