Commentary for Jan, 23, 2026 – Today gold closed up $67.40 at $4976.20, and silver closed up $4.95 at $100.93. It is my view that the current bullish storm in gold and silver is gathering energy even though some insiders believe profit taking in the metals might turn out to be a wet blanket for investors. Still, gold prices finished nicely in the green going into the weekend. Analysts and investors remain bullish and believe that $5000.00 gold and $100.00 silver are becoming the new reality. We shall see, but few could have imagined such prices just a few months ago. Last Friday gold closed at $4588.40, and silver closed at $88.09. On the week gold was higher by $387.80, and silver was higher by $12.84.
Please note that FedEx is no longer asking for delivery signatures. They are scanning IDs. We have complained to FedEx, but they remain resolute. Scanned identification is safer, but if you have a problem with this decision, please make your feelings known to FedEx. The present delivery time for the USPS alternative is 2-3 weeks. Please note this new change – we can only ship heavy silver orders (over 200 ounces) to your home address – you can no longer use your P.O. box for heavy silver orders. If you are a regular buyer of heavy silver bullion, contact your representative and authorize address changes.
Should you decide to use our Delayed Delivery Program please talk with your service rep and understand how this program works. It is handy if you want to lock in the price “now” and insist on a new product – but is not for everyone. Just like us – you must pay upfront to “lock in” prices and you can’t “change” your mind. So, unless God has blessed you with patience, please ask your rep for other options and thank you for understanding.
On Monday the domestic markets were closed for Martin Luther King, Jr.
On Tuesday the price of gold surged to session highs on the open of $4760.00 and silver also followed to record highs of $95.29. This is fresh safe haven demand spurred by rising geopolitical tension and possible tariff retaliation as the EU failed to back Trump’s talk about buying Greenland. I don’t know how serious all this ruckus is as we were closed Monday, but our shiny friend is off to a good start on this short trading week. And some investors see even higher prices in both gold and silver as interest rates trend lower this year.
Reuters (Anjana Anil) – Gold blazes trail beyond $4,700/oz to record high as safety rush fuels demand – Gold surged past the $4,700 an ounce mark for the first time on Tuesday, and silver hovered just below a fresh record high, as global tensions sparked yet another rush to safety. Spot gold gained 1.2% to $4,726.86 per ounce by 1131 GMT, having hit an all-time high of $4,737.10, while silver rose 0.7% to $95.308/oz, after hitting a record $95.488 earlier. U.S. gold futures for February delivery climbed 3% to $4,732.60/oz. U.S. President Donald Trump threatened to impose increasing tariffs from February 1 on eight European countries until the U.S. is allowed to buy Greenland, fueling fears of a renewed trade war. “Growth concerns driven by threats of additional tariffs and the desire of Trump to have lower U.S. interest rates are the drivers pushing gold to a new record high,” said UBS analyst Giovanni Staunovo. Gold gained 9.6% in just 20 days of 2026 and over 70% since Trump’s second term began a year ago. Geopolitical tensions have been at the forefront of the rally, with expectations of monetary policy easing also playing a significant role. Strong central bank buying and ETF inflows have also contributed to the unprecedented rise. Instability in policy and politics drives investors to store value in traditional bullion like gold, while lower interest rates limit the downside of holding non-yielding assets. Investors also await a decision on a Supreme Court case concerning Trump’s attempts to fire Fed Governor Lisa Cook, that could in the extreme erode the central bank’s independence. “We still see further upside for the yellow metal, targeting a price of $5,000/oz,” Staunovo said. Silver rose 147% in 2025, supported by its critical mineral designation in the U.S., and a structural market deficit. The metal has gained 33.7% this year.
On the day gold closed up $171.20 at $4759.60, and silver closed up $6.12 at $94.21.
