Published by
William Anderson
Exciting week for metals investors as Spot Gold traded very close to $5,000/oz and Spot Silver traded to $100. I'll break down what's going on below.
What Drove These Moves in Metals?
This week the World Economic Forum held their annual meeting in Davos where politicians and global leaders meet to discuss global economics, geopolitics, and risks to the financial markets and Precious Metals broke out to all-time highs.
The breakout in Gold from the $4,600 level started at the beginning of the week with Trump's comments about Greenland, but the breakout was sustained because of comments from Canada's Prime Minister Mark Carney and further comments by the German Chancellor Friedrich Merz that the post-Cold War rules-based international order had experienced "a rupture, not a transition," and that powers such as Canada and Germany ought to unite against the coercive influences of the United States. Basically, US allies are sick of being bullied and they are saying it out loud. This is the type of thing that would cause the Gold Price to run as it did this week, as people continue to diversify their assets away from the $USD.
Gold is now Challenging the $5,000/oz level and Silver has breached $100 which is looking gorgeous technically:
You want to keep in mind that Precious Metals Bull Markets can go much further than it would seem possible. Case in point is the current move in Silver futures. The sentiment of the market is active; a glance at X (twitter) and you will find people with big followings calling tops. The Short Bear shorted silver last week around $93 and ended up covering around $103 and wrote publicly about his loss here. Shorting silver in a Precious Metals Bull Market is dangerous, but I understand the allure (traders love volatility).
What's next for Metals?
There is an options expiration for the January contract coming up next week on Tuesday and the Max Pain Price for this expiration is around $4,400 which implies possible downward price volatililty risk for Metals.
FOMC interest rate decision & press conference is on Wednesday, and later in the week the data is released on how many February futures contract holders will enter what's called "First Notice Day" which means that they intend to take delivery of the physical bullion. This can be a good indication of physical demand and a tailwind for the future Gold Price. Last February, a record 7.5 million ounces of Gold were delivered.
Gold Forecasts
Below are forecasts from several different analysts for the 2026 price of Gold.
Silver Forecasts
Below are several different analysts Silver forecast for the 2026 price of Silver.
Wish you a lot of luck in markets and get in touch if you have any questions.
Best
William Anderson
