Gold tracks best week since 2020, silver breaches $100 in stunning rally
Gold (GC=F) rose close to $5,000 per ounce on Friday January 23rd, 2026 while silver (SI=F) topped $100 as ‘the debasement trade’ gained steam.
Bullion was headed toward its best week since 2020, rallying 14% year to date. Goldman Sachs noted private sector investors have been getting in on the epic rally in addition to central banks’ accumulation of gold.
Strategists cite a weaker US dollar, expectations of Federal Reserve easing, large fiscal deficits, and fading demand for government debt.
Earlier this week, a Danish pension fund said it would exit US Treasurys amid President Trump’s pursuit for Greenland. Meanwhile Reuters reported that big Northern European investors are also assessing US assets in the face of geopolitical turmoil.
“One of the key reasons gold has been accumulated for months — and is likely to remain in demand — is the steady erosion of fiscal discipline in the United States,” he added.
Silver futures have had an even bigger run than gold, up 29% year to date. Much of the metal’s supply is used for industrial purposes.
China has been hoarding silver for its own domestic use, restricting exports since the start of the year.
“Silver prices have already significantly overshot our forecasted averages, though calling a top is close to impossible in markets displaying near-parabolic price momentum,” JPMorgan analysts noted last week.
Mike McGlone, senior commodity strategist at Bloomberg, sees parallels with rapid price moves in 1979 and 1980 that were followed by a crash.
“Momentum is on pace for $100, but if the commodity lives up to its reputation as the ‘devil’s metal,’ silver can rapidly retrace toward $50 and, in the process, put in a peak that lasts years,” said McGlone.
The rest of the metals complex has also been on fire.
Platinum (PL=F) also touched new highs on Friday, gaining 36% year-to-date. Copper (HC=F) rose to a record high above $13,000 por ton in London.
Gold and silver continued to surge to new highs on Friday as investors flocked to precious metals amid geopolitical uncertainty and expectations for more interest rate cuts.
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GOLKOR, Inc. (OTC:GKOR) is an international mining company specializing in the rollup and consolidation of precious and other valuable mineral assets. With a comprehensive and highly experienced exploration and development team, the company operates globally, with a presence in Canada, the USA, South America, Africa, Asia, and Papua New Guinea. This international reach allows Golkor to leverage diverse geological expertise and tap into some of the world’s most resource-rich regions.