On Wednesday the price of gold again made record highs, breaking above $4800.00 as rising geopolitical tension translated into safe haven demand for gold bullion. Silver prices are a bit softer this morning perhaps suggesting that cooler heads will prevail as the huge jump in prices points to profit taking and weakness in the short to medium term. As far as gold is concerned, the fear of “missing out” may continue to drive the price of gold higher even as Trump assures everyone that he would not use force to acquire Greenland. It’s surprising that the President is still thinking about Greenland. This looks like an obvious land grab which has created a political firestorm worldwide. Which, in turn, increased talk of “imperialism” and tariff blowback.
Reuters (Sarah Qureshi) – Gold breaks above $4,800/oz as geopolitical tensions spur safe-haven bids – Gold surpassed $4,800 an ounce for the first time on Wednesday as geopolitical tensions including U.S. President Donald Trump’s bid to control Greenland drove safe-haven demand. Spot gold was up 2.1% at $4,865 per ounce by 9:30 a.m. ET (1430 GMT), after rising as far as $4,887.82 earlier in the session. U.S. gold futures for February climbed nearly 2% to $4,858.30. “There’s a bit of fear of missing out on this trade and I think given the geopolitical situation in the world, it’s a perfect storm for higher gold and higher silver prices right now,” said RJO Futures market strategist Bob Haberkorn. U.S. stocks staged a modest recovery after the sharpest equities selloff in three months, as investors digested Trump’s speech in Davos, Switzerland, in which he said Europe is headed in the wrong direction but ruled out using force to acquire Greenland. Meanwhile, the U.S. Supreme Court is set to consider Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook, in a case that tests the central bank’s independence. The Fed is likely to hold its key interest rate through this quarter and possibly until Chair Jerome Powell’s tenure ends in May, according to economists polled by Reuters. Lower interest rates are favorable for non-yielding gold. Spot silver was steady at $94.61 an ounce, after hitting a record high of $95.87 on Tuesday, driven by supply tightness and increasing industrial demand. “Silver’s rise to a three-digit number is looking quite possible given the price momentum we are seeing, but it will not be a one-way move. There could be some correction in prices and volatility can be higher,” said Soni Kumari, ANZ commodity strategist. Spot platinum was 1% higher at $2,487.05 per ounce after hitting a record $2,511.80 earlier in the day. Palladium was down 0.9% at $1,849.25, after touching its highest in a week.
On the day gold closed up $72.20 at $4831.80, and silver closed down $2.00 at $92.21.
On Thursday the price of gold was choppy on both sides of $4830.00 on the open but still managed to finish the day solidly in the green. And silver was also actively traded and higher which is significant at these lofty levels. Across our trading desk this short week we have seen significant volume numbers, which is another bullish plus. The public, however, favored selling silver which figures if you look at the numbers. The price of silver has recently moved from $30.00 to over $90.00. And even with talk about a short squeeze and product shortage worldwide investors are happy to sell and walk away with the cash. Now don’t get me wrong. I’m not saying gold and silver have topped out, there are plenty of reasons for fresh new records over the long term. But I am saying that the profit motive remains a powerful and erratic hammer. So, if you are joining this bullish party for the first time, kindly be prepared to hold for the long term.
