On the morning of January 29, 2026, as the Asian market just opened, the international spot gold has already firmly stood above 5400 US dollars per ounce, with COMEX April gold futures reaching a high of 5370 US dollars, setting a historical record; meanwhile, silver has gone beyond reason, with spot prices once soaring to 117 US dollars per ounce, and COMEX March silver futures reported around 116.6 US dollars, with a monthly increase of nearly 50%, and a yearly increase easily exceeding 200%.
The domestic market is equally explosive: The Shanghai Gold Exchange AU9999 quote approaches 1200 yuan/gram in integer terms, with retail gold prices in some areas already breaking through the 1700 yuan per gram mark; the retail price of silver has followed the international surge, with some channels quoting silver bars and granules directly at 15-16 yuan per gram, equivalent to the international conversion of 117 US dollars perfectly matching.
Why can gold and silver go "crazy" at the same time? The super safe-haven narrative is rebooted.
1. Monetary policy and the weakening of the dollar
Federal Reserve interest rate cut expectations: The market generally expects the Federal Reserve to make significant interest rate cuts in 2026 (expected to reach 150 basis points). When interest rates fall, the opportunity cost of holding non-yielding gold and silver decreases.
Decline of the dollar: The dollar index has recently fallen to a four-year low, and the increased tolerance of the U.S. government for dollar depreciation has naturally led to rising precious metals priced in dollars.
2. Geopolitical "Chaos"
Sudden conflicts: At the beginning of 2026, geopolitical situations are unusually turbulent, including political turmoil in Venezuela and the ongoing tensions in the Middle East (Iran and Israel).
Unconventional Controversies: Some seemingly peculiar political proposals (such as the controversy over buying Greenland) and trade tariff threats have intensified market concerns about global order instability, leading to a frenzy of capital flowing into safe-haven assets.
3. Global central bank "de-dollarization"
Structural accumulation: In order to reduce dependence on the dollar and U.S. treasuries, central banks around the world have been buying gold on a large scale for several consecutive years. This "national-level buying" provides solid bottom support for gold prices.
4. Silver's "Dual Engine"
Silver is rising even more fiercely than gold, mainly because it is not only a safe-haven tool but also a key industrial raw material:
AI and Energy Transition: The demand for silver from AI data centers, solar panels, and electric vehicles is experiencing explosive growth.
Severe supply shortages: The global silver market has experienced structural shortages for five consecutive years, coupled with new export restrictions from some major exporting countries, leading to extreme scarcity in the spot market.
5. Repair of the gold-silver ratio (catch-up effect)
For a long time, the gold-silver ratio (gold price/silver price) has been at a historical high. As investors realize that silver is undervalued, a large amount of capital has flooded into the silver market for “catch-up” operations. Currently, the gold-silver ratio has narrowed significantly, with some analysts pointing out that silver is entering a “catch-up” mode.
Standing at this juncture, some cheer “gold at 6000, silver at 150,” while others begin to worry whether the “bubble peak has already appeared.” After all, historically, any round of super bull markets often ends with intense washouts. But it is undeniable that the gold and silver story of 2026 is just beginning to reach its climax.
What about you? Will you continue to hold cash and watch the drama, or have you started planning your profit-taking route? Or... do you think this is just the "first half" and the real madness is still to come? The market is too exciting, and rational surfing is the most important. I wish everyone can have their share of the meat in this gold and silver feast~