Gold, silver are smashing records to start 2026 after last year's big run. Why it's happening again
The nonstop barrage of news out of Washington in recent weeks — from Venezuela to Iran to Greenland — has added to conviction in the two precious metals.
TL;DR
- Gold and silver have reached record prices in early 2026, with gold topping $4,600/oz and silver breaching $90/oz.
- Precious metals have seen significant rallies of over 6% (gold) and 22% (silver) since New Year's.
- Underlying demand factors include rising central bank purchases, a weaker U.S. dollar, and tight supply/demand dynamics.
- Recent geopolitical events (Venezuela, Iran, Greenland) and attacks on Federal Reserve independence are driving investors to safe-haven assets.
- Strategists predict further gains, with some forecasting gold to reach $5,000/oz due to macroeconomic and geopolitical worries.
- Gold is seen as a preferred hedge asset over oil in case of escalation of tensions with Iran.
- Increased U.S. interventionism could lead other countries to stockpile their own commodity reserves.
- Heightened geopolitical risks and uncertainty regarding Fed independence support a bullish outlook for gold and silver.