Reuters (Sarah Qureshi) – Gold prices fall on increased risk appetite, profit-booking – Gold prices fell on Thursday as risk appetite improved after U.S. President Donald Trump backed off from threats of Greenland‑related tariffs, with profit-booking in the wake of recent gains adding pressure. Spot gold slipped 0.4% to $4,819.39 per ounce, as of 08:57 a.m. ET (1357 GMT), after falling nearly 1% earlier in the session. U.S. gold futures for February delivery lost 0.3% to $4,821 per ounce. U.S. stock index futures climbed on Thursday, signaling renewed buying appetite after Trump dialed back his threat of tariffs against European countries. “We have seen significant resurgence in risk appetite that essentially prompted the market to be a little less cautious of risk assets and that resulted in less appetite for gold and some profit-taking,” said Bart Melek, global head of commodity strategy at TD Securities. Trump launched his Board of Peace, initially designed to cement Gaza’s rocky ceasefire but which he foresees taking on a wider role. On Ukraine, Trump has said peace efforts were “getting close”, ahead of a meeting with President Volodymyr Zelenskiy in Davos. Meanwhile, U.S. Supreme Court justices during arguments over Trump’s bid to fire Federal Reserve Governor Lisa Cook seemed to embrace the idea that the central bank’s independence to set monetary policy must be preserved. The U.S. central bank is widely expected to hold interest rates steady at its policy meet this month. Investors now await November Personal Consumption Expenditures (PCE) data due at 10 a.m. ET, for cues on the Fed’s policy path. Elsewhere, spot silver was up 0.2% at $93.47 an ounce, after hitting a record high of $95.87 on Tuesday. “Silver at this stage is a little overdone and it should start correcting once off the retail pressure … we are seeing more liquidity available globally and that should at some point start precipitating a reversal in prices,” Melek added. Spot platinum rose 1.5% to $2,520.45 per ounce after touching a record peak of $2,511.80 on Wednesday, while palladium gained 1.1% to $1,860.25.
On the day gold closed up $77.00 at $4908.80, and silver closed up $3.77 at $95.98.
On Friday both gold and silver pushed higher, capping a great week of rising enthusiasm. The store and parking lot have been crowded most of this trading day and there is a good mix of buying and selling. So, this market remains healthy because investors are worried about long term inflation. A solid close above $5000.00 in gold and $100.00 in silver would begin another round of fireworks. But I would be careful of too much enthusiasm here because higher prices could prompt profit taking although rising geopolitical tension will limit potential downside.
Reuters (Ashitha Shivaprasad) – Gold steadies after record run, silver hovers near $100/oz – Gold steadied on Friday after surging to a record high just below the $5,000-an-ounce level, while silver prices sat just shy of the $100 milestone, buoyed by momentum buying and strong fundamentals. Spot gold was steady at $4,931.28 an ounce at 1332 GMT, having touched a record $4,967.03 earlier in the day. U.S. gold futures for February delivery added 0.4% to $4,934.20. “Gold’s role as a haven and a diversifier in highly uncertain economic and political times is making it a necessity for strategic portfolios. It’s more than a perfect storm, which doesn’t last, it’s a sign of fundamentally changing times,” said Tai Wong, an independent metals trader. Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets. Central bank buying and a broader move away from the dollar have also underpinned gold’s rise. “We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt,” analysts at SP Angel said. The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026. As a non‑yielding asset, gold is often favored during periods of low interest rates. Spot silver surged by 3.1% to $99.19 an ounce after hitting a record high of $99.65. Silver rose around 147% last year, driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market. “Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai,” Wong added. Spot platinum gained 2.6% to $2,696.57 an ounce after hitting a record $2,718.40. The metal is up 31% since the start of the year. HSBC said in a note that platinum is “attracting investor demand as a cheaper alternative to gold.” “We expect the production/consumption deficit to widen to over 1.2 m oz in 2026,” the note added. Palladium , meanwhile, jumped by 2.3% to $1,963.18.
On the day gold closed up $67.40 at $4976.20, and silver closed up $4.95 at $100.93.
Platinum closed up $160.30 at $2722.10, and palladium closed up $99.70 at $2010.00.
Jim Wycoff (Kitco) – Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,539.10. First resistance is seen at the overnight record high of $4,970.00 and then at $5,000.00. First support is seen at $4,900.00 and then at $4,850.00. March silver futures bulls have the strong chart advantage and their next upside price objective is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is closing prices below solid support at $85.00. First resistance is seen at the overnight record high of $99.395 and then at $100.00. Next support is seen at the overnight low of $96.22 and then at $95.00.
Brothers and Sisters, thank you for your friendship. If you have unusual circumstances, need cash or a special favor – talk to Harry or Eric or Ken Slater. We are now back to our traditional business model. Thank you for your patience. Blessings. Richard Schwary
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