Andrey Litvinov

The final days of January 2026 delivered a shock that precious-metals investors had been bracing for, even if few expected the timing or the force. After a relentless rally that pushed gold to record highs above $5,600 per ounce and silver briefly beyond $120, both metals suffered their worst single-day sell-off since 1980.

The year 2025 will likely be remembered as a turning point in the modern history of gold. Both in physical terms and in market value, global demand reached levels never seen before, reflecting a deep shift in how investors, households, institutions, and governments perceive risk, money, and long-term security. Total gold demand, including over-the-counter transactions, exceeded 5,000 tonnes for the first time, while the gold price set 53 new all-time highs over the course of the year.

Silver’s leap above 100 dollars per ounce in January 2026 marks one of the most extreme price moves in the modern history of the metal. After already gaining about 147% in 2025, silver added another 40% in just the first weeks of the new year, pushing it far beyond levels that many analysts consider justified by fundamentals alone.