Commentary for Jan, 9, 2026 – Today gold closed up $40.60 at $4490.30, and silver closed up $4.16 at $78.88. It’s getting easier to make the case that the price of gold is no longer consolidating and is gaining fresh bullish traction as the US labor market slows. The idea here being that the Fed will be nudged into lowering interest rates to avoid economic recession. This argument is an old one but still holds sway among analysts. If the price of gold is gaining positive momentum at these lofty levels, consumers are less likely to sell, discounting to some degree the popular bearish profit taking argument. Last Friday gold closed down $11.20 at $4314.40, and silver closed up $0.43 at $70.56. On the week gold was higher by $175.90, and silver was higher by $8.32.
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 gold trade was rattled by the capture of Venezuela’s president Nicolus Maduro on Saturday, Jan 3rd. Trump warned of a further strike if Caracas resists US efforts to open its oil industry and stop drug trafficking. To sweeten the pot Trump also suggested possible action against Colombia and Mexico over illicit drug flows according to Reuters. The price of gold moved to $4440.00 on the open, then tested support at $4400.00 and promptly moved to a session high of $4450.00. Gold’s all-time high was $4560.00 in Dec of 2025. Investors should also consider that today’s surge is reinforced by the growing possibility of lower interest rates.
Reuters (Anjana Anil) – Gold hits one-week high after US strikes in Venezuela – Gold rose to a one-week high and nearer its record peak on Monday as safe-haven demand spurred by U.S. strikes in Venezuela added to bullion’s appeal, already fueled by geopolitical tensions and rate cut bets. Spot gold rose 2.9% to $4,453.22 an ounce by 10:10 a.m. ET (1510 GMT), after earlier hitting its highest level since December 29. Gold hit an all-time-high of $4,549.71 on December 26. U.S. gold futures for February delivery gained 3.1% to $4,463.5 an ounce. “The situation around Venezuela has clearly reactivated safe-haven demand, but it comes on top of existing concerns about geopolitics, energy supply and monetary policy,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. Gold posted a 64% gain last year, driven by geopolitical flashpoints and the U.S. Federal Reserve’s rate easing cycle. Expectations of even lower rates, along with central bank buying and ETF flows bolstered the climb. The U.S. attacked Venezuela and deposed President Nicolas Maduro on Saturday, in Washington’s most direct intervention in Latin America since the 1989 invasion of Panama. President Donald Trump warned of another strike if Caracas resists U.S. efforts to open up its oil industry and stop drug trafficking and suggested possible action against Colombia and Mexico over illicit drug flows. Gold is a traditional store of value which also performs well in a low-interest rate environment due to its non-yielding nature. “Another move toward new record highs would likely be triggered if geopolitical tensions broaden further or if incoming U.S. data reinforces expectations that the Fed will have to ease more aggressively than currently priced,” Zumpfe added. Markets await December’s non-farm payrolls on Friday, while expecting at least two rate cuts this year. Silver jumped 5.5% to $76.63/oz after soaring 147% in 2025, driven by its designation as a U.S. critical mineral, and a structural market deficit amid growing demand. Spot platinum gained 6.3% to $2277.53/oz. Palladium rose 5% to $1720.93.
On the day gold closed up $122.50 at $4436.90, and silver closed up $5.60 at $76.16.
On Tuesday the price of gold opened choppy in the early trade but quickly moved to session highs of $4489.00, following yesterday’s big jump to the upside created by Trump’s capture of Venezuela’s president Nicolus Maduro. This move spurred safe haven demand. Morgan Stanley then joined the party by forecasting an all-time gold high of $4800.00 in 2026. Personally, I would feel better about these record prices if these bullion markets would cool down to some degree. But across our trading desk it has been all hands on deck, with few big sellers in either metal. This suggests the public may remain patient, anticipating higher prices. But with gold and silver at these very lofty prices, there is also the possibility of profit taking in the short term.
