economy
January 29, 2026
What is behind the extraordinary rise in investment into silver and gold?
Experts say factors including Trump’s aggressive policies and pressure on the dollar are pushing investors toward ‘safe haven’ of precious metals
TL;DR
- Gold and silver prices have hit record highs, with gold rising over 25% in a month and silver quadrupling in price over the past year.
- Investor confidence has been shaken by Donald Trump's economic policies, including tariffs, threats of military action, and pressure on the Federal Reserve.
- This uncertainty has led to a "re-pricing of trust" in currencies, institutions, and the stability of the post-Cold War economic order, driving investors to "safe haven" assets like gold.
- Central banks are diversifying reserves away from US treasuries due to anxieties about the US's chaotic approach to policymaking.
- Retail investors are also piling into gold and silver, either seeking safety amidst negative headlines or simply chasing the rising prices.
- Concerns about Fed independence and US policymaking stability are putting downward pressure on the dollar.
- Despite the 'sell America' narrative affecting precious metals and the dollar, US stocks, particularly tech companies, have performed strongly, driven by the AI boom and hopes of interest rate cuts.
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