Top Line
Precious metals saw a remarkable surge on Friday morning, with silver hitting an unprecedented $100 for the first time and gold approaching the $5,000 mark. One analyst pointed to President Donald Trump’s “utter unpredictability” as a factor driving the demand for safer investments.
Important Facts
As of 10:25 a.m. EST on Friday, silver prices reached $100.10, marking a nearly 4% increase.
Gold traded around $4,945.21 at the same time, slightly down from an earlier high of $4,970.
Copper also saw substantial gains, exceeding $13,000 per tonne and setting an all-time high of $13,173.50.
Throughout 2025 and into early 2026, precious metal prices have consistently risen. Recently, Goldman Sachs updated its gold price forecast for the end of 2026 from $4,900 to $5,400.
Chris Weston, the research head at Pepperstone, mentioned that Trump’s actions regarding Greenland should have potentially lowered prices, yet he noted that “gold is increasingly seen as a hedge against Trump’s unpredictability.”
Analysts from Saxo Bank noted that the surge in precious metal prices is driven by “FOMO” (fear of missing out), coupled with the search for safe assets amid rising tensions between the U.S. and Europe and a weakening dollar.
Why Did Gold and Silver Prices Skyrocket in 2026?
Several global events are fueling the climb in gold and silver prices. Ongoing international uncertainties, like the U.S. detaining Venezuelan President Nicolas Maduro, Iranian protests, new export restrictions on silver from China, and Trump’s ambitions regarding Greenland, all play a part in this recent surge. Notably, Trump’s statements have raised tensions in Europe, with European leaders expressing their opposition. Meanwhile, he hinted at potential tariffs on multiple European nations during a recent speech at the World Economic Forum in Davos. Although he later downplayed the idea of military action concerning Greenland, claiming that discussions about its future were in the works.
Why Did Gold and Silver Soar in 2025?
In 2025, gold prices soared, with silver increasing by around 65% and gold skyrocketing by 150%. Contributing factors to this sharp rise included lower federal interest rates and heightened demand for silver, particularly from technology sectors like electric vehicles and AI data centers. However, silver was also under pressure due to tariffs imposed by Trump, leading to a significant influx of the metal into U.S. storage facilities amidst fears that London markets could experience a shortage.
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Goldman Sachs raises end-2026 gold price forecast to $5,400 per ounce (Reuters)
