By March 2026, the global metals market is undergoing a rare shift. While gold continues its historic rally toward the $5,000–$6,000 per ounce range, another metal—long considered purely industrial—is quietly delivering one of the most dramatic price surges of the decade. Tungsten, sometimes called “black gold,” is rapidly transforming from a niche industrial material into one of the most strategically valuable commodities in the world.
A New Leader In Metal Returns
For decades, gold has been the benchmark for investors seeking protection from inflation and geopolitical instability. But in the current cycle, tungsten is delivering returns that traditional precious metals simply cannot match.
Between 2025 and early 2026, tungsten prices surged by an estimated 400–500%, dramatically outperforming gold, which rose roughly 76% over the same period. The momentum has continued into 2026: during the first week of March alone, tungsten prices climbed 7–11%, even as gold entered a consolidation phase after reaching new historic highs.
Part of tungsten’s strategic appeal lies in its physical properties. With a density of 19.25 g/cm³, tungsten is almost identical to gold (19.32 g/cm³), making it one of the heaviest naturally occurring elements. But unlike gold, its value comes not from jewelry or monetary demand, but from its indispensable role in high-performance technology.
A Market Driven By Scarcity
Gold’s price is largely influenced by macroeconomic forces—interest rates, inflation expectations and currency movements. Tungsten, by contrast, is currently being driven by something much simpler: a shortage of physical supply.
China dominates the global tungsten industry, controlling more than 80% of production and processing capacity. Over the past year, Beijing has introduced stricter export quotas and licensing requirements, significantly limiting the flow of tungsten products to Western markets. Exports of certain processed materials, including ammonium paratungstate (APT)—a key intermediate used to produce tungsten powders and alloys—have reportedly fallen to extremely low levels in Europe and the United States.
This tightening supply environment has collided with rising demand across several strategic industries.
Defense And The New Commodity Supercycle
One of the strongest drivers of tungsten demand is the global defense sector.
The metal is essential in the production of armor-piercing ammunition, advanced ballistic systems, high-temperature alloys and jet engine components. As military spending rises worldwide and supply chains shift toward domestic production, demand for tungsten has entered what analysts increasingly describe as a defense-driven commodity supercycle.
Tungsten also plays a critical role in aerospace engineering and emerging energy technologies, where its extreme melting point—the highest of any metal—makes it uniquely suited for environments involving intense heat and stress.
In other words, tungsten is no longer simply an industrial input. It is becoming a strategic material at the center of technological and geopolitical competition.
How Investors Are Gaining Exposure
Unlike gold or silver, tungsten does not have a large, liquid investment market. There are no major exchange-traded funds backed by physical tungsten, meaning investors cannot easily gain direct exposure to the metal.
Instead, the most common strategy is to invest in companies developing or operating tungsten mines outside China. In effect, these equities serve as proxies for the metal itself.
Among the companies attracting growing attention from investors:
Almonty Industries (TSX: AII / OTCQX: ALMTF) is developing the Sangdong project in South Korea, widely regarded as one of the most important tungsten projects outside China.
EQ Resources (ASX: EQR) operates the Mt Carbine project in Australia and holds interests in Barruecopardo, one of Europe’s key tungsten assets.
Guardian Metal Resources (LON: GMET / NYSE: GMTL) is focused on rebuilding domestic tungsten supply in the United States through projects in Nevada.
American Tungsten Corp (CNSX: TUNG) recently reported promising drilling results at its IMA project, expanding zones of tungsten-silver mineralization.
American Tungsten & Antimony (ASX: AT4) is positioning itself as a strategic supplier of tungsten and antimony for Western markets while consolidating assets in the United States.
Tungsten Mining NL (ASX: TGN) controls the large Mt Mulgine project in Western Australia, whose scale is increasingly attracting institutional attention.
Meanwhile, Tungsten West (LSE: TUN) is working to restart production at the Hemerdon deposit in Devon, United Kingdom, one of the world’s largest tungsten resources. Full operations are targeted for late 2027, though preliminary offtake agreements could emerge as early as the second half of 2026.
The Strategic Metal Era
For investors accustomed to viewing commodities through the lens of precious metals or energy markets, tungsten’s rise may appear sudden. In reality, it reflects a deeper shift.
As supply chains fragment and technological competition intensifies, strategic materials are becoming central to economic and national security policy. Metals that once lived quietly in the background of industrial production are moving to the forefront of global markets.
Gold may still dominate headlines as a monetary hedge. But in 2026, tungsten is proving that the most powerful commodity stories are often driven not by speculation—but by scarcity, technology and geopolitics.
And in that environment, “black gold” may just be getting started.
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein