Commentary for Jan, 30, 2026 – Today gold closed down $412.03 at $4900.42, and silver closed down $28.53 at $84.35. The few who were looking for a correction in gold and silver prices got it in spades this morning as the metals moved into a freefall so intense that investors are scratching their heads in amazement and questioning whether gold and silver bullion are still the best protection against inflation. Gold finished the day down $412.03 and silver followed suit down $28.53. Last Friday gold closed at $4976.20, and silver closed at $100.93. On the week gold was down $75.78, and silver was down $16.58.
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 both gold and silver got off to a great start by scaling new record highs, sparked by fresh safe haven demand and increased geopolitical tension. Bank of America has also helped bullish sentiment this morning by claiming that gold will reach $6000.00 by the Spring of 2026. Holy smoke Batman, as these numbers continue to rise the public becomes more fascinated and the buzz factor spurs fresh records in the bullion market. Our phones are ringing off the hook, so we apologize for any inconvenience. Believe it or not there are not many sellers of gold or silver bullion. It is easy for newcomers to get excited, the thinking being that they are missing the boat. Perhaps this is true but if you are a new investor, be prepared to hold for the long term. On the short term prices of gold and silver could get very volatile. Ernst Hoffman (Kitco) throws up a cautionary flag. While investors may have legitimate concerns about geopolitical risks, US monetary and fiscal policy, and the fate of the US dollar, history suggests that this rally is much nearer to its end than its beginning. Whether the current bull market will prove to be similar to the 1970s with a correction midway or the bull market will end once the price peaks remains to be seen. Whatever happens, price volatility will likely remain high for some time.
Reuters (Ashitha Shivaprasad) – Gold hits record above $5,100 as geopolitics drive safe‑haven rush – Gold prices marched to record levels above $5,100 on Monday, as investors sought a safe haven amid international political tension, and silver and platinum also scaled all-time highs. Spot gold was up 2.3% at $5,096.60 an ounce by 10:13 a.m. ET (1513 GMT) after hitting a record $5,110.50. U.S. gold futures for February delivery gained 2.3% to $5,094.30. “Gold prices continue to be supported by elevated geopolitical and economic uncertainty. Central banks remain strong buyers as they diversify foreign exchange reserves and reduce reliance on the U.S. dollar,” said Ryan McIntyre, president at Sprott Inc. “In addition, investor inflows into physically backed exchange‑traded funds have resumed, with holdings up approximately 20% year over year,” McIntyre added. In the latest geopolitical flare‑up, U.S. President Donald Trump said on Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China. For precious metals this year, the major drivers are going to be “Trump and Trump,” said Adrian Ash, head of research at online marketplace BullionVault. “A wave of new first-time investing is driving this move in precious metals. It’s led by private investors across Asia and Europe, rushing to build their personal holdings of gold and silver.” The possibility that a coordinated currency intervention by U.S. and Japanese authorities could be imminent was another focus of investor attention. At the same time, this week’s Federal Reserve meeting, when the central bank is expected to hold rates steady, is overshadowed by a Trump administration criminal investigation of Fed chairman Jerome Powell. Trump has placed pressure on Powell to lower interest rates. That would be supportive for non-yielding gold, which has risen 18% so far this year after gaining 64% in 2025. Last year, gold breached major milestones, including $3,000/oz and $4,000/oz for the first time. Gold may reach $6,000.00 by year-end, some analysts say – Analysts at Societe Generale anticipate gold will reach $6,000/oz by year‑end, though they caution this may be a conservative estimate with scope for further gains. Meanwhile, Morgan Stanley said the rally could continue, highlighting a bull‑case target of $5,700. Spot silver scaled a new record high of $112.18 an ounce. Prices broke the $100 mark on Friday as retail investor and momentum-driven buying added to tightness in physical markets for the precious and industrial metal. “Momentum is strong, with Chinese silver prices at a notable premium to London prices, indicating further gains in the short term are possible. However, such high prices should reduce industrial demand,” said UBS analyst Giovanni Staunovo. Spot platinum rose by 3.7% to $2,870.65 an ounce after touching a record $2,918.80 while spot palladium climbed by 6.2% to $2,133.75, the highest levels since 2022.