Reuters (Anmol Choubey) – Gold inches closer to record peak as geopolitical risks lift safe-haven demand – Gold extended gains on Tuesday, buoyed by safe-haven demand after the U.S. capture of Venezuela’s president fueled global tensions, while investors awaited U.S. payroll data for insights into the Federal Reserve’s interest rate policy. Spot gold was up 0.9% at $4,488.10 per ounce by 09:55 a.m. ET (1455 GMT), after a nearly 3% gain in the previous session, bringing prices closer to the record high of $4,549.71 hit on December 24. U.S. gold futures for February delivery advanced 1.1% to $4,498.70. “Precious metals traders see more risk on the horizon than stock and bond traders do at present,” said Jim Wyckoff, senior analyst at Kitco Metals, adding that the weekend U.S. raid on Venezuela has fueled continued safe-haven demand for gold and silver. Toppled Venezuelan President Nicolas Maduro pleaded not guilty on Monday to narcotics charges, after the U.S. seized him and took him to New York over the weekend. Gold, considered a traditional safe haven, climbed 64.4% last year, its best annual performance since 1979. Market participants are also looking to Friday’s U.S. monthly employment report, which is anticipated to show 60,000 jobs added in December, a slight drop from 64,000 the previous month. Traders are pricing in two Federal Reserve rate cuts this year. Meanwhile, Richmond Fed President Tom Barkin stated that further rate changes must be “finely tuned” to balance both unemployment and inflation risks. Non-yielding gold tends to benefit from low-interest-rate environments. Morgan Stanley projected gold prices could surge to $4,800 by the fourth quarter of this year, citing falling interest rates, Federal Reserve leadership changes, and robust central bank and fund purchases. Spot silver, which hit an all-time high of $83.62 on December 29, gained 4.8% to $80.18 per ounce. Silver recorded its strongest annual gain in 2025, surging 147% on rising industrial and investor appetite. Spot platinum was up 5.2% at $2,388.50 per ounce, while palladium traded 5.2% higher at $1,795.68 per ounce.
On the day gold closed up $45.30 at $4482.20, and silver closed up $4.37 at $80.53.
On Wednesday the price of gold was suspiciously cautious, in a choppy trade which closed solidly in the red. Which does not make much sense considering yesterday’s solid finish in the green, the result of fresh safe haven demand. You would think that with Trump talking about acquisition of sovereign countries like Venezuela and Greenland that safe haven demand would be driving the price of gold and silver bullion dramatically higher. But traders are giving this bullish package a complete pass, waiting for possible geopolitical fallout. Greenland is an independent territory within the Kingdom of Denmark and is “not for sale”. This sounds like a new version of American imperialism but it’s wrong footed and perhaps even dangerous.
Reuters (Anmol Choubey) – Gold falls more than 1% as investors lock in profits – Gold prices fell over 1% on Wednesday as investors booked profits after a recent rally, though it pared some losses after weaker‑than‑expected U.S. private payroll growth for December bolstered bets on Federal Reserve rate cuts. Spot gold dropped 1% to $4,452.97 per ounce, as of 1138 GMT. Prices fell as much as 1.5% to a session-low of $4,427.39 earlier in the session. Spot gold ended 2025 64.4% higher, the biggest yearly gain since 1979. U.S. gold futures for February delivery were down 0.8% at $4,459. “We’re viewing today’s pullback as general profit taking after that recent surge,” said David Meger, director of metals trading at High Ridge Futures. But softer employment data continues to support the case for Fed easing, which has underpinned gold prices recently, Meger added. U.S. private payrolls grew by 41,000 jobs in December, falling short of economists’ expectations for a 47,000-job rise, according to the ADP National Employment Report. Markets anticipate 61 basis points of rate cuts this year, according to data compiled by LSEG. Focus now turns to Friday’s nonfarm payrolls report. Geopolitical uncertainty persisted following Venezuelan President Nicolas Maduro’s capture over the weekend, with U.S. President Donald Trump announcing plans on Tuesday to refine and sell Venezuelan crude, while the White House separately confirmed discussions about acquiring Greenland, including potential military involvement. Elsewhere, China’s central bank extended its gold-buying streak to a 14th straight month in December, according to official data. The data from China “continues to show strong demand that we’re seeing from Asia … and again, one more reason why we’ve seen this recent push to the upside,” Meger said. Gold, a non-yielding safe-haven asset, tends to benefit in low-rate environments and during times of uncertainty. Among other metals, spot silver lost 4.6% to $77.55 per ounce. HSBC raised its 2026 average silver price forecast to $68.25, citing tight supply and strong investment demand, but cautioned about volatility if supply constraints ease. Spot platinum dropped 6.4% to $2,288.15, while palladium traded 6.1% lower at $1,710.69.
On the day gold closed down $32.90 at $4449.30, and silver closed down $3.40 at $77.13.
On Thursday the price of gold opened choppy but quickly moved to session highs of $4460.00 making up for yesterday’s loss and providing the bulls with a churning but bullish short term pricing outlook. Still on the day gold closed almost unchanged. Traders are looking for a small downward trend in gold prices for the short term, but I don’t see fundamental weakness in the price of silver bullion. In fact, I expect higher prices in the longer term. With gold and silver at record levels some profit taking makes sense, supporting an already churning market in the short term. But I believe the informed will aggressively buy bullion on any significant weakness.
Reuters (Anmol Choubey) – Gold falls as commodity index adjustments weigh ahead of US jobs report – Gold slipped on Thursday as commodity index readjustments kept pressure on prices in the near term, with investors also positioning ahead of closely watched U.S. nonfarm payrolls data. Spot gold fell 0.5% to $4,432.94 per ounce, as of 09:39 a.m. ET (1439 GMT). U.S. gold futures for February delivery fell 0.4% to $4,442.50. The annual Bloomberg Commodity Index rebalancing, which is a periodic adjustment of commodity weightings to keep the index aligned with market conditions, begins this week. “There’s just going to be pressure for the next few sessions on gold and silver while that commodity index readjusts,” said RJO Futures senior market strategist Bob Haberkorn. “Once the dust settles into mid-next week, it’s going to present a good opportunity for the longest to get back in this market.” Investors are looking ahead to U.S. nonfarm payrolls data due on Friday for more clarity on the Federal Reserve’s monetary policy, with a Reuters poll forecasting 60,000 jobs added in December versus 64,000 in the prior month. The unemployment rate is seen easing to 4.5% from 4.6%. The market is currently pricing in two interest rate cuts by the Fed this year. Gold, a non-yielding asset, tends to do well in low-interest rate environments. Data showed U.S. jobless claims rose moderately last week, following reports on Wednesday that job openings fell more than expected in November and that private payroll growth undershot forecasts in December. Meanwhile, ongoing geopolitical tensions were underscored by the seizure of two Venezuela‑linked oil tankers in the Atlantic, alongside reports that U.S. Secretary of State Rubio is set to meet Danish leaders next week to discuss Greenland. HSBC now sees gold hitting $5,000 per ounce in the first half of 2026 on geopolitical risks and rising fiscal debts. Spot silver lost 4.5% to $74.63 per ounce, platinum was down 3.7% at $2,221.44 per ounce, while palladium shed 2.6% to $1,718.25 per ounce.
On the day gold closed up $0.40 at $4449.70, and silver closed down $2.41 at $74.72.
On Friday gold held steady around $4470.00 in the early trade but moved to session highs of $4510.00 spurring gold sentiment into the weekend. Gold’s all time high of $4560.00 occurred in December of 2025 and its technical picture remains bullish. So, the possibility of lower interest rates and fresh safe haven demand created by the Greenland fiasco has not created a crowded paper trade. In fact, gold may be getting ready for all-time highs, with a $5000.00 focus.
Reuters (Anmol Choubey) – Gold set for weekly gain on US payrolls miss, broader uncertainty – Gold prices rose on Friday and were on track for a weekly gain, as investors weighed weaker-than-expected U.S. payrolls data along with broader policy and geopolitical uncertainty. Spot gold was up 0.2% at $4,485.73 per ounce as of 9:33 a.m. ET (1433 GMT) and was set for about 3.8% weekly gain. Bullion hit a record high of $4,549.71 on December 26. U.S. gold futures for February delivery firmed 0.5% to $4,483.00. U.S. nonfarm payrolls in December rose by 50,000, missing expectations of a 60,000 gain, while the unemployment rate eased to 4.4%, below forecasts of 4.5%. “Payrolls are showing us a poor job creation environment. Potentially more (geopolitical tension), somewhat higher oil prices, which are inflationary, uncertainty and an easing Fed – all a combination for precious metals,” said Bart Melek, global head of commodity strategy at TD Securities. Market participants continued to factor in at least two Federal Reserve rate cuts this year, a backdrop historically favorable for gold. Geopolitical tensions remained elevated amid intensifying unrest in Iran, continued fighting in Russia’s war in Ukraine, the U.S. capture of Venezuela’s President Nicolás Maduro, and Washington’s renewed signals over taking control of Greenland. Metals Focus projected gold prices could hit fresh record highs above $5,000 in 2026, citing de-dollarization trends and geopolitical risks. Investors are also closely watching a potential U.S. Supreme Court ruling on President Donald Trump’s authority under the International Emergency Economic Powers Act to impose tariffs without congressional approval. Retail demand for gold in India remained subdued due to elevated prices, while gold premiums in China widened. Spot silver gained 2% to $78.42 per ounce and was on track to log an about 8.8% weekly rise. Spot platinum rose 1% to $2,290.20 per ounce. Palladium climbed 2% to $1,831.18 per ounce. Both metals were set for weekly gains as well. Bank of America raised its 2026 average platinum and palladium price forecasts, citing dislocations from trade disputes amid physical market tightness.
On the day gold closed up $40.60 at $4490.30, and silver closed up $4.16 at $78.88.
Platinum closed up $26.60 at $2278.30, and palladium closed up $71.90 at $1853.00.
Jim Wycoff (Kitco) – Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at the contract/record high of $4,584.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,284.30. First resistance is seen at $4,500.00 and then at this week’s high of $4,512.40. First support is seen at $4,415.00 and then at $4,400.00. March silver futures see this week’s price action raising the specter of a bearish double-top reversal pattern forming on the daily bar chart. The bulls’ next upside objective is closing prices above solid technical resistance at the record high of $82.67. The next downside price objective for the bears is closing prices below solid support at last week’s low of $69.225. First resistance is seen at Thursday’s high of $78.90 and then at $80.00. Next support is seen at the overnight low of $75.15 and then at $74.00.
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