On the day gold closed up $103.50 at $5079.70, and silver closed up $14.15 at $115.08.
On Tuesday the price of gold moved between $5095.00 and $5055.00 on the open so gold prices appear to be cooling at least to some degree and finished almost unchanged for the day. This may be disappointing to the bulls considering the $103.50 jump to the upside yesterday, but this week’s FOMC meeting outcome suggests the Fed will stand pat on current interest rates – a negative for the price of gold. The FOMC is meeting today. Wednesday the results will be made public after the domestic close. The smart money is betting on no changes in interest rates. This may in turn act like a kind of tether, placing a leash on short term gold prices. But then again, this market has so much positive buzz that it is difficult to say what it might do in the short term, the aftermarket today in gold was higher by $101.00 at $5180.00!
Reuters (Anmol Chouby) – Gold edges higher as uncertainty fuels safe-haven bids – Gold prices pushed higher on Tuesday after breaking through the $5,000 per ounce milestone for the first time in the previous session, as persistent economic and geopolitical uncertainty drove investors to the safe-haven metal. Spot gold was up 1.3% to $5,079.62 per ounce as of 9:41 a.m. EST (1441 GMT). It hit an all-time high of $5,110.50 on Monday before closing at $5,014.29. U.S. gold futures for February delivery were down 0.1% to $5,075 per ounce. Gold already has surged 18% so far this year, building on last year’s record rally and driven by a combination of factors, including rising geopolitical and economic uncertainty, expectations of U.S. interest rate cuts, and increased central bank purchases amid a global de-dollarization trend. “Rallies normally end because the drivers that took people into the gold market originally dissipate – and that’s just not the case,” said Michael Widmer, commodities strategist at Bank of America. Concerns mounted as U.S. President Donald Trump announced plans on Monday to impose new tariffs on South Korean imports, while the risk of a partial U.S. government shutdown loomed ahead of the January 30 funding deadline. Markets are now focused on the Federal Reserve’s two-day policy meeting, which starts on Tuesday. The U.S. central bank is widely expected to leave interest rates unchanged after the end of the meeting. Investors will be watching Fed Chair Jerome Powell’s post-meeting press conference on Wednesday amid rising concerns over the central bank’s independence. Meanwhile, Deutsche Bank and Societe Generale now forecast gold prices to reach $6,000 per ounce by 2026. Spot silver jumped 5.7% to $109.80 an ounce after hitting a record high of $117.69 on Monday. It has already surged more than 50% so far this year, after recording a 146% gain last year. “There’s going to be a lot of volatility ahead, with risks of sharp pullbacks (in silver),” said Bank of America’s Widmer, who added that although strong fundamentals and exchange-traded fund inflows could support a $170 price target. Citi upgraded its short-term silver price forecast to $150 per ounce, from $100 per ounce earlier. Spot platinum fell 4.5% to $2,632.87 per ounce after hitting a record $2,918.80 in the previous session, while palladium was down 2.4% to $1,935.
On the day gold closed up $0.20 at $5079.90, and silver closed down $9.56 at $105.52.
On Wednesday the price of gold was choppy between $5320.00 and $5250.00, waiting for the latest FOMC read on interest rates. And silver also followed suit, so the price of both metals have been spurred to fresh new records as safe haven demand sparks the latest round of fireworks. The dollar also fans these bullish fires as the Dollar Index has lost 3 full points in the last 5 trading days. Still, I can’t believe that both metals have not run into significant selling pressure at these astronomical levels. But the fact is that taking profits may not be an option for some bull investors. Using this trading model, it is easy to get your head handed to you. I would suggest less exposure makes sense – you never go broke taking a profit. In the end the Fed made no changes in interest rates, suggesting that inflation remains a question mark. Our store and phones were a zoo today, so I apologize for any delays. Be Happy, don’t Worry as the Bobby McFerrin song goes…few investors can predict how long this bull market may continue.
(FXEmpire) Gold Continues to Jump Higher Ahead of Fed – The gold market has gapped higher to kick off the trading session on Wednesday, as traders are trying to “front run the Fed” and the announcement later in the day. At this point, the markets are getting a bit out of control, but there is only one direction to trade. Gold Technical Analysis – Gold continues to power higher during trading on Wednesday as we wait for the Federal Reserve. This is in anticipation of the Federal Reserve decision, but although the decision is already a known quantity—there shouldn’t be a change—the real question will be how does the statement move the U.S. dollar and of course how does the press conference. Both of those are the wild cards and at this point it looks like the market believes Jerome Powell will be extraordinarily dovish. I hope that consensus is correct, because this is setting up a nasty pullback if it comes. I don’t think that the market is really going to get too far ahead of itself without perhaps putting traders in danger. So, with that being the case, I would be very cautious about chasing at this point, although I freely admit there’s only one direction you can trade this market. Market Outlook – Short-term pullbacks should offer buying opportunities, and quite frankly, that’s what I’m hoping to see later in the day. The $5,000 level looks like a major floor in the market at the moment and I think short-term pullbacks towards that area will continue to attract a lot of interest. I have no interest in shorting this market, and at this point, we could be looking at $5,500 rather quickly. I believe that the $5,000 level will continue to be defended by the bullish and have a floor of $4800 under there as well. Silver Continues to Watch $115 Closely Ahead of FOMC – The silver market has gapped higher to kick off the trading session on Wednesday, as we are waiting for the results of the Federal Reserve meeting, and of course, press conference. Technical Analysis – The silver market has gapped higher to kick off the trading session on Wednesday again but does seem to be running into a little bit of trouble in the neighborhood of $115. This is a market that has been absolutely parabolic for quite some time. This is a market that people cannot stop talking about at this point. That’s generally when I get nervous, but selling is all but impossible. Wednesday should be interesting due to the fact that it is the Federal Reserve interest rate decision day. Now, there is no interest rate change expected by the Federal Reserve. That’s not really what people are focusing on. What they are focusing on is whether or not there is a hint that we are going to see some massive rate cutting cycle or is the Federal Reserve going to be mildly hawkish while still talking about loosening rates eventually.
On the day gold closed up $221.70 at $5301.60, and silver closed up $7.59 at $113.11.
On Thursday the price of gold cooled to some degree, testing support around $5150.00, but recovery nicely and managing to finish the day in the green. Silver tested support around $108.00 and likewise managed to finish the day only off a few cents. So, profit taking moves to center stage for both metals but the recovery supports current price ranges. Traders might attribute this hiccup to the fact that the Fed did not lower interest rates yesterday. Still the geopolitical situation is troublesome, which is why both metals recovered to some degree. It’s plain to see that this remains a very dicey trade. Adding to this circus Trump continues to pressure for lower interest rates. It makes sense that his choice to replace Chief Powell will hold a similar view, at least setting the stage for lower interest rates, supporting the price of gold and silver. I don’t believe you can yet make the case that gold or silver are overbought even at these record prices, but expect increasing volatility, so hold on to your hat and fasten your seat belts.
Reuters (Anmol Choubey) – Gold eyes best monthly gain in over 50 years; silver breaks $120 – Gold extended its record-breaking rally on Thursday and was on track for its best monthly performance since 1973, as rising economic and geopolitical uncertainties drove investors to the safe-haven metal, while silver hit a record above $120/oz. Spot gold was 2.1% higher at $5,514.03 an ounce by 08:52 a.m., after earlier touching $5,594.82. Gold has gained over 28% this month. U.S. gold futures for Feb delivery were up 3.8% at $5,508.40. From crypto money to central banks, demand for gold is widening as “precious metals are well in the limelight and investors always like to go where they can get high returns,” said GoldSilver Central. On Wednesday, crypto-group Tether’s CEO said it plans to allocate 10%-15% of its investment portfolio to physical gold, while the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, saw holdings at a nearly 4-year high. Adding to geopolitical uncertainty, U.S. President Donald Trump on Wednesday pressed Iran to negotiate a nuclear deal, while Tehran threatened retaliation against the U.S., Israel, and allies. The U.S. Federal Reserve left rates unchanged on Wednesday, as investors awaited Trump’s announcement of a replacement for central bank chair Jerome Powell, whose term ends in May. Markets expect the central bank to next trim rates in June. Spot silver was up 2.3% at $119.24 an ounce after reaching $120.44. It has surged nearly 64% so far this year, fueled by supply deficits and momentum buying. The silver, platinum and palladium markets are small relative to gold or the S&P 500, making them vulnerable to speculative inflows that have left prices “totally detached from where physical demand is robust,” said Guy Wolf, global head of market analytics at Marex.
On the day gold closed up $10.85 at $5312.45, and silver closed down $0.23 at $112.88.
On Friday, with the price of gold up 17% and the price of silver went up 19% in January alone it should not be a surprise that investors decided to take profits. I have talked about corrections for months, but today’s downside plunge was so large it rattled both physical and paper traders. Expect prices to continue lower for the short term before this trade stabilizes. And then use technical tools to judge the damage. This morning gold fell to $5000.00 before bargain hunters tested the water. Technicians see support in gold at $4750.00 and silver at $90.00. Whether these levels turn out to be an opportunity to buy cheap metals remains to be seen, but it never hurts to be overly cautious. It makes sense to consider stepping aside until this trade stabilizes.
Reuters (Pratima Desai and Polina Devitt) – Gold, silver and copper tumble as nervous investors discover gravity – Gold, silver and copper prices tumbled on Friday after hitting record highs this week, as jittery investors moved to lock in profits with hopes for aggressive U.S. interest rate cuts starting to fade and the dollar steadying. President Donald Trump on Friday said he had chosen former Federal Reserve Governor Kevin Warsh to head the U.S. Federal Reserve. The dollar index a measure of the U.S. currency against peers had firmed on expectation of Warsh’s appointment. “The market thinks Kevin Warsh is rational and that he won’t push aggressively for rate cuts,” said Panmure Liberum analyst Tom Price. “Generalist investors who have different agendas – like protecting capital – are taking profits.” A higher U.S. currency makes dollar-priced metals more expensive for holders of other currencies, which could hit demand. This relationship is used by funds which trade using buy and sell signals from numerical models. Investors Cash Out After Gold, Silver Rally – With gold and silver prices up 17% and 39% respectively so far in January, profit-taking on the last trading session of the month came after several days of thin liquidity where small flows driven by the fear of missing out triggered outsized moves. “Both gold and silver were ripe for a correction given the highly speculative and unhinged nature of the latest surge,” said Ole Hansen, head of commodity strategy at Saxo Bank. Gold was down 4.7% at $5,143.40 an ounce at 1201 GMT and silver had lost 11% to $103.40 after hitting records at $5,594.80 and $121.60 an ounce respectively on Thursday. “Precious metals have discovered gravity,” said independent analyst Ross Norman. “It’s brutal, but speculators have been reminded these are two-way markets.” Copper, which touched an all-time high at $14,527.50 a metric ton on Thursday, was down 1.1% at $13,465. It has gained around 6% so far this month after climbing 11% in December. “Prices are likely to remain high and volatile as funds continue to flow into this relatively small, and now very crowded market,” said Macquarie analyst Alice Fox. Traders expect further losses for copper, aluminum and other industrial metals listed on exchanges ahead of the Lunar New Year holiday on February 16, when top metals consumer China will shut down for a week. “Chinese punters will not want to have any positions in these volatile markets,” said Panmure’s Price. “Look at what has happened in just 12 hours.”
On the day gold closed down $412.03 at $4900.42, and silver closed down $28.53 at $84.35.
Platinum closed down $465.30 at $2143.40, palladium closed down $277.14 at $1729.12.
Jim Wycoff (Kitco) – Technically, price action late this week in April gold futures has formed a bearish “key reversal” down on the daily bar chart, which is one chart clue that a market top is in place. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $5,626.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,750.00. First resistance is seen at $5,200.00 and then at $5,250.00. First support is seen at the overnight low of $4,962.70 and then at $4,900.00. March silver futures bulls are also fading. The next upside price objective is closing prices above solid technical resistance at the record high of $121.785. The next downside price objective for the bears is closing prices below solid support at $90.00. First resistance is $102.50 and then at $105.00. Next support is at the overnight low of $95.12 and then at $92.50.
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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